Financial Aid & Scholarships
Financial Aid at Charlotte School of Law
The Charlotte School of Law Financial Aid Office strongly encourages you to borrow only what you will need for the upcoming academic year.
If you are eligible for and wish to secure federal funding for law school, there are two types of loans for which graduate students are eligible. There are no federal or state grants available to graduate students.
The two types of loans are:
- Stafford Loan: Eligible students are guaranteed $20,500 each academic year. To apply, you must complete the FAFSA at www.FAFSA.ed.gov.
- Grad Plus Loan: Eligible students may borrow up to their total cost of attendance to help cover any remaining tuition and living expenses. These are federal loans with a slightly higher interest rate. These loans are credit based. As a general rule, most students will qualify unless you have revolving credit accounts 90 days past due, foreclosure, or bankruptcy items on your credit report. If you do not qualify for the Grad Plus loan, you can either appeal the denial or add a co-signer/endorser.
*General formula: subtract your scholarship and Stafford loan amounts from the estimated total cost of attendance to determine the maximum you may borrow in a Grad Plus loan.
Below is an estimate of the type of aid a full time student entering in the spring 2012 term without a scholarship might receive if the student was approved for the Grad Plus loan (these figures are for one semester only). Please also keep in mind that the tuition amount is subject to change for the 2012-2013 academic year; the estimates below are only for spring 2012.
Amount You Are Eligible to Borrow Federal Loan Amounts
Spring 2012 tuition, fees and dues $18,498 Stafford Loan $10,250
Living Expenses + $11,232 Grad Plus Loan + $19,480
Cost of Attendance $29,730 Total Amount Borrowed $29,730
Estimated cost of attendance includes all living expenses that a student might encounter and is the maximum you can borrow. As living expenses will vary for all students you may decide to borrow a lower amount depending on your financial needs. In general, you will be allowed to borrow a maximum of $11,000 each semester for living expenses.
Ordinarily, incoming spring start students will receive refund checks mid to late March; however, if you have a financial hardship, you may be able to receive your check earlier than March. Please indicate your preference on your Financial Aid Authorization form.
Loan funds will be posted to student accounts and students will be notified via email from the Student Accounts office when your reimbursement funds are available.
Reimbursements will not be available prior to the start of classes to purchase books and supplies.
Private Education Loans
The Sallie Mae Smart Option Student Loan for Law Students is an attractive, lower-priced alternative to federal student loans and other financing vehicles.
As a federal student loan borrower it is your responsibility to repay your Stafford and Grad PLUS student loans in a timely manner after you leave school. Given the fact that graduate student loan debt can be quite high, the Federal Government has created several options for loan repayment, which are listed below.
Charlotte School of Law may offer merit based scholarships to incoming students. If selected, Merit Scholarships are awarded to full-time (13+ credit hours) and part-time (9-12 credit hours) first year entering students in their letter of acceptance in recognition of their strong academic performance. Amounts range from $1000 to the full tuition cost per academic year. Merit based scholarships are non-negotiable, may be renewed each year and are considered confidential information. Awarded students who enroll in the part time (9-12 credit hours) program are eligible for 80% of the full-time award.
Academic Achievement Scholarships
Academic Achievement Scholarships are performance based scholarships awarded to full time and part time students who demonstrate academic excellence and complete the academic year in the top 15% of their class. The award is offered for one academic year only and each class is evaluated at the end of every academic year. Award amounts are tiered based on the top 5, 10 and 15% of the class with the top 5% receiving the maximum award. Award amounts vary based on available scholarship funding.
These scholarships may be awarded in conjunction with Merit Scholarships not to exceed a student’s tuition costs for one academic year. Students enrolled in 9-12 credit hours are eligible to receive 80% of the full time award amounts. Part time students will be evaluated for the first time when they have completed 30 credit hours and have reached the end of their academic year. An academic year may begin in January or August.
Numbers to Know:
Finance Office: 704-971-8386