Financial Aid Contacts

Private and alternative loans

The School of Law participates in several private alternative loan programs, which allow students to borrow funds in excess of the federal loan amounts if they have remaining eligibility. These loans are not based on need, but do require a credit check. Some of these loans have substantial origination and insurance fees and variable interest rates. A co-signer may be required or may be used to obtain a lower fee charge.

It is important to remember when borrowing from private sources that there are often variable interest rates with no ceilings and substantial origination fees. In addition, private loans cannot be consolidated with federal student loans upon graduation, although they may be taken into consideration by a consolidation lender when making a consolidation loan.

There are three basic types of private loans for which law students may be eligible: law-specific loans, such as Law Access, Law Achiever, and Law Express; general private loans, such as TERI loans, Signature Loans, Citiassist Loans, and Nellie Mae Loans; and the MI-Loan (Michigan alternative loan program). Of these, the MI-Loan generally has the best terms (low fees, lower-than-average interest; choice of fixed or variable interest; ability to defer payment for up to five yearsof the 25-year repayment period). However, the law-specific loans offer loans to students for the period between graduation and taking the bar exam, and cover bar review costs, bar exam fees, and living expenses while studying for the bar exam. General private loans also do not offer bar study loans.

More information about private and alternative loans is available in the Scholarship and Financial Aid Office.