Federal Perkins Loan: This loan program, jointly funded by UC Hastings and the federal government, is for exceptionally needy students. These loans are interest free while the student is enrolled at least half time as well as during the 9-month grace period which precedes repayment. Once repayment begins, the interest rate is 5%. Generally, borrowers are allowed up to 10 years to repay.
Federal Direct Subsidized Stafford Loan: are no longer available for graduate and professional students effective July 1, 2012. The Budget Control Act of 2011 passed by Congress and signed President Obama eliminates the subsidy for graduate and professional students and moves this funding to Pell Grants for undergraduate students.
Federal Direct Unsubsidized Stafford Loan: This program may be used to cover the federal expected family contribution (EFC) in the Subsidized Loan calculation. A student may borrow an Unsubsidized loan up to a maximum of either $20,500 or the amount of unmet need plus the EFC. Interest accrues during enrollment, grace and deferment periods. Borrowers pay a fixed annual interest rate of 6.8%.
Loans are disbursed in two halves, one for the fall semester and one for the spring semester. The Department of Education will withhold 1% of the loan in required origination and default fees.
Federal Direct Graduate PLUS Loan: This loan is credit-based and can meet any part of the Cost of Attendance not filled by need-based aid. This loan is available to borrowers who meet federal eligibility requirements. The interest rate is fixed at 7.9%. The Department of Education will subtract 4% from the loan amount for origination and default fees. Borrowers may take up to 25 years to repay and there are deferment and forbearance provisions. This loan can be consolidated with other federal education loans. The fixed interest rate and the fact that it can be consolidated with other federal education loans make the Graduate PLUS an appealing choice over the alternative or other credit-based loans.
James O’Neill Loan: The James O’Neill Loan program is administered by the Financial Aid Office and was established to provide low cost loans for students from Sacramento County, California. The James O’Neill loan is a 5% fixed-rate interest loan. The loan is interest free while a student is enrolled at least half-time, and repayment begins nine months after enrollment drops below half-time. If you were born in Sacramento County or attended school in Sacramento County for three years or lived in Sacramento County prior to attending UC Hastings College of the Law, you may qualify for the O’Neill loan program. Please print, complete and submit the online application (pdf).
These are credit-based loans that can meet any part of the Cost of Education not filled by need-based loans. These loans have variable interest rates and can not be consolidated with other federal education loans. Most graduates take advantage of a credit-based Bar Study loan after they graduate.
The majority of students need to access credit-based loans to fully meet the cost of education. As the name implies, one must have a satisfactory credit history to qualify for these loans. Therefore, we strongly advise all students to carefully monitor their credit to insure they maintain a healthy credit profile. You may access a free credit report at https://www.annualcreditreport.com/cra/index.jsp.
Students with Federal Perkins Loans may fulfill their Entrance and Exit Interview requirements by selecting the appropriate link below.
The Public Interest Career Assistance Program (PICAP) is designed to aid and encourage UC Hastings graduates working in public interest legal organizations or government agencies by assisting with repayment of qualifying, outstanding educational loans. PICAP distributes money to assist in loan repayment to UC Hastings graduates working in low salary government or public interest jobs.
The College is pleased with its lineage of graduates who choose to use their skills and talent to serve in the public interest. Recognizing the disparity in salary between corporate employment and public interest, UC Hastings is committed to supporting PICAP ensuring that its loan repayment assistance is significant and meaningful. This commitment is strengthened each year as the terms of the program and the annual budget are reviewed.
PICAP funding is finite. Awards are dependent on the number of eligible students applying and the established annual budget. There is no guarantee that every eligible applicant will be funded in a given year. Consequently, it is imperative to meet the program deadlines. Please note carefully the calendar along with the forms below.
If you would like further information on the PICAP program, please contact the Financial Aid Office at (415) 565-4624 for application information.
2012 PICAP Information, calendar, and forms