In addition to scholarships and grants, students can finance their legal education with loans from the federal government and private lenders.
Loans are readily available to Ohio State law students who are enrolled at least half-time and who have no record of defaulting on previous education loans. Loans cannot be awarded beyond the maximum student budget without going through an appeals process.
The Department of Education encourages students to consider federal loans first. The federal government has various loan repayment plans for borrowers that could lower the monthly payment borrowers are required to make, including the Graduated Repayment Plan, the Extended Repayment Plan, the Income-Based Repayment Plan, and others. Learn more here.
No matter what entity lends the funds, students should review repayment terms in detail. Students may use the loan calculator so they may calculate the estimated monthly payment and become informed consumers. The college urges students to be as prudent as possible and think about the amount of debt assumed.
To avoid taking on excessive levels of debt, students should save income from work, reduce consumer debt, and plan to use personal resources, gifts, loans from family and friends, and external scholarships or sponsorships in addition to loans to cover the cost of attendance.
Earning a law degree from Ohio State is a major investment decision, but it is a long-term investment in one’s future.
Deferment & Consolidation Tips
Some students may have education debt already from their undergraduate or other graduate degree programs. The following are some ways for students manage debt and finance their legal education:
To receive a deferment for undergraduate or graduate school loans, contact the lender directly and request a deferment form. Mail a completed form to the Moritz College of Law Registrar Office at 55 W. 12th Ave., Columbus, OH 43210.
If all of the education debt is through the federal Stafford Loan program, a deferment form is not necessary because Ohio State automatically will report the student’s enrollment to a clearinghouse. Like most law schools, we will not certify your enrollment until after the first day of class.
Consolidating education loans after graduation from law school can help students cope with the repayment of large loans by extending the repayment period and reducing the monthly payment. To learn more about federal consolidation loans, click here.