Several loan programs are available for Coastal Law students:
Federal Graduate Plus Loan
Graduate PLUS loans are low interest loans offered by the federal government. The lender is the U.S. Department of Education rather than a bank or other financial institution. You must be enrolled at least half time (7 hours Spring or Fall; 4 hours Summer) to be eligible to participate in this loan program.
Interest is charged from the time the loan is disbursed. The interest rate for the Graduate PLUS is a fixed rate of 7.08%. A 4.236% origination fee is effective October 1, 2019. The federal government mandates the loan origination fee.
- A credit check is required to determine that “the applicant does not have an adverse credit history.”
- If you have an adverse credit history, you can be approved with an endorser that does not have an adverse credit history.
- The repayment period begins on the date of the disbursement.
- The first payment is due 60 days after the disbursement.
- You may receive a deferment while you are enrolled at least half-time.
- Once you graduate, withdraw or drop below half-time enrollment, there is no grace period and payments will become due in 60 days.
With the Graduate PLUS loan you may borrow up to your total cost of attendance minus any other financial assistance.
Estimated cost of attendance (includes tuition, room and board, transportation, and bank fees).
Full-time student in the Spring or Fall 2019 semester
Minus Federal Stafford Loans
Grad PLUS Loan Maximum
You should only apply for a Grad PLUS loans AFTER receiving your award notice for the Federal Direct Unsubsidized loan.
If you plan on trying to acquire a Federal Work-Study position, you should not apply for the maximum amount in the Grad PLUS loan.
Since the federal government will do a credit check when you apply for a Graduate PLUS loan, you should review your credit history before applying. Once every 12 months you can request a free copy of your credit history from AnnualCreditReport.com.
To apply and complete a promissory note go to https://studentloans.gov.
Wiliam D. Ford Federal Direct Loan
As of July 1, 2010 Florida Coastal School of Law participates in the William D. Ford Federal Direct Loan Program (unsubsidized). These are low interest loans offered by the federal government. The lender is the U.S. Department of Education rather than a bank or other financial institution. You must be enrolled at least half time (7 hours Spring or Fall; 4 hours Summer) to be eligible to participate in this loan program.
Unsubsidized loans are NOT need based and interest is charged once the loan is disbursed.
The interest rate for the Unsubsidized loans is a fixed rate of 6.08%. The maximum you can borrow each academic year is a total of $20,500 based on your cost of attendance minus EFC and any other financial aid that you will receive, such as scholarships. You may receive less than the maximum amounts if you receive other aid that covers a portion of your cost of attendance.
There is a 1.059% loan origination fee effective October 1, 2019 that the federal government charges for each loan. This fee will be deducted by the Department of Education before the loan funds are sent to the school.
The total debt you can have for all outstanding Direct and FFELP Stafford Loans (including prior schools) combined is $138,500 as a graduate student. The graduate debt limit includes any Stafford/Direct Loans received for undergraduate study.
Other Loan Information
Credit Card Fraud and Identity Theft: THE DEPARTMENT OF EDUCATION has created a website to help college students avoid credit card fraud and other forms of identity theft.
Federal Student Aid Ombudsman: The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans.
Other Government Offices:
Other Helpful Links:
- Exit Counseling
- National Student Loan Data Systems
- Private Alternative Loans
- Loan Consolidation
- Public Service Loan Forgiveness Program
- Loan Repayment