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FINANCIAL AID FAQ

Frequently Asked Questions About Financial Aid

1. Can I apply for financial aid before I am accepted for admission?
   
   A: 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.
   
   
2. What other forms does Stetson require for a student to apply for financial aid?
   
   A: 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. No application is required for merit- or diversity-based scholarships, although for diversity scholarships, students, as part of their personal statements, are encouraged to self-disclose information they wish to be considered.
   
   
3. Do many students at Stetson receive scholarships?
   
   A: About 20 percent of Stetson's students receive full or partial scholarships. Stetson does offer scholarships to continuing students; these scholarship opportunities are announced during the academic year.
   
   
4. Will student loans cover all of my costs at Stetson?
   
   A: A combination of Federal Stafford and Graduate PLUS Loans is necessary to cover the full cost of education at Stetson, which is currently $43,000-$47,000 annually for full-time students, and $34,000-$36,000 annually for part-time students. These amounts 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 are based on credit and have higher interest rates and fees.
   
   
5. If I do want to take out Federal Stafford and/or Graduate PLUS Loans, who is the lender?
   
   A: The FAFSA submission determines only the amount of federal aid you are eligible to borrow. You then must select a lender from whom you actually borrow the money. Our research has shown that there are presently more than 3,000 eligible lenders who participate in the federal student loan programs. Given this volume, selecting a lender can be challenging and time consuming, but is important to a student's long-term financial health. Some suggestions on factors to consider in selecting a lender are available on the Financial Aid Office Web page at http://www.law.stetson.edu/finaid. Stetson will process your loan from any eligible lender without delay or discrimination based on lender choice.
   
   
6. May I borrow money for a laptop computer?
   
   A: Yes. Students are required to have a laptop computer, and may borrow up to $1,500 in Graduate PLUS Loans to cover the cost.
   
   
7. What is the average debt that full-time Stetson students incur after three years in law school?
   
   A: For May/July 2007 graduates, the average debt was approximately $105,900.
   
   
8. If I don't need the full loan amount offered to me, do I have to borrow it?
   
   A: 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 completing a loan reduction/cancellation form and returning it to Stetson's Financial Aid Office.
   
   
9. Why is my credit important and how can I check it?
   
   A: 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 acceptable credit. It is important to maintain a good credit rating. Lenders typically will not lend funds to students or parents who have unacceptable 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.
   
   
10. What if I have a negative credit rating?
    
    A: You should request a copy of your credit report 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.
    
    
11. If I have more questions, who can I contact?
    
    A: You may call or email Stetson's Financial Aid Office. The email address is finaid@law.stetson.edu. The phone number is (727) 562-7813.
    
    

    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.

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