How do most students finance law school?
Money for law school is available in the form of scholarships, grants, work-study, and loans. Most law schools will provide a financial aid package that contains these sources of funding. A typical package for most full-time Rutgers students includes $20,500 in federal Stafford Loans and scholarships awarded by the institution. New Jersey State grants and federal work-study funding for those who qualify will also be included. Graduate PLUS loans or private educational loans cover any remaining unmet need.

I received a merit scholarship from Rutgers–Newark and some other law schools. Can I count on a merit scholarship every year?
Most law schools offer merit scholarships to new students, but many do not expect most recipients to retain the scholarship after the first year. Your Rutgers-Newark merit scholarship is renewable provided you have a cumulative law school GPA of 3.0 or better. Based on a three-year average, at least 80% of our merit scholars retain their awards after completing the first year. Merit scholarships are automatically reinstated for students who achieve the 3.0 GPA by the end of their second year.
 

How do I apply for a financial aid package?
Applicants for financial aid need to file a Free Application for Federal Student Aid (FAFSA) by March 15th. The preferred filing method is online at http://www.fafsa.ed.gov/(Rutgers Title IV school code is 002629.) Once you’ve been admitted and the university has access to your FAFSA information, Rutgers will automatically prepare a financial aid package for you.

Does Rutgers also require an institutional financial aid application?
No. Unlike many other law schools, Rutgers only requires the FAFSA. We also do not consider parental income/asset information when calculating financial need and do not include home equity in need-analysis calculations.

How does the university establish a student’s “need”?
Financial need is determined by subtracting the amount you can contribute toward your legal education, as well as any scholarships you receive, from the total cost of attendance. The amount you can contribute is known as your “Expected Family Contribution” or “EFC” and is determined and calculated as part of the FAFSA application process.

What does “cost of attendance” mean?
Each year, law schools create an expense budget to reflect how much it will cost to attend their school. The budget includes institutional charges, such as tuition and fees, as well as an amount for books, housing, food, transportation, and miscellaneous items based on typical expenses for that geographic region. This budget is your “cost of attendance.” Students should be especially mindful of cost of attendance when comparing law school costs because this is the actual amount of funding you’ll need each year.

Will my financial aid package cover the cost of attendance?
Your financial aid package will cover a large portion of your tuition and student fee expenses at Rutgers–Newark. However, most full-time students will need additional funding to cover books and living expenses. If you don’t have savings or other resources available, you will need to apply for a federal Graduate PLUS loan or for a private educational loan. These loans can provide the funding for all uncovered expenses included in your cost of attendance. However, these loans are credit-driven and borrowers will need to demonstrate “credit worthiness.” If you have a poor credit history, you may not be approved.

Is there anything I can do to improve my credit score?
There are a few things you can do now to improve your score and increase your chances of being approved for a Graduate PLUS or private educational loan. First, request a copy of your credit report (www.annualcreditreport.com) so you can clear up any mistakes or problems. Second, pay down credit card balances as much as possible; debt/credit ratio is a major factor in determining your credit score. Third, pay your monthly bills on time; the promptness of payments is also a determinative factor in credit scoring.

Are there private lenders that you recommend?
Rutgers does not have a preferred lender list. We feel the federal loan programs (Stafford and Graduate PLUS) are the best option for most students. If students are not eligible for or prefer not to use the federal loans, Rutgers provides information about private educational loans at studentaid.rutgers.edu.

I have existing college debt. How can I pay that on a student budget?
Most educational debt is eligible for an “In School” deferment if you are enrolled at least part-time. The university registrar will certify your “In School Deferment” form once you have registered for classes and submitted a paid term bill.

I know I’ll be paying back loans after law school. How can I calculate what my monthly payments will be?
Direct Loans will offer you a variety of repayment options on your Stafford and Graduate PLUS loans when you leave school. Detailed descriptions of each option and calculators to determine montly payment amounts and interest charges are availavle at studentloans.gov. 

My goal is to work in a public interest job after graduation. Does Rutgers-Newark have a Loan Repayment Assistance Program (LRAP)?
YES! We encourage our students to consider careers in the public interest/public service sectors, and created LRAP to make this a more viable option. Every graduate who is working in eligible employment and earning below the maximum salary cap set each year receives LRAP assistance. Since its inception, our LRAP has provided $1,374,000 in assistance to 200 alumni.