Im earning a decent salary now, but will quit work to attend law school. Does that mean that I won be eligible for federal loans?
Everyone can be eligible for up to $20,500 in Federal Stafford Loan, the same annual maximum for any law student. The question is whether or not $8,500 out of the $20,500 can be subsidized by the federal government. Subsidized Federal Stafford Loans up to $8,500 per year are offered to students with financial need. Graduate and professional students may borrow a combination of subsidized and unsubsidized Federal Stafford Loan up to the annual limit of $20,500. “Subsidized” means that the interest is paid by the federal government while the student is enrolled at least half-time. Students may borrow unsubsidized Federal Stafford Loans as well. “Unsubsidized” means that interest is capitalized and added to the principle upon repayment. If you are offered less than $8,500 in Subsidized Stafford Loan eligibility, contact the financial aid office to request a “reconsideration” based on expected year income as opposed to prior year income. According to information you provide, a financial ai
