Frequently Asked Financial Questions
1. When can I begin to apply for financial aid?
2. How do I apply for financial aid?
3. What is NIU's FAFSA School Code?
4. When should I start working on my FAFSA application?
5. Are financial aid applications accepted after the March 1st recommended deadline?
6. How do I make changes to my financial aid award?
7. What are the tuition and fees for NIU College of Law?
8. How much can I borrow for law school?
9. Which federal loans are available for me to borrow?
10. What is the current interest rate for the Stafford Loans?
11. What is the current interest rate for the Graduate PLUS Loans?
12. Are there any loans after law school to help with the costs associated with the state bar exam?
1. When can I begin to apply for financial aid?
You may fill out the FAFSA at any time. You may apply for financial aid once you receive your NIU z-id.
2. How do I apply for financial aid?
Step 1: You must have a Federal Student Aid personal identification number (PIN). Go to www.pin.ed.gov if you do not already have one.
Step 2: Each academic year that you intend to receive federal student loans, you must complete the Free Application for Financial Student Aid (FAFSA) at www.fafsa.ed.gov between January 1 and June 30. You will need income tax returns and W-2 forms to apply.
Step 3: The U.S. Department of Education will send you your Student Aid Report (SAR). Review your SAR and, if necessary, make changes or corrections and submit your revised SAR.
Step 4: In addition to completing the FAFSA, you must complete online entrance counseling. The link to the entrance counseling can be found on the NIU Student Financial Aid office web page at http://www.niu.edu/fa/fafsa/index.shtml, or you can access the link directly from the federal web site at https://studentloans.gov/myDirectLoan/index.action.
Step 5: You must complete a Master Promissory Note (MPN) for Stafford Loans. The link to the MPN can be found on the NIU Student Financial Aid office web page at http://www.niu.edu/fa/fafsa/index.shtml, or you can access the link directly from the federal website at https://studentloans.gov/myDirectLoan/index.action.
Step 6: Each year, if you plan to borrow more than the $20,500 guaranteed Stafford Loan amount, you must complete the Graduate PLUS loan form located on the NIU Student Financial Aid Office web page at http://www.niu.edu/fa/forms/index.shtml. Do not try to apply for a Graduate PLUS loan directly from the studentloans.gov web site. NIU uses its own proprietary “Loan Request Form.” Additionally, you must complete an MPN for Graduate Plus Loans.
Step 7: You will receive an award letter via your NIU z-id email. Accept or decline awards by logging onto MyNIU at http://www.niu.edu/myniu/index.shtml.
3. What is NIU's FAFSA School Code?
001737.
4. When can I start working on my FAFSA?
The FAFSA is available each January at http://www.fafsa.ed.gov. Complete the form online as soon as possible. The priority deadline for completing the FAFSA is March 1st.
5. Are financial aid applications accepted after the March 1st recommended deadline?
Absolutely. The online FAFSA is accepted until June 30th. The March 1st deadline is just a priority deadline.
6. How do I make changes to my financial aid award?
All students can view and make changes to their financial aid awards on their MyNIU accounts at http://www.niu.edu/myniu/index.shtml.
7. What are the tuition and fees for NIU College of Law?
Tuition and fees increase on a yearly basis. To help you determine the cost of attending NIU College of Law, use the NIU Bursar’s Tuition Estimator at http://www.niu.edu/bursar/tuition/estimator.shtml. In addition, NIU College of Law provides the estimate of tuition and fees here.
8. How much can I borrow for law school?
Qualified borrowers may borrow up to the cost of attendance as set by the Department of Education. The cost of attendance varies between universities and, for public law schools, it varies depending on whether you pay in-state or out-of-state tuition. For an itemization of the student loan budget see Itemization.
9. Which federal loans are available for me to borrow?
Please see Types of Financial Aid.
10. What is the current interest rate for the Stafford Loans?
For Direct Subsidized and Unsubsidized Stafford Loans, the interest rate is fixed at 6.8%.
11. What is the current interest rate for Graduate PLUS Loans?
For Graduate PLUS loans, the interest rate is fixed at 7.9%.
12. Are there any loans after law school to help with the costs associated with the state bar exam?
Loan assistance from private lenders is available to you for purposes of assisting with bar exam expenses, bar application fees, and associated living expenses. Bar loans are made payable directly to you and, because they are not a component of your financial aid package from NIU College of Law, you may choose to borrow from $500 to $15,000. These loans are commercial loans and are based upon your credit worthiness and, as such, the interest rate/fees will vary from lender to lender based upon your credit criteria. NIU does not recommend any particular lender; however, the following lenders have been used by other law students:
Law Student Loan Program
(800) 984-0190
www.salliemae.com
Citibank Law Student Loans
(800) 824-0019
www.studentloan.com/law
PNC Bar Study Loan
http://www.pnconcampus.com/
Wells Fargo Bar Exam Loan
(800) 378-5526
www.wellsfargo.com
As always, the NIU College of Law Office of Admissions & Financial Aid strongly encourages you to minimize borrowing. To this end, we encourage you to carefully think through the impact of borrowing additional money, because cumulative borrowing can significantly impact your post-graduation lifestyle for the ten or more years you will be in repayment.