How do most students finance law school?
Money for law school is available in the form of scholarships, grants, work-study, and loans. Most law schools will provide a financial aid package that contains these sources of funding. A typical package for most full-time students includes $20,500 in federal Stafford Loans (Subsidized and/or Unsubsidized). Scholarships awarded by the institution, as well as New Jersey State grants and federal work-study funding for those who qualify, will also be included.

I received a merit scholarship from Rutgers-Newark and some other law schools. How does the scholarship fit into the financial aid package? Can I count on a merit scholarship every year?
Many law schools offer merit scholarships to new students, but not all expect that most of their students will retain the scholarship after their first year. Your Rutgers-Newark merit scholarship is renewable provided you have a cumulative law school GPA of 3.0 or better. More than 80 percent of our merit scholarship recipients retain them for their entire law school career.

How do I apply for a financial aid package?
Applicants for financial aid need to file a Free Application for Federal Student Aid (FAFSA) by March 15th. The preferred filing method is online at http://www.fafsa.ed.gov/. (Rutgers Title IV school code is 002629.) Once you’ve been admitted and the university has access to your FAFSA information, Rutgers will automatically prepare a financial aid package for you. The university participates in the Direct Loan program, so your federal Stafford Loans will come directly from the U.S. Department of Education into your student account. No additional application is needed for your federal loans.

Does Rutgers also require an institutional financial aid application?
No. Unlike many other law schools, Rutgers only requires the FAFSA. We also do not consider parental income/asset information when calculating financial need and do not include home equity in need-analysis calculations.

How does the university establish a student’s “need”?
Financial need is determined by subtracting the amount you can contribute toward your legal education, as well as any scholarships you receive, from the total cost of attendance. The amount you can contribute is determined and calculated as part of the FAFSA application process.

What does “cost of attendance” mean?
Each year, law schools create an expense budget to reflect how much it will cost to attend their school. The budget includes institutional charges, such as tuition and fees, as well as an amount for books, housing, food, transportation, and miscellaneous items based on typical expenses for that geographic region. This budget is your “cost of attendance.” Students should be especially mindful of cost of attendance when comparing law schools. Tuition alone can cost more than $40,000 per year and your cost of attendance can easily exceed $60,000 per year. This means that the total cost of attending law school for three years could be more than $180,000.

Will my financial aid package cover the cost of attendance?
Your Rutgers-Newark financial aid package will cover most of your tuition and fees. However, most students need additional funding for the “living expenses” part of their cost of attendance. If you don’t have savings or other resources available, you will need to apply for a Graduate PLUS loan or other private educational loan. The university will certify private loans up to your full cost of attendance. However, private educational loans will be approved/denied by the lender based on your credit score. If you have a poor credit history, you may not be approved. 

Is there anything I can do to improve my credit score?
There are a few things you can do now to improve your score and increase your chances of being approved for private educational loans. First, request a copy of your credit report (www.annualcreditreport.com) so you can clear up any mistakes or problems. Second, pay down credit card balances as much as possible; debt/credit ratio is a major factor in determining your credit score. Third, pay your monthly bills on time; the promptness of payments is also a determinative factor in credit scoring.

Are there private lenders that you recommend?
Rutgers does not have a “preferred lender” list. We feel that lender choice is a personal decision on the part of the borrower. Because we want you to make an informed decision, we will provide information on many of the available options. This information will be available in the late spring. Students should make their private/alternative loan arrangements in June/July.

I have existing college debt. How can I pay that on a student budget?
Most educational debt is eligible for an “In School” deferment if you are enrolled at least part-time. The university registrar will certify your “In School Deferment” form once you have registered for classes and submitted a paid term bill.

I know I’ll be paying back loans after law school. How can I calculate what my monthly payments will be?
Many lender sites have online calculators. Enter the amount of your loans and the current interest rate and the monthly repayment amount will be calculated for you. You can also find an online calculator at www.studentaid.rutgers.edu under “Financial Management.”

My goal is to work in a public interest job after graduation. Does Rutgers-Newark have a Loan Repayment Assistance Program (LRAP)?
YES! We encourage our students to consider careers in the public interest/public service sectors, and created LRAP to make this a more viable option. Every graduate who is working in eligible employment and earning below the maximum salary cap set each year receives LRAP assistance. Since our program’s inception 10 years ago, 134 graduates have received more than $880,000 in LRAP assistance to help pay down their law school debt.