Federal Direct Stafford Loans | Federal Direct Graduate PLUS Loans | Eligibility/Requirements | Federal Perkins Loans | Termination of Direct Loan Borrower Repayment Incentives | Student Loan Code of Conduct | Deadlines
The Federal Stafford loan program is comprised solely of the unsubsidized loan for the 2014-2015 academic year. For more information on this please go to the Federal Student Aid web site. The Stafford loan interest rate is fixed at 6.21% for both the Unsubsidized loans. Students may borrow a maximum of $20,500 per academic year (two semesters) in the Stafford loan program. Interest on the unsubsidized loan will accrue immediately and may be paid monthly while in school or may be capitalized and become due once repayment begins. International students are not eligible for federal loans.
Please Note: The University of Miami School of Law does not participate in Private Lender List Selections.
The Federal Direct PLUS loan program was formerly only available to parents of undergraduate students to assist with educational costs. However, graduate and professional students are now able to apply for a PLUS loan, based on changes in federal legislation. Federal Direct Graduate PLUS loans are approved based on the borrower not having an adverse credit history. However, as a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time.
Before applying for a Federal Direct Graduate PLUS Loan, a graduate or professional student must first complete the Free Application for Federal Student Aid (FAFSA) and must have been determined eligible for his or her maximum loan amount under the Federal Direct Subsidized and Unsubsidized Stafford Loan Programs.
The Federal Direct Graduate PLUS loan has a fixed interest rate of 7.21%. The loan limit for each year is the annual cost of attendance less other financial assistance the student receives. Interest on the Federal Direct Graduate PLUS loan will begin accruing immediately; the student may choose to make interest payments while in school or the interest may be capitalized and become due once repayment begins.
Recipients of federal loans must meet the following criteria:
Completed Free Application for Federal Student Aid (FAFSA) Application annually
The Federal Perkins Loan is a program that is contingent upon funding available. If funding becomes available, priority is given to students who apply prior to the March 1st deadline.
The Federal Perkins Loan is a 5 percent, need-based loan whose interest is subsidized until repayment begins six months after graduation or cessation of full-time studies. It is awarded to full-time students with financial need as determined through the Free Application for Federal Student Aid (FAFSA). Awards of $1,000 are made to eligible applicants whose processed FAFSA is received electronically by our Priority deadline of March 1 only. To meet this deadline you must have submitted your FAFSA to the Federal Department of Education (DOE) by the first week in February, at the latest. The FAFSA generally takes 4-6 weeks for the DOE to evaluate it.
If you accept a Federal Perkins Loan award, you will need to sign a promissory note by October 1st at the Office of Student Accounts Services, located in the Ashe Building prior to the disbursement of your funds. Funds will not be released until the requirement is met. Failure to do so will result in cancellation of the award.
Effective, July 1, 2012, the up-front rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement is no longer be offered. As a result, the origination fee for the Direct Stafford Loans will be 1.051% and the origination fee for the Direct Graduate PLUS Loans will be 4.204%.
The University of Miami recognizes that ensuring the integrity of the student financial aid process is critical to providing fair and affordable access to higher education. Therefore, the University has formalized a Student Loan Code of Conduct. The Code is designed to avoid any potential for a conflict of interest between the University, and its students or their parents, with respect to its interaction with student loan providers, servicers and guarantee agencies. The Code is found in the University's General Business Policies, BSF-070, found in its entirety here.
Students who plan to receive Federal Direct Stafford and Graduate PLUS Loans for the academic year are required to complete the following by the priority deadlines indicated to ensure timely disbursement of funds:
Continuing J.D. & LL.M. (First time borrowers)
Summer 2014 Priority Deadline: April 28, 2014
Fall 2014/Spring 2015 Priority Deadline: July 15, 2014