How Much Does FAFSA Give for Law School?

The Free Application for Federal Student Aid (FAFSA) is a gateway to federal financial assistance for higher education, including law school. Completing the FAFSA is necessary to determine eligibility for federal aid programs and connect prospective law students with resources to manage education costs.

FAFSA Application for Graduate Students

Applying for federal financial aid for law school requires completing the FAFSA. Graduate students are considered independent for FAFSA purposes, so the application focuses on their own financial details, and if applicable, their spouse’s.

Applicants need to gather several key documents to complete the FAFSA. These include their Social Security number, federal tax returns, W-2 forms, records of untaxed income, bank statements, and other financial assets. The official FAFSA form is accessible online through StudentAid.gov.

After creating a Federal Student Aid ID (FSA ID), applicants can log in and fill out the form. List all law schools being considered, as FAFSA data is sent to these institutions to assess aid eligibility. Submitting the FAFSA early, ideally after October 1st each year, is recommended to maximize aid chances. Review the FAFSA Submission Summary for accuracy and make any necessary corrections.

Types of Federal Aid for Law School

Federal financial aid for law school students primarily consists of loans, not grants. Unlike undergraduate students, federal grants are generally not available for graduate students through FAFSA. Exceptions include TEACH Grants or Fulbright Grants, but federal support for law students mainly comes from loan programs.

The two main types of federal loans for law students are the Direct Unsubsidized Loan and the Grad PLUS Loan. Direct Unsubsidized Loans are available to graduate students regardless of financial need. Students can borrow up to $20,500 per academic year, with a lifetime limit of $138,500, including undergraduate federal loans. Interest accrues immediately upon disbursement, and borrowers are responsible for all accumulated interest. An origination fee, currently around 1.057%, is deducted from each disbursement.

Grad PLUS Loans offer additional funding beyond Direct Unsubsidized Loan limits. Students can borrow up to the full cost of attendance, as determined by the school, minus other aid. Eligibility requires a credit check, though criteria are less stringent than for private loans. Like Direct Unsubsidized Loans, interest accrues from disbursement. Grad PLUS Loans also carry an origination fee, typically around 4.228% for loans disbursed on or after October 1, 2020.

How Aid Amounts are Determined

A law school’s financial aid office uses FAFSA information to determine federal aid amounts. This begins with establishing the student’s Cost of Attendance (COA). The COA estimates academic year expenses, including direct costs like tuition and fees, and indirect costs such as living expenses, books, supplies, transportation, and personal expenses.

For graduate students, the Expected Family Contribution (EFC) from the FAFSA is often $0, simplifying aid calculation. As graduate students are independent, their EFC is based solely on their own income and assets. The financial aid office calculates financial need by subtracting the EFC and any other aid received from the total COA.

The calculated need dictates maximum federal loan amounts. Schools first offer the Direct Unsubsidized Loan up to its annual limit, then the Grad PLUS Loan to cover remaining costs up to the COA. This ensures federal loans are awarded within established limits and based on program costs. The financial aid office packages this aid, ensuring total federal aid does not exceed the student’s determined cost of attendance.

Disbursement and Repayment

After a law student accepts their federal financial aid, funds are disbursed directly to the institution. This typically occurs in at least two payments per academic term, such as once per semester. The school first applies loan funds to cover direct costs like tuition and fees. Any remaining funds are then provided to the student as a refund for living expenses and other educational costs.

Federal student loans generally have a grace period before repayment begins. For Direct Unsubsidized Loans and Grad PLUS Loans, this is typically six months after the student graduates, leaves school, or drops below half-time enrollment. During this period, interest may continue to accrue on unsubsidized loans, which can be capitalized at the end of the grace period.

Various repayment plans offer flexibility for federal student loans. The default is the Standard Repayment Plan, with fixed monthly payments over 10 years. Other options include Income-Driven Repayment (IDR) plans like Income-Based Repayment (IBR), Pay As You Earn (PAYE), Income-Contingent Repayment (ICR), and Saving on a Valuable Education (SAVE) Plan. IDR plans adjust monthly payments based on income and family size, potentially extending the repayment term. Graduated Repayment and Extended Repayment plans also offer different payment structures.