Forms of Aid
Scholarships are not conditional at Michigan. Renewal of scholarships requires only good academic standing and full-time enrollment at the University of Michigan Law School.
- Need-Based Law School Grants
Law School grants are offered by the Financial Aid Office to students who show exceptional financial need. In assessing need, we take into account a variety of historical factors, such as Pell eligibility as an undergraduate, as well as current financial factors, such as income and assets. We do not require applicants to submit any parental financial records. First-year admitted students may complete a very short online questionnaire to determine whether additional forms need to be completed. Financial aid notices typically are emailed beginning in early March and provide the applicant a three-year aid package.
- Merit-Based Law School Scholarships
All first-year admitted students are considered automatically for merit-based aid, with no separate application required. Typically, merit decisions are made within two weeks of admission beginning in mid to late January, and awards range from $5,000 up to full tuition.
- Competing Aid Scholarships
In cases where no merit aid has been offered, the Financial Aid Office is occasionally able to take financial aid offers from competing schools into account. Copies of award letters from other law schools for the same admission year should be faxed to the Financial Aid Office.
- Stafford Unsubsidized Loans
Stafford Unsubsidized Loans are funded by the federal government through the Department of Education. As of July 1, 2013, the interest rate for new Stafford loans is determined annually, based on the 10-year Treasury bill plus 3.6 percent. The interest rate for loans with disbursement dates between July 1, 2013 and June 30, 2014 is 5.41 percent fixed for the lifetime of the loan. The interest rate for loans with disbursement dates between July 1, 2006 and June 30, 2013 is 6.8 percent fixed. Unsubsidized loans may be as great as $20,500 per year and are available to students regardless of financial need.
- Grad PLUS Loans
Grad PLUS Loans are funded by the federal government. As of July 1, 2013, the interest rate for new Grad PLUS loans is determined annually, based on the 10-year Treasury bill plus 4.6 percent. The interest rate for loans with disbursement dates between July 1, 2013 and June 30, 2014 is 6.41 percent fixed for the lifetime of the loan. The interest rate for loans with disbursement dates between July 1, 2006 and June 30, 2013 is 7.9 percent fixed. Students may request to borrow up to the cost of attendance minus all other aid received for the academic year. Grad PLUS Loans offer a fixed interest rate, flexible repayment terms, and have less stringent credit criteria than private loans. Further details and application instructions are available here.
- Private Loans
Private loans are available to law students from a variety of lenders. The loans are offered at variable interest rates (with no cap on the interest rate) that are determined by your credit history and that of your co-signer. Most private lenders strongly encourage a co-signer. A comparison of different types of loans is available here.
The College Work-Study Employment Program enables students to earn money through employment within the University. Law students often work in the Law Library or serve as research assistants to law professors. The federal government subsidizes 60 percent of all work-study wages.
The Income-Based Debt Management Program (LRAP) at the Law School provides those from the entering class of 2011 and later with maximum flexibility to choose jobs from any law-related area (excluding judicial clerkships and U-M funded fellowships), including modest-paying public interest positions, while still maintaining a reasonable lifestyle and remaining current on outstanding loan obligations. Graduates whose combination of income and debt make them eligible receive assistance in meeting their loan obligations incurred during law school. Consult the Financial Aid Office at firstname.lastname@example.org or visit the Income-Based Debt Management FAQ for more details.