FINANCING YOUR EDUCATION

There are no two ways about it: obtaining a first-rate legal education is a tremendous financial commitment. While Penn Law has a very generous financial aid program (more than 80 percent of our student body receives some form of financial assistance), we want applicants to understand this commitment and to make wise choices about how they will fund their legal education.

The Estimated Cost of a Year at Penn Law

Academic Year 2008-2009 Financial Obligations

Note: The general fee is a partial contribution toward the support of the Student Health Service, Placement Service, graduate student activities, recreational facilities, the physical development of the University, and other services not directly associated with specific courses. Tuition and expenses are adjusted annually. Students who earn a joint degree or certificate will also incur a nominal administrative fee (not reflected in the budget below).

Accepted applicants are required to submit a deposit that is credited to the applicant's tuition bill at the time of matriculation.

The University's Trustees reserve the right at any time to amend the regulations concerning tuition, fees, and method of payment and to make such changes applicable to students currently enrolled in the University as well as to new students.

How Do Students Fund Their Law School Education?

As noted above, fully 80% of our students obtain some financial assistance in paying for Law School.

Students might receive:

• Penn Law financial aid in the form of grant.
• Loan funds from Penn Law, the University, or one of the federal government programs such as Stafford and Perkins.
• Private loan funds from commercial lenders.
• Scholarships from a wide array of organizations that support law students nationally.
• A Penn Law merit scholarship.

How to Apply for Financial Aid

It's relatively easy to apply for need-based financial assistance (grants) at Penn Law. We use the financial information that you provide for yourself, your parent(s), and if applicable, your spouse. Applicants for financial aid are required to submit two applications:

1. The Free Application for Federal Student Aid (FAFSA) which is available online at http://www.fafsa.ed.gov
2. The Need Access Financial Aid Application which is available online http://www.NeedAccess.org.

These forms must be received by March 1.

Due to limited University resources, we must consider each student's entire financial situation. Accordingly, the University of Pennsylvania Law School requires applicants applying for scholarship and their families (except those students over the age of 30 by December 31, of the year of enrollment) to complete the parental, student and spouse (if applicable) sections of the Need Access financial aid applications. As a graduate school applicant you are considered independent under federal guidelines and are only required to complete the student sections on the FAFSA.

The parental information will be used to determine the ability of the parents to contribute financial assistance to meet educational expenses. Your financial aid application will not be evaluated unless the required parental/spousal information is provided. This is so even though all graduate students are technically "independent" under federal guidelines. We will take an estimated parental contribution into account when awarding financial aid, but students can make that contribution up in the form of an additional loan - therefore, parents are not obligated to contribute the estimated parent contribution.

Processing Applications

The Law School will review all incoming students for financial aid eligibility. Eligibility for need-based assistance is determined in accordance with Penn Law's financial aid award policies. Students receive a three-year need-based award determined by our financial need analysis. It is rare that this amount will be increased while you are in Law School. However, if there are significant changes in your or your families original financial standing while in Law School, you can appeal for additional funding. Any additional support will depend on available funding at that time.

Loan Funds

Loan funds are available to students whose needs do not qualify for a grant award or whose needs are not entirely met by the grant afforded them. Terms of interest and repayment vary. Law School students who are eligible for need-based aid may be eligible to share in the University's allocation of the Perkins Loan Program. The Law School also refers students for Stafford Loans, Graduate Federal PLUS Loans, and various other alternative private student loans.

Prior and In-School Credit History

Your credit history will be, and will remain, very important as you seek ways to fund your legal education. It is critical that you have a strong and clean credit record.

We encourage all applicants to order a credit report now to see if there are any problems that will need to be addressed before you apply for financial aid. Too often, we see students who have been reported as a credit risk by creditors, sometimes without their knowledge. Any credit problems need to be resolved before enrollment in the Law School. To receive a free copy of your credit report visit www.annualcreditreport.com.

Applicants may be denied loan assistance, prior to or during law school, based on a negative credit rating or if they have incurred what lenders consider "maximum debt."' It is important that you consider this and manage your finances accordingly, now and throughout law school.

Merit Scholarships

Penn Law offers students merit awards through several very prestigious scholarships. To learn more, click here.

International Students

International students may apply for need-based aid (grants) and loans from private student loan companies. The CitiAssist International Loan Program is available to Penn Students without the requirement of a co-signer. U.S federal student loans are not available to international students.

International students admitted to Penn will also be considered for the merit scholarships described above, but please note that a separate application is required for the Public Interest Scholarship. International students are eligible to participate in our Toll Loan Forgiveness Program..