Financial Aid - FAQ
What type of financial aid can I receive?
As a graduate student, financial aid consists of scholarships and/or federal student loans. Graduate students are not eligible for federal grants. Review reliable information about loans on the Federal Student Aid website.
Can I apply for Federal student loans before I am accepted for admission?
Yes. Anyone may complete a FAFSA before applying for admission or being accepted. As long as you include Stetson University College of Law's Federal ID number (E00342) on the FAFSA, the information will be sent to us electronically. Stetson will mail you a financial aid package after you have been accepted for admission and pay a seat deposit.
What other forms does Stetson require for a student to apply for Federal student loans?
The FAFSA is the only form that Stetson requires to apply for financial aid; however, if you borrow student loans, your lender will require you to complete a promissory note. Stetson does not require a scholarship application.
Do many students at Stetson receive scholarships?
About 22 - 25 percent of Stetson's students receive full, half or partial scholarships. Stetson does offer scholarships to continuing students; these scholarship opportunities are announced during the academic year.
Will student loans cover all of my costs at Stetson?
A combination of Federal Stafford and Graduate PLUS loans may be necessary to cover the full cost of attendance at Stetson, which is currently $58,000 annually for full-time students (fall/spring enrollment), and $46,000 annually for part-time students (fall/spring enrollment). Students who live with a roommate frequently do not accept the full amount of loans offered to them; the budget is based on single occupancy. The amounts included in the cost of attendance include tuition, living expenses, books, transportation, etc. The Federal Stafford loans cover $20,500 every two semesters, and thus will not cover the full cost of tuition or living expenses for full-time enrollment. For this reason, many students choose to secure Graduate PLUS loans. Graduate PLUS loans require a credit check and have a higher interest rate and loan origination fee.
If I do want to take out Federal Stafford and/or Graduate PLUS Loans, who is the lender?
Stetson Law participates in the Federal Direct Loan Program. Please note, the FAFSA is an application for the loans and is NOT your lender. Submitting the FAFSA is a requirement and only determines the amount of the Unsubsidized Stafford loan you are eligible to borrow.
May I borrow money for a laptop computer?
Yes. Students are required to have a laptop computer, and may borrow up to $1,500 in Federal student loans to cover the cost.
What is the average debt that full-time Stetson students incur after three years in law school?
For May/July 2011 graduates, the average debt was approximately $133,082.
If I don't need the full loan amount offered to me, do I have to borrow it?
No. Students should borrow only the amount they actually need. When you receive your financial award letter detailing how much you are eligible to borrow, you may reduce that amount simply by logging in to your Banner web account. Information and directions are provided along with the award letter.
Why is my credit important and how can I check it?
Many students who attend Stetson University College of Law borrow Graduate PLUS loans in addition to Stafford loans. To be eligible for Graduate PLUS loans, students must have non-delinquent credit. Bad credit usually implies having made late payments (more than 30 days) on credit cards, medical bills, telephone bills, rent or other types of credit. Defaults, collection actions, write-offs and bankruptcy also indicate bad credit. Because mistakes often occur with credit reporting agencies, we strongly recommend that you contact one or all of the national credit agencies to receive a copy of your credit report in advance of applying for Graduate PLUS loans. You may request your free credit report at www.annualcreditreport.com.
What if I have a negative credit rating?
You should request a copy of your credit report from one of the three credit bureaus below in advance and remedy any deficiencies before applying for a loan. Some students are required to have co-signers for Graduate PLUS loans. Negative credit may seriously affect your ability to finance your education through Graduate PLUS loans. Stetson does not have the resources to lend money to students who cannot obtain Graduate PLUS loans.
Experian, 1-888-397-3742, www.experian.com
Trans-Union, 1-800-888-4213, www.tuc.com
CBI/Equifax, 1-800-997-2493, www.equifax.com
NOTE: In some circumstances, the inability to borrow Graduate PLUS loans due to negative credit will seriously affect your ability to finance your legal education. The law school doesn't have the resources to lend money to students who cannot obtain Graduate PLUS loans.
What implications does a drug conviction have on my Federal Financial aid?
Under federal law, some students who have drug-related convictions in state or federal court may be ineligible for federal student aid. For further details please read the FAQ on How Drug Convictions Affect Federal Financial Aid under the policies section to help educate you about this issue, and outline your options for regaining financial aid eligibility.
What impact will the Budget Control Act of 2011 have on my financial aid?
Congress passed and President Obama signed into law the Budget Control Act of 2011 on August 2, 2011. This will affect federal student loan programs beginning July 1, 2012. The new law will not affect the amount of funding available, but will affect the costs to the borrower. Under Section 502 of the new law, there are two provisions that have been interpreted to impact the professional/graduate student:
- Elimination of subsidy on Stafford Loans for graduate/professional students
- Historically, the government paid the interest that accrued on the Stafford Subsidized Loan for the duration the student was in school and during the grace period following graduation. As of July 1, 2012, the graduate/professional student will no longer be eligible for an interest subsidy on NEW Stafford Loan disbursements. The interest will be added to the principal of all loans immediately upon disbursement. The student is still eligible for up to $10,250 in Stafford Unsubsidized Loans per semester. The government will continue to pay the subsidy on all Stafford Subsidized Loans disbursed prior to July 1, 2012.
- Elimination of the up-front origination fee rebate on both Stafford and Grad PLUS loans
- Beginning July 1, 2012, the full origination fee of 1% on Stafford loans and 4% on Graduate Plus loans will be charged at disbursement for each new loan.
If I have more questions, who can I contact?
You may call or e-mail Stetson's Student Financial Planning Office. The email address is finaid@law.stetson.edu. The phone number is 727-562-7813 or Skype us at stetsoncol.jenn.pottsdebatista.