The two types of federal loans are the most commonly utilized method of financing law school. This is the most attractive type of federal loan offered. All eligible law students are offered this loan as part of their award package. Need and creditworthiness are not requirements. All eligible law students are offered this loan as part of their award package. Need is not a requirement, but a credit check is required.Federal Direct Unsubsidized Loan
Federal Direct Graduate PLUS Loan
- Federal Direct Graduate PLUS Loans can cover the amount up to the Cost of Attendance less any institutional scholarships received and $20,500 of Federal Direct Unsubsidized Loan.
- The interest rate is 8.05% for loans disbursed on or after July 1, 2023.
- Interest accrues on these loans while you are in school.
- The loan origination fee is 4.228%for loans disbursed on or after October 1, 2020, and before October 1, 2023. For example, if you borrow $20,000 of this type of loan, $19,154.40 would be applied to your student account ($9,577.20 at the beginning of each semester).
- Approval for this loan is based on a credit check, which is done by the Department of Education as soon as a student accepts any amount of Grad PLUS Loan. The credit check looks for whether an applicant has an “adverse credit history,” and borrowers who have an adverse credit history will be asked to meet additional requirements to qualify. An adverse credit history includes being at least 90 days behind on one or more debts of more than $2,085; having a debt that was placed in collections or charged off in the last two years; or, in the last five years, having been subject to default, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or a write-off of a federal student loan. Please be sure to lift the security freeze on your credit before accepting the Grad PLUS Loan to avoid any delay in loan disbursem*nt.
Private Loans
Private loans, made through a bank or other financial lender, are the least attractive to borrow because the interest rate is likely to be higher and the terms less favorable than a student loan through the federal government.
If you are not taking out federal loans, visit this webpage for information on paying for law school.
All merit-based scholarships for incoming students are awarded by the Office of Admissions. Scholarships are highly competitive and granted to admitted students on a rolling basis. The majority of scholarships are awarded between January and Aprilof each admission cycle or until the scholarship funds are exhausted. Competitive applicants who wish to be optimally placed for scholarship consideration should complete their application for admission no later than January 15. Merit-based scholarships are also available to rising 2L and 3L students. Information about how to apply for these continuing studentscholarships will be distributed each spring semester. Any scholarship offered from a source other than the University of Miami is referred to as an external scholarship. External scholarship funds will be divided equally between the fall and spring semesters unless otherwise indicated in writing by the donor. Please note that if external scholarship funding is received after you have been packaged with federal loans, your federal loans will be reduced by the amount of the scholarship to keep your total aid award within your Cost of Attendance. Miami Law maintains a webpage of external scholarships. AccessLex also maintains a databank of external scholarships. The Florida Bright Futures Scholarship Program establishes lottery-funded scholarships to reward Florida high school graduates for high academic achievement. FBFS recipients who graduate with a bachelor’s degreein the 2010-11 academic year or thereafter, in seven or fewer semesters, or the equivalent, may receive funding for one semester of graduate study, not to exceed 15 credit hours paid at the undergraduate rate through the FBFS Program. Your FBFS award will be part of your financial aid package at the University of Miami. An FBFS award will reduce federal loan eligibility, which will assist in decreasing future loan debt. For more information and to check your FBFS eligibility, pleaselog in to your account on the FBFS website or contact the Florida Department of Education, Office of Student Financial Assistance, at 888-827-2004 or osfa@fldoe.org.Institutional Scholarships (Merit-based Aid)
External Scholarships (Need-based or Merit-based Aid)
Florida Bright Futures Scholarship (FBFS)
Your parents or another adult might have invested money into an FLPP to fund your college education. Some incoming law students may have remaining FLPP funds and do not realize they may use them toward law school tuition and fees. The process for having FLPP funds sent to the University of Miami for law school is as follows:Florida Prepaid Plan (FLPP)
