Federal Direct Loans
Law students are eligible to borrow only in the Federal Direct Unsubsidized Loan program and not in the Direct Subsidized Loan program. Law students can borrow up to $20,500 annually. Although the Direct Unsubsidized Loan is available regardless of need, filing the Free Applicaiton for Federal Student Aid, FAFSA, is required.
Interest rate and loan fees
The Federal Direct Unsubsidized Loan does not qualify for a federal interest subsidy. Borrowers are responsible for payment of all loan interest.
Interest begins accruing at time of disbursement. Students may either pay the interest while in school or they can defer payments until after graduation.
- Loans first disbursed 7/1/2015 - 6/30/2016 will have a fixed interest rate of 5.84%
- Loans first disbursed 7/1/2016 - 6/30/2017 will have a fixed interest rate of 5.31%.
- The loan fee for loans first disbursed on or after 10/1/2015 and before 10/1/2016 is 1.068%.
- The loan fee for loans first disbursed on or after 10/1/2016 and before 10/1/2017 is 1.069%.
Borrowing can be costly. We recommend students borrow only the amount needed, which may be less than the annual loan limit. To limit loan debt, we strongly encourage students to make a budget and follow it. The following websites provide budget planning and money management help: MoneyMangement.org, Money 101, and ReadyforZero. Please note that the provision of information about non-WSU websites does not constitute an endorsement of the sites by Wayne State University.
To Borrow a Federal Direct Unsubsidized Loan
- Check Academica to accept all or a portion of your loan awards.
- First-time Federal Direct Loan borrowers must complete Direct Loan Entrance Counseling.
- This may be completed online at studentloans.gov.
- Click here to read important information on federal student loans.
- First-time Federal Direct Loan borrowers must complete a Federal Direct Loan Master Promissory Note at studentloans.gov.
- Use your FSA ID to e-sign a loan promissory note.
- Select "Wayne State University" and not WSU Law School.
Enrollment Requirement: You must be enrolled at least halftime to be eligible for the Federal Direct Loan.
During the summer semester, a JD student must be enrolled for 3 credit hours and an LLM student for 1 credit hour to be considered halftime.
- The annual unsubsidized loan maximum is $20,500. Students cannot borrow more than their financial need or the estimated cost of attendance. The annual limit applies to the school year, which includes fall, winter and summer semesters.
- The maximum total Federal Direct Loan limit at the graduate or professional level, including loans (subsidized and unsubsidized) received for undergraduate study, is $138,500, no more than $65,500 of which may be in subsidized loans.
"Unsubsidized" means the federal government does not pay the loan interest. The borrower is responsible for paying all interest on the loan. Interest is charged beginning the day the loan is paid to you until the day the loan is repaid in full. Borrowers may choose either to pay the accumulating interest while enrolled in school, during the grace period for the principal, and during a deferment of the principal or to have the unpaid, accumulating interest capitalized, i.e., added to the principal balance of the loan. Note: If loan interest is capitalized, the amount the borrower has to repay will increase.
Visit our Loan Repayment Web page for additional information on loan repayment options.