Direct Unsubsidized Stafford Loans
Direct Unsubsidized Stafford Loans are available for students who need funds to meet educational costs. The maximum amount for Direct Unsubsidized Stafford loans per academic year is $20,500 for graduate students. The student can pay the interest on these loans while in school, or upon the student’s request, this interest can be added, without penalty, to the loan principal. Graduate Unsubsidized loans offer a fixed interest rate. (Note: The interest rates for federal student loans are determined by federal law. Future changes to federal law may affect federal student loan interest rates. The Interest rates are adjusted annually and could be higher or lower for loans disbursed after June 30th each year.) Students go into repayment 6 months after their enrollment drops below half-time status or the student graduates. Contact your loan servicer for additional details. Students attending summer school may receive one-third of their loan eligibility for each term – summer, fall and spring. The aggregate Direct Loan limit for Law students is $138,500.
PLUS loans for Graduate/Professional Students
Under the PLUS loan program, Law students are eligible to borrow up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan (in-school deferment is available), and currently have a fixed interest rate. (Note: As with the unsubsidized loans, the interest rates for federal student loans are determined by federal law. Future changes to federal law may affect federal student loan interest rates for loans disbursed after June 30 each year.) When applying, please make sure you complete the Graduate PLUS loan application, NOT the Parent PLUS loan – also, make sure you are applying for the loan in the correct year.
These are credit-based loans provided by Private Lenders to assist students in meeting their financial commitments to the school. Although each student is different, as a general policy Oklahoma City University does not recommend using private lenders to fund a student’s education. Private Lenders are not bound to comply with the benefits provided by Federal Student Loans, and persons utilizing them do not receive the same consumer protections afforded by the federal government. Federal Student loans are easier to get, quicker to pay, and in most cases less expensive than a private loan. If you are compelled to use private lenders, for cost sake we would recommend pursuing a home-equity line of credit or other low-interest alternatives. Most private loans that initially have a lower interest rate than the government loans are variable-rate loans and the rate can go up in as little as three months after disbursement.
Cost of Attendance
Oklahoma City University determines a budget of estimated expenses for the academic year, which is known as your Cost of Attendance (COA). Cost of Attendance includes all tuition, fees, books, room and board, travel and miscellaneous expenses for the time period of your enrollment. The Cost of Attendance is set annually on reasonable expenses; it does not cover debt previously incurred or high expenses. Data from your FAFSA application determines the amount the Department of Education expects you to contribute toward your education, referred to as the Expected Family Contribution (EFC). Aid eligibility is derived by COA minus your EFC. Please set a budget for yourself if you plan to pay all living expenses with an aid refund; regulations are tight and do not include any expenses for other family members. If you will require funding in excess of the cost of attendance, you will need to seek a non-educational related loan.
Please be wary of using non-educational personal loans. Personal loans and credit cards are very expensive (averaging between 12.99% and 18.99%) and repayment usually begins immediately after you receive the funds. Cash advances on credit cards usually add a fee per transaction, and may be subject to a higher rate of interest. If you experience a financial emergency, it is in your best interest to contact your financial aid counselor before engaging in a financial transaction that may seem to help your immediate situation but could be detrimental to your future financial commitments.
*The fall and spring semesters’ Cost of Attendance for a first-year law student living off-campus, attending full-time (29 hours), includes the amounts listed below:
Tuition/Fees $ 37,500
Loan Fees $ 1,442
Books $ 1,740
Room & Board $ 12,600
Travel $ 1,700
Miscellaneous $ 4,600
Total $ 59,582
*Amounts are estimates based upon 2020-2021 rates, are subject to change, and may be rounded to the nearest dollar.
The Financial Aid Process
Step 1: Submit FAFSA and Review Financial Aid Fast Facts for Law Students
U.S. citizens and permanent residents who are not in active bankruptcy or in default of prior federal student loans are eligible to apply for federal loans. This is done through the Free Application for Federal Student Aid (FAFSA).
The Title IV institutional code for Oklahoma City University is 003166. FAFSA is required for all federal loans.
Step 2: Award Letters
After you have been admitted and submitted your FAFSA, you will receive a Financial Aid Award Notification via student email. Please review and accept your awards via BlueLink immediately. Loans will not be processed without your acceptance.
Please contact Student Financial Services immediately if you:
- Require assistance in acquiring student loans
- Have other questions regarding the aid process
- Have not received an award letter after submitting the FAFSA and any other requested documents
CALL (405) 208-5211 FOR IMMEDIATE ASSISTANCE
Step 3: Pre-Loan Counseling
All incoming students who have accepted loans must complete pre-loan entrance counseling.
Step 4: Distribution of Aid
If you are receiving financial aid (scholarships or loans), your aid will be credited against your tuition costs. Any excess aid will be refunded to you via direct deposit into your bank account. You will need to fill out a direct deposit form.
Students will receive refunds of excess financial aid to be used for living or other educational expenses. This usually occurs 5-7 days after the disbursement date.
OCU processes refunds by direct deposit. To ensure your refund is processed in a timely manner, be sure to submit your Direct Deposit Application.
Financial Aid Resources
For additional assistance, the following resources are available: