1998-1999_Law School Catalog.pdf - The Texas Tech University ...

36 37Thep=rwill use federally approved formulasto detennine aminimum dollar amount that thestudent will be expected to amtribute toward the costof education (referred to as budget) based on thefinancial figures provided by the student. Theexpected contribution ~ called the Family Contribution(FC).The budget is the estimated average cost for a9­montti period beginning in August and ending inMay. The budget for ttie 1998-99 award year was:Tuition and feesRoom and boardBooks and suppliesTransportationMiscellaneousTotal budgetEligibility for need-based aid is the differencebetween the budget and Fe. For example:BudgetFeeedResident$6,5204,9348161,5142m$16,008$16,008UOO$14,808Nonresident$11,5904,9348161,5142m$21,078Astudent may not receive financial aid in excessof the total budget. Financial aid includes grants, allscholarships (on or off campus donors), collegework-study, and all loans.• Loon ApplicationThe Free Application for Federal Student Aid(FAFSA) ~ a general application that determineseligibility for all types of aid. It is OT the actualloan application that will be submitted to alender.Each student has the option as to what type of loanshe or she will apply to receive. Eligibility for loans iscontingent on other financial aid received andeligible need, based on federal formulas. The loantypes are as follows:I. Stafford (formerly the GSL). There are two typesof Federal Stafford Loans (FSL) that you may beeligible for-subsidized and unsubsidized. Bothhave avariable interest rate. The subsidized FSL isbased on need. II you qualify, the government paysthe lender the interest due on it while you are inschool and during your grace period and defermentperiods. The unsubsidized FSL is for students whodon't qualify for asubsidized FSL or who qualify forless than the annual maximum limit on a FSL. Youare responsible for all interest that accrues on anunsubsidized FSL.The academic year limit on asubsidized FSL is$8,5(X), and the academic year limit on anunsubsidized FSL ~ $1O,1XXl. The repayment periodfor the loans is 10 years. Interest rates vary butcannot exceed 8.25% adjusted each july 1. Theinterest rate is based on the final auction of the 91­day Treasury Bill held prior to june 1plus 3.1%.2. Law Access Loan (LAL) or Law Student Loan(15L). The application limit is $15,1XXl. These loansmay be applied for through one of two companies­LawAccess or LawLoans. The conditions and ratesof interest are identical between the hvo companies.The interest rate is variable and adjusted quarterlybased on the bond equivalent of the 91-day TreasuryBill plus 3.25%. Students wishing to apply for eitherof these loan programs should first apply for FederalStafford Loans. Once astudent decides that he or shewants to apply for a LAL or 15L, loan applicationswill be required in addition to the FSL application.• Lender OptionsBoth types of Federal Stafford Loans may beobtained through any participating bank, savingsand loan, or credit union. [f astudent is unable tolocate alender, the student should contact theFinancial Aid Office for assistance. The same lendershould be used for all loans throughout thestudent's education. [f multiple lenders are used,the student likely will have multiple repaymentsupon graduation.• Tuition Payments and Check DisbursementAfter astuden(s file has been completed andreviewed by Financial Aid, an award nofice will besent to the student listing all financial aid awardedas of the date of the notice. The student will reviewthe notice completely, accept the financial aiddesired, sign the notice, and return it to FinancialAid. Astudent who has aexepted a grant or scholarshipand returned the award notice to Financial Aidprior to the tuition payment date in August wiIIhave the award applied to their tuition bill. Loanslisted on the award notice wiD not automatically beapplied to the tuition bill. Because loan checks mustbe endorsed by the student, Financial Aid cannotnegotiate the funds for the student. Loan checkscannot be disbursed any earlier than 10 calendardays prior to the first day of classes. This disbursementdate would be the fiJ>t day of regular classesfor all law students (not the orientation week)Note: All first-year law students accepted forfall enrollment will have theirfirst tuitionpayment (approximately $1,600) due in Junebefore the fall term. The Financial Aid Office isunable to assist witfl this payment.Before receiving the initial loan check on anyprogram, astudent must attend a federally requiredloan counseling session. The studen(s rights andresponsibilities and loan conditions are discussed.Asession for the flrst-year law students is usuallyheld during the week of orientation in August.All loans are disbursed in aminimum of twodisbursements (fall and spring). This federalrequirement is designed to assist students in budgetingtheir funds more efficiently.All aid must be applied to astudent's outstandingtuition and fee balance before any refund can bedisbursed to the student.The foUowing is areview of what is requiredbefore a loan check can be released to a student:1. The student must have attended loan counseling.2. An award notice must be completed and returnedto the Financial Aid Office.3. The student must be enrolled at least half-time(6 hours).4. Financial Aid must have received the student'sloan check.• SummerAidAny student w~hing to apply for summerfinancial aid must complete aSummer Supplementapplication. These applications are available in thespring. Aseparate budget is calculated based onwhich terms the student is attending. Astudent whow~hes to apply for loan funds must complete aseparate loan application. The amounts will varyb~. ~n the balance of the academic year loaneligJbility that was not borrowed during the previous9 month award period.• Scholarships far Entering Students.The School of Law has more than eighty scholarshipsavatlable for each entering class. Somescholarships are designed to promote academicexcellence; others have been established to encouragestudent body diversity and to assist those infinancial need. In awarding scholarships, the Schoolof Law evaluates the student using the same factorsas those considered in evaluating the application.These scholarships range in value from $11XXl to afull scholarship covering tuition and fees andproviding a book allowance.Scholarship application forms are included withthis catalog. In the case of entering students,completed forms should be returned with theadmission application by February 3.• Scholarships far Adoonced StudentsAdditional scholarships are available forstudents in their second or third year and thesescholarships are awarded on the basis of academicperformance and financial need. Applications fromadvanced students should be returned to the LawSchool by May 15.• Endowed FellowshipsJohn F. "Buddy" Maner Chancellor's BarristerFellowship (given by Wayne Reaud '74,Beaumont)• Endowed ScholarshipsAlvin R. Allison ScholarshipDurwood H. Bradley Scholarship (given by Mrs.Durwood H. Bradley, Lubbock)Kenneth H. Bums ScholarshipRobert Guy Carter Scholarship (given by Carter,Jones, Magee, Rudberg & Mayes, Dallas)R. Guy Carter Scholarship (given by R. Guy andPhyllis Carter)Christian Lega1 Society Leader's Scholarship (givenby Kevin '% and Ginger '95 Nelson, Amarillo)William e. Clark Scholarship (given by Mrs. j. e.Clark and David G. Clark, Lubbock)Coleman-Hall Presidential Scholarship (given byTom G. Hall '82 of Ft. Worth)Brad Crawford Memorial Scholarship (given byfriends and family)Crenshaw Memorial Scholarship (given by theCrenshaw family)Faculty Opportunity ScholarshipFiJ>t Graduating Class Scholarship