Welcome
The Office of Student Financial Services’ goal is to assist you with navigating the world of financial aid during your career at IU McKinney throughout graduation and student loan repayment.
Getting Started: Financial Aid
Financial Aid falls into many categories:
Scholarships
The Federal and State aid programs do not award gift aid (i.e., money that does not need to be repaid) to graduate/professional students. However, the IU McKinney School of Law awards scholarships in varying amounts based on scholastic achievement and other factors. Students are encouraged to apply for these funding opportunities through the IU McKinney School of Law. For more information on types of awards available and procedures for applying for these opportunities, please refer to the Scholarships page.
Loans
Interest Rates for Direct Loans First Disbursed on or After July 1, 2024, and Before July 1, 2025
Graduate/professional students are eligible to use Federal Direct Unsubsidized Loans and the Federal Direct Graduate PLUS loan. Please note that Federal Direct Subsidized loans are reserved for Undergraduate students. These loans have many components and I have included some quick details below, but be sure to read more about the loans from studentaid.gov.
| Federal Direct Unsubsidized Loan | |
|---|---|
| Minimum Credit Hours Required | 4 Credit Hours |
| Interest Rate | 8.08% fixed |
| Origination fee | 1.057% |
| Maximum Amount | $20,500 |
| Credit Based | No |
| More Information | https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized |
| Federal Direct Graduate PLUS Loan | |
|---|---|
| Minimum Credit Hours Required | 4 Credit Hours |
| Interest Rate | 9.08% fixed |
| Origination Fee | 4.228% |
| Maximum Amount: | Cost of Attendance (subtract other financial aid, including unsubsidized loans) |
| Credit Based | Yes |
| More Information | https://studentaid.gov/understand-aid/types/loans/plus/grad |
The interest rates shown in the chart above are fixed rates. A fixed rate will not change for the life of the loan.
If your loan was disbursed before July 1, 2024, you likely have a different interest rate.
View here: Federal Interest Rates and Fees | Federal Student Aid
Loan Information for International Students
International students interested in pursuing a private student loan must have a credit-worthy U.S. citizen or permanent resident willing to serve as a co-signer. Students should compare interest rates, borrowing limits and repayment terms with the lender of their choosing. More details concerning the private loan process, including a private lender search, can be reviewed at https://indianapolis.iu.edu/cost-aid/loans/private.html
Are there limits to loans that I can borrow for my education?
The office of Student Financial Services establishes student budgets that provide for a student's annual projected educational expenses, to include:
- Tuition and Fees
- Living Expenses
- Books and Supplies
- Personal/Miscellaneous
- Transportation
Students may not borrow more than approved budget, and the Cost of Attendance also becomes a cap to the maximum amount of financial aid a student can receive. Students can find their personal Cost of Attendance on View/Manage My Financial Aid under "View Financial Summary".
Appeals to the Cost of Attendance amount can be considered with supporting documentation. You can find the required form and needed steps on the Special Circumstance page.
A Note on Indebtedness...
The lifetime Federal Direct Subsidized/Unsubsidized Loan aggregate borrowing limit for graduate students is $138,500 (which includes borrowing from undergrad or previous graduate programs, if applicable). Borrowers must consider how repaying the loans will impact their personal and professional life. You should keep track of your total indebtedness and understand the approximate monthly payment obligations for the amount borrowed. Loan repayment calculators can assist you in determining monthly loan payments and total amount you will repay with interest, based on the amount borrowed and the number of years it takes to pay off the debt. You can access AccessLex’s at accesslex.org/tools-and-resources/student-loan-calculator.
You can review and access your overall student loan (Federal Direct Unsubsidized and Graduate PLUS Loans) borrowing amounts by logging into studentaid.gov
Private loan borrowers should refer to their lender's website for indebtedness totals.
If you decide to borrow, don’t wait until your final year to think about repayment. I am here to help with your questions and talk through your options. In addition, AccessLex has Live Repayment Webinars to view, a Student Loan Helpline to schedule a one-on-one with an accredited financial counselor, and The Road to Zero: A Strategic Approach to Student Loan Repayment Guide, provided to you absolutely free.
Federal Work Study
While this is not generally something that I would automatically offer McKinney Students, it is an option for graduate students to use. Federal Work Study funds are earned as a paycheck once a student is hired by an employer. It is not awarded at the being of the term like scholarships and loans. If you are interested in this type of aid, let me know and we can talk more.
Veteran Educational Benefits
Student Financial Services works closely with the IU Indianapolis Office of Veterans and Military Personnel to assist our veteran and dependent students during their educational journey. Explore the different types of educational benefits
Have a question on your benefit or its enrollment requirement? You can contact the Office for Veterans and Military Personnel to find the answers that you need.
Applying for Scholarship/Federal Financial Aid
Scholarship Aid: McKinney students can review the needed steps to apply for Merit, Donor-funded, and Private donor scholarships on the scholarships page.
Federal Financial Aid [Federal Loan/Federal Work Study]: Your first step to use federal financial aid would be to complete the Free Application for Federal Student Aid (FAFSA). Many students have asked about a deadline to apply; you will want to apply at least two weeks prior to the end of the term you are seeking federal aid. I recommend completing the FAFSA each year as soon as it opens on October 1st. Here are some other quick tips to help with the application:
- Include the IU Indianapolis school code (001813)
- 1L Students should select "Grad/Prof" student and "First Year GP" on the FAFSA.
- Parent information is not required.
Next Steps:
For FAFSA Filing Students and Scholarship Recipients:
1L Students: Admitted IU McKinney students can expect to review their Financial Aid Notification (FAN) detailing their federal loan offers in late May.
If admitted after May, the Financial Aid Notification detailing the federal loan offers will be visible within three weeks after the admittance date.
2L, 3L, and Beyond: Current McKinney Students can expect to review their Financial Aid Notification detailing their federal loan offers in late June or early July after spring grades have been awarded and the Satisfactory Academic Progress has been reviewed.
All Students:
Everyone should monitor their Student Center To Do List to ensure there are no outstanding items needed for the aid process as additional required documentation for the financial aid process will be reflected there.
Everyone should monitor their university email accounts, as official communications from both Financial Aid and Bursar Offices are sent to the IU Indianapolis email account. Students needing assistance with email set-up should contact University Information Technology Services (UITS).
Disbursement of Loans and Scholarship Aid
Federal student loans credit the students’ bursar account ten (10) days prior to the start of the semester. Loans will pay tuition and mandatory fees assessed automatically. Students that have aid more than what is owed, will receive a refund of the excess funds. I highly recommend signing up for Direct Deposit of Bursar Refunds expedite receipt of the refund.
For federal student loans to pay for educational costs incurred other than tuition and fees (such as parking passes, recreation fees, Crimson Card deposits, etc.), you must authorize that by completing and signing the Title IV Authorization Form.
Enroll in MAX by Access Lex (required for all students)
MAX by Access Lex is your personal finance program developed exclusively for law students. MAX takes seriously their responsibility to prepare you for a successful professional future and while here at McKinney. Now is the perfect time to build a firm foundation of understanding of your own personal finances! Graduating in three years with a strong framework for making good financial decisions will be extremely beneficial and will have a positive impact on every aspect of your personal and professional financial future. Register as an IU McKinney Student and start earning entries into their periodic scholarship drawings.
"I have more questions, where can I contact you?"
You can contact me at lawaid@iu.edu.
Want to learn more about Financial Aid or Consumer Information/Disclosures? Check out the IU Indianapolis Office of Student Financial Services.
