The following information is about the types of loans available to law students.

• William D. Ford Federal Direct (Stafford) Loan Program—Subsidized—The interest rate is variable and may not exceed 8.25%. (The basis for the interest rate is the bond equivalent of 91-day Treasury bills sold at the final auction before June 1 of each year.) The 2003-2004 interest rate for first-time borrowers for loans first disbursed on or after July 1, 1998, for students in an in-school, grace, or deferment period is 2.82%.

  Interest does not begin to accrue, nor will principal payments begin, until six months after the student is no longer enrolled at least half-time. Students must show financial need through the FAFSA process. The annual (e.g., August 2003 through July 2004) maximum is $8,500.

• William D. Ford Federal Direct (Stafford) Loan Program—Unsubsidized—The interest rate is variable and may not exceed 8.25%. (The basis for the interest rate is the bond equivalent of 91-day Treasury bills sold at the final auction before June 1 of each year.) The 2003-2004 interest rate for first time borrowers for loans first disbursed on or after July 1, 1998 for students in an in-school, grace, or deferment period is 2.82%.

  Payment on the principal and interest may be deferred, but interest does accrue from the time of disbursement. If payment on the interest is deferred, the interest is capitalized. Students must show eligibility through the FAFSA process. The annual (e.g. August 2003 through July 2004) maximum for the Subsidized plus the Unsubsidized Ford Federal Direct (Stafford) Loan program is $18,500.

• Federal Perkins Loan*—The Federal Perkins Loan is awarded, as funds are available, to a very limited number of students who demonstrate exceptional financial need through the FAFSA process. The interest rate is 5%. Interest does not accrue and principal payments are deferred until nine months after you are no longer enrolled at least half-time. Federal Perkins Loan awards range from $1,000 to $4,000.

• University of Iowa Law Foundation Loan*—The University of Iowa Law Foundation Loan is awarded, as funds are available, to a limited number of students who demonstrate exceptional financial need through the FAFSA process. The interest rate is 5%. Interest does not accrue, and interest and principal payments are deferred until six months after you are no longer enrolled at least half-time. Awards range from $1,000 to $4,000.

• Law Access/Partnership Loan Program/LawAchiever —Private educational loans may be available to assist those students who have not had their entire student financial aid budget met through other financial aid programs. The guarantee and/or origination fees and interest rates are generally higher than the federal- or University of Iowa-loan programs. Interest does accrue while the student is in school. A credit check is required, and you may need a creditworthy cosigner . You must complete a separate LawAccess, Partnership Loan or LawAchiever application. Applications for these private loans are available online.

• Connection Loan—The Wells Fargo Connection Loan may be available to assist those students who have not had their expenses met through federal loans or through the alternative loans process. Contact http://www.wellsfargo.com/ for additional information. A credit check is required; you may need a creditworthy cosigner.

• Bar Exam Loan —Private educational loans are available for students to borrow funds for the costs associated with taking the bar, bar registration, bar review, and living expenses. A credit check is required, and you may need a creditworthy cosigner. Applications are available online through LawAccess, Partnership Loan or LawAchiever.
  

* All students are expected to borrow the maximum $8,500 subsidized Ford Federal Direct Loan before the Federal Perkins or The University of Iowa Law Foundation Loans are awarded.