Student Loans

Federal Direct Stafford Loan
The Federal Direct Stafford Loan is a federal loan program. 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 Stafford Loan has a fixed interest rate of 6.8%. If you are applying for a Federal Direct Stafford Loan for the first time at Dickinson you will need to complete the Master Promissory Note online. Student loan amounts are split into two disbursements, one delivered at the beginning of each semester.

0.5% fees will be deducted from the gross amount of the loan borrowed, so you can expect to receive 0.5% less money than you ask to borrow. By law, the total origination fee is 1.5%; however, Direct Loans currently offer a 1% rebate on this origination fee. If you fail to make 12 on-time monthly payments, a charge for the difference between the 0.5% origination fee and the 1.5% origination fee will be added to the outstanding balance of the loan. The deducted origination fee will count as part of the original principle balance of the loan.

Subsidized Direct Stafford Loan
Dependent upon financial need, the interest on loan amounts 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, no interest will accrue on this portion of your loan.

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 loan servicer 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 Direct 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.

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.