Financial Aid Tips for Graduates
The following information should help students sort out the last necessary financial aid details before graduation. More detailed information can be found on the Financial Aid section of the web site.
Students are encouraged to make an appointment with the Law Financial Aid Office to discuss how the available repayment options can help them to manage their personal educational loan debt. If you are not ready to discuss your loans before graduation, you may come in, call or email us after graduation to ask any questions that may come up while you are setting up the repayment of your loans.
Students who borrowed loans through the Federal Direct Stafford Loan Program and/or the Perkins Loan Program while at BU Law are required to complete an Exit Counseling Session.
The Exit Counseling Session is an opportunity to learn about the repayment terms that apply to your federal loans. The Law Financial Aid Office will provide information for federal and private loans regarding loan repayment options, consolidation, and basic debt management principles that could make your life after law school easier.
The Law Financial Aid Office conducts group Exit Counseling Sessions in March for students graduating in May.
Students should come to the session with the following information:
- Driver's License (state and number)
- The name, address, and phone number for two references and your next of kin (3 different people)
- The name, address, and phone number for your employer after leaving school (if available)
2014 Exit Counseling - Group Sessions
· March 18 - 1:00 to 2:00 p.m., Room 1434
· March 19 - 1:00 to 2:00 p.m., Room 1434
· March 26 - 1:00 to 2:00 p.m., Room 1434
· March 27 - 1:00 to 2:00 p.m., Room 1434
Students have the option of making an appointment to speak to a counselor one-on-one to obtain information on their personal loan repayment options. Note: Students who schedule an appointment should come prepared with their federal loan history – found at www.nslds.ed.gov.
Private loan information must be accessed from each lender.
Students may also complete the Exit Counseling Session online.
Graduating 3L's who received Perkins Loan funds while at BU Law must attend an Exit Counseling session offered by the Student Loan Department. The Exit Counseling offered by the Law Financial Aid Office cannot be used to meet this requirement.
Perkins Loan recipients have two choices:
1. Attend the Exit Counseling offered by the law school and the Perkins Exit session (2 sessions) OR…
2. Attend the Exit Counseling for the Perkins Loan (offered by the Student Loan Department – 1 session)
Perkins Loan Exit Counseling sessions will be offered in late March. Students should receive notification about the specific times and locations for these sessions. If you do not receive any information, you should contact BU’s Student Loan Department at (617) 353-2340 for more information.
The Student Loan Department is an office within Student Accounting Services and will oversee the repayment of your Perkins Loan.
Several private lenders offer loans to J.D. students specifically to cover expenses incurred while students prepare for the bar exam. These loans may cover living expenses during the summer, bar exam fees, and fees for review courses. Each lender sets a limit for the amount that you may borrow. You may apply for a Bar Exam Loan during the spring semester of your third year or after graduation.
A Bar Loan does not need to fit within your student budget for the academic year. The loan funds will be sent directly to you. You may specify the amount (within the limits set by the lender) and the disbursement dates.
Some lenders require school certification to complete the application. In these situations, BU is certifying that you are a graduating J.D. student and that the requested disbursements comply with the lender's policies.
Boston University maintains a web site with a list of lenders you may want to consider. Several of the lenders on the list offer Bar Loans.
You are not limited to the products identified by Boston University or the School of Law, and are welcome to use any lender of your choice. You should evaluate all loan products carefully in light of your particular circumstances.