Cincinnati Law offers loan assistance through two main federal student loan programs (Staffords and Graduate PLUS). Law students may borrow a maximum of $20,500 annually from the Federal Stafford Loan program (up to $8,500 of which may be subsidized whereby the federal government pays the accruing loan interest while in school as well as during a six month grace period after you leave school). No credit check is involved with this loan, and no co-signer is required either.
The Federal Graduate PLUS loan has also been established as an additional student loan for graduate and professional students. The Grad PLUS loan helps to cover any remaining gap in tuition/living expenses left after all other sources of aid and loans have already been exhausted. As a result, the loan amount is only limited by a student's total cost of education minus all other forms of aid/loans. A credit check is required as part of the Grad PLUS approval process, and sometimes a co-signer may be necessary.
To qualify, your credit report cannot reflect any of the following adverse items:As a result of these criteria for the Federal Grad PLUS Loan, we advise incoming students to obtain free copies of their credit report from the three major credit bureaus by late spring or early summer.
For students who elect not to use the Federal Grad PLUS Loan, private education loans (often called "alternative" loans) can be used in their stead. You may learn more about these non federal loans by visiting the USFAO website or by contacting your preferred financial institution.
Law students applying for any federal student loan must first submit the Free Application for Federal Student Aid (FAFSA) with the University of Cincinnati's Title IV school code of 003125. Once the FAFSA is processed by the US Department of Education, the results are sent to the University's Student Financial Aid Office (USFAO) located in the University Pavilion. Following admission to the College of Law, the USFAO prepares aid eligibility as early as March or April each year and then sends emails to admitted and current students to their designated Bearcat On-Line email address confirming when the award letter can be viewed online. Students should accept or decline all forms of aid offered and specify what amount they intend to borrow. PLEASE NOTE THAT A STUDENT CAN ONLY BE FUNDED UP TO THE MAXIMUM AMOUNT OF THEIR COST OF EDUCATION BUDGET.
After accepting the loan amounts online, students then receive further communication from the USFAO in early summer advising them to complete the lender selection, entrance loan counseling, and promissory note steps online. Student loans must be obtained at the University of Cincinnati from private lending institutions. Law students can chose a lender from USFAO's lender list, or may select their own lender by obtaining their federal lending code needed for the promissory note. Students may use different lenders for the Stafford and Grad PLUS loans.
Students who plan to work in a public interest capacity after graduating from law school may qualify for student loan forgiveness under new regulations if they commit to work for 10 years in a qualifying public service position. Please visit the US Department of Education website for more information.
Temporary emergency loans are available to law students through a fund established by the Cincinnati Bar Association and through the James J. Muir and Leslie A. Meek Loan Funds. Since the fund balances are determined by the repayment performance of previous borrowers, loan applicants are required to furnish a financial statement showing their ability to repay by the due date.