The Federal Work-Study(FWS)
is a federal employment program that subsidizes wages for eligible students to pay for their educational expenses. The Federal work-study program is a campus-based program that the U.S. Department of Education administers. The program provides you with an opportunity to be placed into a part-time job that accommodates your academic schedule. You can work in an eligible off-campus or on-campus position.
William D. Ford Federal Direct Loan (Direct Loan)
Students can borrow up to $20,500 Unsubsidized Federal Direct Loans each year. As of 2012, the federal government is no longer providing Subsidized Federal Direct Loans to graduate students, so only the Unsubsidized Federal Direct Loan and Federal Direct Grad Plus loan is available. Matriculated students enrolled at least half-time may apply for this loan. Direct Loans are made directly by the U.S. federal government and processed through our CUNYfirst system.
The Interest rate for the Unsubsidized Federal Direct Loans issued through June 30, 2021, is 4.30 percent. Students will have to pay a small origination fee of 1.057% to process a Federal Direct Loan. There is a six-month grace period following the student
borrower’s last date of at least half-time attendance before payment is due after the grace period. Loan repayment begins monthly. With the Unsubsidized Loan, interest accrues while the student is still in school and during the grace and forbearance periods. Federal Direct Loans refunds are in two installments, at or near the start of each semester.
All students who borrow through this program must have an Entrance Interview and a signed Master Promissory Note in place before their loan disbursement. The Master Promissory Note and entrance interview can be made online at www.studentloans.gov. Students will also need to complete an exit interview before graduating or taking a leave of law school absence.
Federal Grad Plus Loan
The Federal Grad Plus Loan is another need-based federally funded student loan. CUNY Law students who are enrolled at least half-time may apply for this federal loan. A Grad PLUS Master Promissory Note is required, and a credit check is completed online at www.studentloans.gov. If the student does not have adequate credit, they may require a co-signer to obtain the loan. Award amounts are usually disbursed in two installments (one-half each semester). The Grad Plus loan’s interest rate through June 30, 2021, is 5.30%, with a loan fee of 4.228%. Interest accrues from the time the loan is refunded. Repayment periods vary from 10 to 30 years and begin six months after graduating, leaving law school, or dropping below half-time study. The interest rates for the federal loans are recalculated on July 1, each year.