Federal Stafford Loan
The Federal Stafford loan program enables students to borrow from participating lenders at a low interest rate to help meet educational expenses. To be eligible for a Federal Stafford loan, a student must (1) file the FAFSA form to indicate need; (2) be a U.S. citizen or an eligible non-citizen; (3) enroll in at least half-time status; (4) demonstrate financial need based on the FAFSA calculation; (5) not be in default on any Perkins, Stafford, PLUS, or SLS loan; (6) not owe a refund on a Pell Grant, SEOG-Supplemental Educational Opportunity Grant, or LEAP-Leveraging Education Assistance Program; and (7) maintain good standing in the program and make satisfactory progress toward the degree as measured by the academic standards of the Law School. The annual maximum amount for the Federal Stafford loan is $20,500 in subsidized and unsubsidized loans combined. All students are required to complete an entrance interview session with the FAO before loan proceeds can be released for refunds.

Subsidized Federal Stafford Loans
The subsidized Stafford loan is a need-based educational loan program that provides low interest loans to students. Under this program, the government subsidizes the interest to the lender while recipients are in school or in deferment. Law students may borrow up to $8,500 each academic year to a combined aggregate limit of $65,500 for both undergraduate and graduate loans.

Unsubsidized Federal Stafford Loans
The unsubsidized Stafford loan is for students who are not eligible, or only partially eligible, to borrow the subsidized portion. Loan recipients are responsible for the interest while in school and during deferment periods, or the interest can be deferred and added to the principal at repayment. Students can borrow up to a total of $20,500 of subsidized and unsubsidized Stafford loans each school year. The cumulative maximum for both subsidized and unsubsidized loans is $138,500.

Federal regulations require that the Stafford loan proceeds be paid in multiple installments. Typically two disbursements are scheduled for each loan period of enrollment. If the loan period is for one semester only, two disbursements will be scheduled for the semester. The first disbursement will occur at the beginning of the semester and the second disbursement after the midpoint of the semester. All students are encouraged to plan responsibly for costs of living and other expenses before any disbursement arrives at the Law School. Also, depending on the lender, an insurance premium fee of two or three percent on the principal loan amount will be deducted proportionately from each disbursement of the loan.

Federal Stafford loan proceeds are sent electronically to Whittier Law School for disbursement. The student’s account with the Law School will then be credited for any outstanding balance prior to the release of the loan proceeds. Any remaining funds will be distributed to the student after classes are in session.

Alternative/Private Loans
Alternative or private loans are credit-based loans made available to students who are unable to finance their cost of education with the Federal guaranteed student loans and other financial resources. Most lenders charge a quarterly variable interest rate plus a supplemental loan fee at repayment, depending on the student’s credit score. Although these loans are not based on the student’s need, other financial resources are always considered when determining the maximum amounts eligible. No combination of any financial assistance may exceed the total cost of attendance for each academic year.

Information on other lenders for private loans can be obtained through the Office of Financial Aid, building two, Student Services suite.

Bar Exam Loan
Bar Exam loans are offered to graduate candidates only. These are credit-based loans made available through various lenders to cover expenses for living and bar review courses following graduation. Certain restrictions apply, including the processing time before and after graduation, loan limits, and other credit criteria. Depending on the lender, disbursements for the Bar loan are sent directly to the borrower.

For the purpose of debt management, the Law School restricts the certification of the Bar Exam loan. Graduates may have multiple lenders for their Bar Exam loans; however, the total of the multiple loans may not exceed the highest loan amount offered in the market. Before applying for a Bar loan, graduates are encouraged to seek advice from a Financial Aid counselor and to review terms and conditions on the Bar Loan application.

EMERGENCY LOANS

Through the William C. and Selma B. Harris Memorial Fund, Whittier Law School is able to provide emergency short-term loans to needy students. Loans are made for up to $500, depending on the availability of funds, for a maximum 60-day term and bear no interest. Students must complete an application and a petition form for the loan when applying. The emergency loan funds are available within 24 hours after the loan application is fully approved by all required parties and has been received by the Business Office.

Repayment of the emergency loan must be made in the Business Office. The maximum repayment period is 60 days after the application date, but it cannot in any event exceed the student’s graduation date. In all cases, however, when the Business Office receives any other fund sources for a student who has the emergency loan outstanding, such funds will be applied first to the repayment of the loan.

Students must be currently enrolled at Whittier Law School to qualify for the Harris Memorial emergency loan fund. No emergency loans can be made before the first day of classes or after the last day of final exams for any enrollment period. Funds in the emergency loan account are limited and in the event the loan funds are depleted, no loan can be made until funds are available.

LOAN REPAYMENT ASSISTANCE PROGRAM

To make public interest law careers more financially feasible for Whittier Law School graduates, the Whittier Law School Public Interest Law Foundation (WPILF) and the Law School administration established a Loan Repayment Assistance Program (LRAP) in 2002, with the first grants awarded in May 2003 and July 2003. The 2002 feasibility study indicated that LRAP was a necessary institutional commitment to support the work of the Center for Children’s Rights (CCR), the WPILF Summer Grant Program, the Externship Program, and a Whittier curriculum emphasizing the legal needs of the under represented.

Each grant recipient will receive two checks, disbursed in July and January yearly. Each check will be made payable to both the graduate and the lender. At the discretion of the recipient, funds may be applied to either principal or interest. Continuing employment at the time of the application is required and verified prior to the second disbursement.

Click here for the LOAN REPAYMENT ASSISTANCE PROGRAM application.