Cardozo's Office of Student Finance is committed to using its resources to help admitted students attend the law school. A wide range of financial aid is available, including endowed scholarships, private grants, an institutional loan program, and federal, state, and private supplemental loan programs. The financial aid program is designed to reduce the financial impact of a legal education on a student’s resources.
The law school is fortunate in having endowed scholarships in place, so that more than $1 million is available annually for need-based grants. In addition, each year some students are awarded funds entirely on the basis of merit as determined through their application for admission; no additional application is necessary for merit scholarships.
Long-term education loans are the primary source of financial assistance. Federal, Cardozo and private loan programs ensure that virtually every student who needs it can receive some kind of financial aid for tuition and/or living expenses. Using a standard national application, a student’s need is calculated by a uniform system.
Important News, Updates and Information
A new version of Income Based Repayment (IBR) was implemented on July 1, 2014. The terms are similar to PAYE (payments capped at 10% of discretionary income & forgiveness after 20 years), although this version will only be offered to eligible new borrowers who take out their first federal Direct Loan on or after July 1, 2014. Student loan borrowers may also qualify for the original IBR or PAYE. For more information, please visit HERE.
On August 9, 2013, President Obama signed the Bipartisan Student Loan Certainty Act into law, which amended the Higher Education Act by changing the interest rates on all new unsubsidized Stafford and Graduate PLUS loans.
Loans disbursed on or after July 1, 2014 through June 30, 2015, will have the following fixed fixed interest rates:
Unsubsidized Stafford: 6.21%
Graduate PLUS: 7.21%
Please note the following:
Loans disbursed during the above mentioned dates will be fixed for the life of the loan (during school and repayment).
Under this new law, interest rates are scheduled to reset every July 1st based on the 10-Year Treasury Note Index plus a set add-on.
Loans disbursed prior to July 1, 2013 are not subject to the terms of this new law.
The Department of Education implemented the Pay As You Earn (PAYE) Repayment Plan on December 21, 2012. PAYE is similar to Income Based Repayment (IBR), setting monthly loan payments based on income level, and offering loan forgiveness. PAYE may offer more favorable terms than IBR for eligible borrowers! For details, please visit the Federal Student Aid and visit Cardozo Debt Management websites.
The Department of Education released an Employment Certification form, which is designed to help borrowers track their progress toward qualifying for Public Service Loan Forgiveness. For details, please click HERE.
Direct Deposit is now available for financial aid refunds. Click HERE to enroll.
Financial Aid for the 2014-2015 Academic Year
(Summer '14, Fall '14, & Spring '15)