Students should apply for Stafford Loans first and then apply for the Federal Graduate PLUS Loan, if needed. To borrow through the Grad PLUS Loan program, the student must be eligible for federal aid and pass a basic credit check, performed by the lender. The credit approval criteria for the Grad PLUS Loan are less stringent than for most private educational loans.  Basically, to be approved for a Grad PLUS Loan, the student must not have adverse credit.  Adverse credit, for the purpose of this loan, is defined by regulation as 90 days or more delinquent on any debt or having a credit report that shows a default, discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt, during the five years preceding the date of the credit report.    

Students apply for Federal Graduate PLUS Loans annually and may borrow up to the cost of attendance less other financial aid. Actual PLUS Loan fees will be added to the cost of attendance by the Office of Financial Aid at the time the loan is processed.  The Grad PLUS Loan has a fixed interest rate of 8.5% but can be reduced with repayment incentives offered by the lender. Fees of up to 4% can be deducted from the loan amount, based on the lender and guarantor. Interest begins to accrue upon disbursement of the loan. Repayment begins within 60 days of the final disbursement of the loan; however, students enrolled at least half-time may defer payments while in school. The standard repayment term is 10-25 years depending on the loan amount. See the Graduate PLUS and Private Loan Comparison Chart below for more detailed information regarding loan terms.

Students should apply for the Grad PLUS Loan after receiving their award letter from Suffolk University Law School, in order to determine the loan amount to request. The Office of Financial Aid encourages students to review their budget and borrow conservatively. To apply, contact your preferred lender directly to complete a Grad PLUS Loan application. New Grad PLUS Loan borrowers are required to complete a Master Promissory Note (MPN) with their lender and Entrance Counseling in order to receive loan funds. Students who have previously borrowed a Grad PLUS Loan should also contact their lender to apply for the loan so that the student can request the specific loan amount needed and the credit check can be performed by the lender. Suffolk University Law School will process Grad PLUS loans through any lender. 

Students should compare Grad PLUS Loan lenders to determine which lender best meets their needs.  Suffolk University Law School has no financial interest in a student’s choice of lender.  Students should be aware, however, that each time they apply for a loan with a lender, a credit check is performed. Therefore, we encourage students to compare lenders, but only submit an application with the lender of their choice. Students denied a Federal Graduate PLUS Loan should contact the credit department of the lender to determine the reason for the denial.  Students should also ask what needs to be cleared up on their credit report in order to be considered for the loan. Students who cannot resolve their credit issues and obtain the loan may be able to apply for the loan with an endorser (co-borrower). In order to help students make an informed decision, we recommend reviewing the following links: 

Tips for Choosing a Lender

Graduate PLUS Loan Suggested Lender Comparison Chart - available in April

Graduate PLUS & Private Loan Comparison Chart

Bar study loans are private educational loans which are available to assist law students and recent graduates with costs associated with taking the bar and living expenses after graduation. Like private educational loans, bar study loans require a credit check. Bar study loans are not considered part of a student’s financial aid. Students should apply for the loan directly with the lender of their choice. The interest rate, fees, borrowing limits, and timeframe in which students can borrow the funds varies by lender. Once approved, the loan funds are sent by the lender directly to the student. Students also select the date(s) they wish to receive the loan funds.  Generally, students can apply for a bar study loan up to one year prior to graduation and no later than six months to twelve months after graduation (based on the lender). The maximum loan amount ranges from $12,000 - $20,000 (based on the lender). To apply, contact your preferred lender directly to complete the loan application. Suffolk University Law School will process bar study loans through any lender. 

Students should compare bar study loan lenders to determine which lender best meets their needs. Suffolk University Law School has no financial interest in a student’s choice of lender.  Students should be aware, however, that each time they apply for a loan with a lender, a credit check is performed. Therefore, we encourage students to compare lenders, but only submit an application with the lender of their choice. This is difficult because with most bar study loans, the interest rate and fees are often based on the student’s credit score. In order to help students make an informed decision, we recommend reviewing the following links: 

Tips for Choosing a Lender

Bar Study Loan Suggested Lender Comparison Chart - Available in April

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