Columbus School of Law

Financial Aid >Post Graduation

- Post Graduation -

Updated 03/2008

This page addresses three main issues that are most relevant to our graduating students: Exit Interviews, Bar Exam Loans, and Repayment. Explore the links below. If you have any questions, feel free to contact our office (202-319-5143) or fin-aid@law.edu.

I. Exit Interviews: Federal regulations require all federal student loan borrowers graduating or leaving the Columbus School of Law to complete an Exit Interview. This is a form reviewing loan terms and conditions, which can be completed at anytime during the last semester of attendance. Forms are available online and in our office. Additional information is available at our Exit Interview page.

II. Bar Exam Loans: Most lenders offer a "Bar Exam Study Loan" to provide financial resources for expenses related to, preparing for, and taking the bar exam. These are "commercial" (i.e., non-federal) loans, are credit-based, and have variable interest rates. Maximum amount for most lenders is up to $15,000. For your convenience, a Bar Loan Chart comparing the terms from our preferred lenders is available. Note: You do not have to choose from our preferred lender list.

Regardless of lender, please notify our office once you have completed a Bar Loan application. This way we can monitor the progress of your loan.

III. Repayment: Upon graduation you will be expected to start making payments on your loans. More than 70% of borrowers miss their first payment because they did not know or understand their repayment schedules. This can hurt your credit score and negate your borrower benefits. Start off on the right foot. Review our Repayment pages to anticipate your monthly payments and be prepared to submit your first payment.

IV. Federal Loan Forgiveness: The College Cost Reduction & Assistance Act (CCRAA) (new as of 2007) offers lower monthly payments and loan forgiveness options to qualifying federal loans. Read on to learn more.

V. CUA Loan Assistance Repayment Program (LRAP): Recent graduates of Columbus School of Law in the field of Public Interest Work are invited to apply for the 2008-2009 CUA LRAP Award. The amount of the award will be approximately $4,000 per year for five years, which will be distributed in two disbursements each year, one in December and one in May. The first disbursement will be in December 2008. For more information, please visit our LRAP page.

VI. DC Loan Assistance Repayment Program (LRAP): Graduates working as a lawyer in DC with an income less than $65,001/year are encouraged to apply for the DC Bar Foundation's LRAP Award. It offers up to $12,000 annually while working for an eligible employer in DC. For more information, check out our DC LRAP website or visit their website directly: www.DCBarFoundation.Org.

- At A Glance -

A. Federal Stafford Loans - Borrowed before July 2006:
- Variable rate, if borrowed before July 1, 2006.
- 6 month Grace Period. First payment due around Nov. 1st*.
- Repayment Term is 10 years, but can be extended to 25 years upon request.

B. Federal Stafford Loans - Borrowed on/after July 2006:
- Fixed rate of 6.8%, if borrowed on/after July 1, 2006.
- 6 month Grace Period. First payment due around Nov. 1st*.
- Repayment Term is 10 years, but can be extended to 25 years upon request.

C. Federal Grad PLUS Loans:
- Fixed rate of 8.5% for the life of the loan.
- No Grace Period. First payment due immediately upon graduation May 12th*.
Some lenders are offering to delay your first payment until Nov. 1st.
Contact your lender directly and ask how.
- Repayment Term is 10 years, but can be extended to 25 years upon request.

D. Federal Consolidated Loans:
- Fixed rate (determined by the weighted average of the loans you've consolidated).
- No Grace Period. Your first payment could be due immediately upon graduation May 12th*.
- Repayment Term is 10 years, but can be extended to 30 years upon request.

E. Private Commercial Loans:
- Variable rate (your minimum monthly payment will fluctuate with the market).
- Some lenders are offering a 9 month Grace Period (depends on your lender).
You first payment could be due as late as Feb 1st*.
- Repayment Term is 20 years.

_{* Assumes graduation date is in May.}

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