Student Loans

Cumberland School of Law students interested in loans have several options to consider:

Federal Perkins Loans

This is a federally-funded, low-interest (5%) need-based loan program available to students who file the Free Application for Federal Student Aid (FAFSA). The financial aid office determines eligibility based upon the student’s Expected Family Contribution (EFC), enrollment status and the FAFSA priority filing deadline. Repayment begins nine months after the student ceases to be enrolled at least half time or graduates. The Perkins Loan is administered through Samford University’s bursar’s office. Funds are subject to availability.

Federal Stafford Loans

Stafford Loans are federally-funded, low-interest (6.8%) student loans that enter repayment after a six-month grace period from the date the student ceases to be enrolled at least half time or graduates. In order to be eligible for a Stafford Loan, students must file the FAFSA. Students may borrow a maximum of $20,500 per academic year, which may include subsidized and/or unsubsidized funds. Not all students may qualify to borrow the maximum amount.

Subsidized (need-based)

The government pays the interest on the loan through the end of the grace period.

Unsubsidized (non-need-based)

The student pays the interest on the loan with an option to defer payment on the interest through the grace period.

Federal Grad PLUS Loans

These are new credit-based student loans only available to graduate students. The Grad PLUS loans accrue interest and enter into repayment after graduation or less than half-time status. The annual loan limit is equal to the cost of attendance less any other financial assistance the student is receiving. Filing the FAFSA is required for one to be considered for Grad PLUS loans.

Veterans and Military Benefits

For more information about attending law school using veterans’ benefits, please contact Sandra Wilson, VA certifying official, in Samford's Office of the Registrar.

Private Loans

Private loans are available through a limited number of lenders. These programs are designed to assist students in covering the costs associated with their attendance. Terms on private loans vary from federal loans and the student does not have to file the FAFSA to receive a private loan. Be sure to review the terms and conditions of all loans prior to making application. If you think you will need private loans to help meet your educational expenses, it is wise to request a credit report to evaluate your ability to secure private loan funds. Cosigned loans may be provided as an option for borrowers whose credit does not meet loan requirements.

Dean’s Emergency Loan Fund

The Dean’s Emergency Loan Fund provides emergency funds to enrolled students. Loans may be up to $1,000 but must be repaid in the semester in which the loan is secured. Applications for loans are made through the financial aid office.

Bar Exam Loans/Bar Study Loans

Bank One offers a special loan to bridge the gap between graduation and the bar examinations. This private loan is a consumer loan agreement between the student and the vendor. The law school verifies anticipated graduation dates, but the student submits the application and receives the disbursement directly.