Student Loans

Federal Stafford Loan
The Federal Stafford Loan is a federally guaranteed loan program. Effective with the 2007-08 year, you can borrow up to $20,500 per year through the Stafford Loan program. Payments on the principal of the Stafford Loan can be deferred while you are enrolled at least half-time. The interest rate on this loan is fixed at 6.8 percent. If you are applying for a Federal Stafford Loan for the first time at Dickinson, you will need to select a lender.  You should complete the Master Promissory Note for the Stafford Loan directly with your lender.  We recommend completing the MPN online at your lender's web site. After you have completed the note you should either e-sign online, or print the MPN, sign it, and forward it directly to the lender. Your loan will then be certified by the school and your funds will be delivered to the school and credited to your student account.

Subsidized Stafford Loan
Dependent on financial need, the interest on up to $8,500 of your Stafford Loan may be subsidized by the federal government. This means that while you are enrolled in school at least half-time, the federal government will pay the interest on this portion of your loan for you.

Unsubsidized Stafford Loan
This portion of the Stafford Loan is not based on financial need, and the interest on it is not subsidized by the government. You are responsible for paying any interest that accrues while you are a student. Your lender will give you the option of making regularly scheduled interest payments, or you may choose to capitalize your interest. Capitalization means that any interest that accrues while you are a student is added to the principal of the loan, so you have no payments while you are enrolled.

Other Educational Loans
If you need more than the Stafford Loan allows in any given year, you may also be eligible to borrow either a Federal PLUS Loan for Graduate Students or private educational loans. Through these loan programs you can borrow up to the cost of attendance minus any other financial aid you are receiving. If you need help choosing a loan program, follow this link to compare PLUS and private loans. If you are planning to take fewer than 6 credit hours in any term, you may also wish to explore private loans for less than half-time enrollment.

Federal Perkins Loan
The Perkins Loan is a federal loan program available to students with the greatest needs. Eligible students may borrow up to $6,000 annually as awarded by the Financial Aid Director. The loan accrues no interest while the student is in school and during the nine month grace period after the borrower stops attending. When the loan enters repayment, the borrower is responsible to pay interest at a fixed 5 percent rate. This loan offers forgiveness provisions for borrowers who enter certain sectors of public service work, including attorneys who prosecute criminal cases. Eligibility for the Perkins Loan is determined based upon your financial aid applications. A financial aid award letter will instruct recipients on how to complete the required promissory note.

Bar Study Loans
Students in their final year of study often need financial assistance to pay for Bar Exam expenses and living expenses during the bar study period. Many student loan providers offer Bar loans. Follow this link to see a detailed comparison of the bar loan programs we recommend. We encourage you to carefully consider your needs before applying for a bar loan.

Satisfactory Academic Progress Standards
In order for a student to be eligible for federal student aid, he or she must maintain satisfactory academic progress.

The Penn State Dickinson School of Law measures academic progress on an annual basis each summer prior to the next academic year. First-year students are considered to be making progress during their first academic year. All students failing to make progress based on the law school's Academic Standing Rules will be notified by the financial aid office via letter by August 1. Any aid processed for the subsequent year will be canceled.