Delaware Law School Financing Options for Legal Education

Delaware Law School Financing your Legal Education Eleanor A. Kelly Director of Financial Aid

Financing Your Legal Education Congratulation on your acceptance to Delaware Law School! Congratulation on your acceptance to Delaware Law School! Now Now how do you pay for it? how do you pay for it? Good News There is money available to help pay for Law School Bad News Likely to include loans which must be paid back

Four Sources of Financial Aid 1. Delaware Law School 2. Federal Government 3. Outside Organizations 4. Your own resources

Sources of Financial Aid Delaware Law School Merit Based Scholarship Program Intended to reward the many and distinctive academic, personal and professional accomplishments of our incoming students Based on LSAT Score, Undergraduate GPA and overall Law School Application Renewable for up to three years for full-time students and four years for part-time students provided the student maintains satisfactory academic performance. Notified with acceptance

Sources of Financial Aid Widener Scholar Loan Program Opportunity to borrow a private loan through the Widener Scholar Loan Program awarded based on first year academic performance (cumulative grade point average) No interest accrues on this revolving fund loan during law school and the six month grace period 5% interest rate accrues during repayment

Sources of Financial Aid Donor Scholarships Scholarship Opportunities provided with funds donated by friends and Alumni of Delaware Law School Fellowships Wolcott Scholars Program, Schmutz Fellowship for Corporate and Business Law Institute Fellowship, Domestic Violence Research and Advocacy Fellowship Yellow Ribbon Program for Veterans. - Veterans eligible for Post 911 Education Benefits at 100% will pay zero out of pocket for tuition expenses.

Sources of Financial Aid Federal Government Federal Government Major source of funding for Law Students Federal Direct Unsubsidized Loan Federal Direct Unsubsidized Loan - maximum amount = $20,500 per academic year - no credit check - maximum aggregate loan limit for law student 138,500.00

Federal Direct Unsubsidized Loan Interest rate: Fixed annually in June, currently 7.05% Fixed annually in June, currently 7.05% Interest accrues on the loan from the date of disbursement Grace period: 6 months 6 months Repayment term: 10 years 10 years (options to extend term available) Lender: Federal Government Federal Government

Federal Direct Graduate PLUS Loan Credit Check required Based on Credit History, not Credit Score No/Little Credit = good Adverse credit may need an endorser (co-signer) or appeal May borrow cost of attendance minus financial aid (including unsubsidized loan) Interest is fixed annually and accrues from date of disbursement. Current interest rate for 23-24 is 8.05%

Sources of Financial Aid Outside Organizations may offer scholarship/grant or fellowship opportunities AccessLex Scholarship Databank available at http://accesslex.org or from our outside scholarship page Financial Aid Office/Career Development Office post notices in Simplicity, DLS s online job bank Private Lenders Carefully evaluate repayment terms and conditions to be an informed borrower

Applying for Financial Aid Complete Free Application for Financial Aid online at https://studentaid.gov Determines your eligibility for federal financial aid Checks other databases for verification of citizenship or eligible non-citizenship, prior federal loan borrowing status, overall federal loan debt, ect Better FAFSA Implementation Challenges You may have experienced delays or technical issues when completing. FAFSA for 24-25. FAFSA results have not been released to schools Students are not able to make corrections if needed Complete Delaware Law School Financial Aid Data Form at http://delawarelaw.widener.edu/dataform Provides FAO important info regarding enrollment plans and loan amounts

Applying for Direct Loans How do I know if I m eligible? Were you eligible for federal financial aid previously? Yes Are you a US Citizen or Eligible Non-Citizen? Yes You are not in default on any federal educational loans or grants? Yes Have you borrowed less than 138,500.00 in Subsidized and/or Unsubsidized Federal Direct Loans? Yes You are likely eligible to borrow through the Federal Direct Unsubsidized Loan Program for up to 20, 500.00 depending on your prior level of borrowing as a graduate student. Complete Direct Loan Subsidized/Unsubsidized MPN Master Promissory note if you plan to borrow federal loans to help pay your tuition at https://studentaid.gov You will not indicate an amount. The maximum amount for graduate students is $20,500. If you wish to borrow less than the maximum; please indicate amount requested on the Delaware Law School Data Form.

Applying for Direct Loans Graduate PLUS Loan Process two steps! Go to https://studentaid.gov Step 1: Under Loans & Grants PLUS Loans: Grad PLUS and Parent PLUS Click Learn More next to I am a Graduate or Professional Student Click Learn More next to I am a Graduate or Professional Student You will authorize a credit check and indicate an amount that you want to borrow Step 2: Complete a MPN for GradPLUS Loan Please do not apply for Please do not apply for GradPLUS GradPLUS until after May 1, 2024! until after May 1, 2024! If you are concerned about your ability to be credit approved for a If you are concerned about your ability to be credit approved for a GradPLUS GradPLUS loan, you can request a free credit report at loan, you can request a free credit report at https://www.annualcreditreport.com/index.action https://www.annualcreditreport.com/index.action

How much financial aid can I have? Cost of Attendance includes tuition and fees, books and living expenses for 9 months. Evaluate your own budget to determine if you have other resources that you can use to help pay some expenses. If borrowing loans, your lifestyle choices will determine your level of borrowing.

COA Regular Division 2024-2025 Off-Campus or Commuting from parent s Dorms home $58,838 $58,838 Tuition (31 credits) $120 $120 SBA Fee Books $1,550 $1,550 Food & Housing 14,031 $5,013 Personal $4,302 $4,302 Transportation $3,618 $3,618 Loan Fees $1,368 $1,368 Total $83,827 $74,809

COA Extended Division 2024-2025 Off-Campus or Commuting from parent s Dorms home $43,654 $43,654 Tuition (23 credits) $120 $120 SBA Fee Books $1,240 $1,240 Food & Housing $14,031 $5,013 Personal $4,302 $4,302 Transportation $3,618 $3,618 Loan Fees $1,368 $1,368 Total $68,333 $59,315

How to minimize borrowing. Understand the difference between the cost of attendance and your tuition bill. Develop a student budget and start living like a law student now. Plan to live on-campus or with a roomate (s) Connect by attending Delaware Law s Accepted Applicant events Pay off consumer debt (ie. Credit cards)

Financial Aid Worksheet Fall 2023 Spring 2024 Fall 24 Spring 25 Budget Number of Credits Budget Number of Credits 16 15 $1,898.00 $60.00 $1,898.00 $60.00 Estimated Cost per credit Hour SBA Fee Tuition Living Expenses -Dorm Totals Estimated Cost per credit Hour SBA Fee Tuition Living Expenses - Dorm Totals $30,428 $28,530 $0 $0 $0 $0 $0 $30,428 $28,530 Expected Financial Aid Fall Gross Net Expected Financial Aid Spring Gross Net Scholarships $12,500.00 $12,500.00 Scholarships $12,500.00 $12,500.00 Federal Direct Unsubsidized Loan Other-Seat Deposit $10,250.00 $400.00 $10,142.00 $400.00 Federal Direct Unsubsidized Loan Other- $10,250.00 $10,142.00 $0.00 $0.00 Subtotals $23,150.00 $23,042.00 Subtotals $22,750.00 $22,642.00 Tuition Balance Due After Aid Above Tuition Balance Due After Aid Above $7,386.00 $5,888.00 Additional Resources Additional Resources Graduate Plus Loan (federal option) Graduate Plus Loan (federal option) $9,000 $8,619.00 $9,000 $8,619.00 Alternative Loan (private option) Alternative Loan (private option) $0 Totals $8,619.00 Totals $8,619.00 Estimated Refund/Balance Due ($1,233) Estimated Refund/Balance Due ($2,731)

Whats next? When/How will I get my Award When/How will I get my Award Letter Offer? Letter Offer? Apply for Federal Financial Aid if you have not done so. If you have already completed the 24-25 FAFSA, please be patient. We anticipate receiving results from the Department of Education in April/May and will begin packaging students. When? As quickly as we can make them available Award Offer Letters will be posted on MyWidener portal You will receive an email with a link to access award letter offer and other important financial aid information.

Important Terms & Resources Widener University Bursar s Office will post an E-Bill for tuition, fees and on- campus housing on MyWidener portal. You will get an email with a link to your E-Bill to your Widener email address. Payment arrangements will need to be in place by the E-bill due date. Payment arrangements include pending financial aid, including loans and/or setting up a payment plan. Cost of Attendance or Budget is not your bill from Delaware Law. Tuition is charged per credits for the number of registered credits Net Tuition and fees is tuition/fees/on- campus housing minus scholarship/grant financial aid and pending loan disbursements. Resources Prospective Delaware Law Students Guide to Financial Aid 2024-25 (pdf) https://delawarelaw.widener.edu/files/resources/24-25costofattendancehandout1stjd.pdf Appointments available with Financial Aid Staff to discuss financing options in-person, over the phone or via Zoom.

Questions???? Thank you.