Q8) Can you give me an example of the loan origination fee rebate changes taking place July 1, 2012?
A8) Loan origination fees will no longer be discounted for loans first disbursed after July 1, 2012. This means that a Stafford loan semester disbursement for $10,250 will yield $10,148 after the 1% fee, $102, is deducted. A Grad PLUS loan semester disbursement for $8000 will yield $7,680 after the 4% fee, $320, is deducted. With the discount, the yield would have been $10,198 and $7800.
Q7) When do we get living expenses for Spring, 2012?
A7) Loan disbursements left over after spring ’12/J-Term tuition is paid will be issued on January 20th in the Finance Office (note: this is NOT the financial aid office!) starting at 9am. The Finance Office is located on the second floor of the LEC building, room 276.
Q6) Does Financial Aid change between full-time and part-time status?
A6) The total available amount of financial aid is based on your actual tuition cost plus an estimated living expense budget that is the same for either full time or part-time students. If you change from full-time to part-time status the total amount of financial aid changes because you are paying less tuition. If you are part-time and increase to full time, let us know so we can increase your financial aid.
Q5) How do I get loans for summer 2012 study abroad programs?
A5) Study abroad programs are sponsored by many schools and start the 2012-2013 academic year. Mitchell sponsors the Mitchell Law in London program. You will need to file a 2012-2013 Free Application for Federal Student Aid (FAFSA) to get loans for the 2012-2013 school year including summer 2012 and study abroad programs. The 2012-2013 FAFSA is available on and after January 1, 2012.
Q4) How can I get loans to pay for J-Term tuition?
A4) Register for J-Term and then send an email to the Financial Aid Office to request loans to pay for up to the entire cost of J-Term tuition: $1250 per credit.
Q3) Can the cost of the Bar Exam be added to the annual school cost of attendance to be funded by federal loans?
A3) Yes: Graduating students can send an email to the Financial Aid Office asking to add a loan for up to $600 to pay for the cost of the MN Bar exam.
Q2) Can the cost of Barbri be added to the cost-of-attendance?
A1) The BarBri cost cannot be added to the annual school cost-of-attendance to be funded by federal loans because BarBri is not applicable to the school’s credits to earn the JD. This is a longstanding problem for law students that has been addressed over the years by the ABA and particularly Access Group, Inc – a former federal loan lender.
Instead, to fund BarBri and related costs after graduation, lenders make “Bar Loans” and “Education Loans” available to students. Bar and Education loans are not federal loans: they are private loans, subject to private loan underwriting requirements. Loan terms vary from lender to lender. In today’s tighter lending environment, students are finding that private loans now require co-signers and may have variable interest rates.
The website Finaid located at http://www.finaid.org/loans/privatestudentloans.phtml provides a chart for , private loan information comparison. In the chart, in the column “Limits” the notation COA-AID means that the available loan amount is limited to the school’s annual cost of attendance minus any other financial aid received. These loans won’t work for Bar preparation and exam expenses.
Q1) How do I get financial aid for J-term classes?
A1) J-term tuition is posted to your student account in December. The cost of the individual credits, $1,250, can be added to your annual financial aid budget, and an additional loan added to pay for the cost. The added financial aid will pay out along with your spring semester scheduled aid in late January.