College of Law

Loan Options

For many law students, it is necessary to take out student loans to help finance a legal education. While loans help fill the financial gap, students should only borrow what they need.

The following loans are available to law students.

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of Education programs.

NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. However, it does not provide data regarding private (alternative) loans. 

Loan Deferment

In order to qualify for In-School Deferment of existing student loans, students must maintain half-time enrollment (6 credits per term). The University of Toledo Registrar reports enrollment for all students electronically following the add/drop period each term.

In most cases, students do not need to request In-School Deferment since enrollment is automatically reported. However, if an In-School Deferment form is necessary, that form can be delivered to the Law Registrar.

Consequences of Default

If you fail to make payments on your student loan according to the terms of your promissory note, you will default on your loan(s). Your school, the bank or lending institution that made or owns your loan, your loan guarantor, and the federal government will pursue you for the money you owe.

Consequences of default include:

  • Credit bureaus will be notified of your default, which will make it hard to obtain future financing for purchases like a car or a house.
  • You will be ineligible for additional federal student aid if you decide to return to school.
  • Loan payments can be deducted from your paycheck.
  • Your state and federal income tax refunds can be withheld.
  • Late fees and collection costs will be added to what you already owe.
  • You can be sued.

A defaulted student loan can be rehabilitated, or discharged due to disability, but cannot be discharged in bankruptcy. For more information and to learn what actions to take if you default on your loan(s), see the Department of Education’s Default Resolution Group Web site.

Exit Interviews

Exit Counseling Presentation

If at any time, a student decides to leave the College of Law, or drops below half-time enrollment it is absolutely necessary for the student to make an appointment with a counselor in the Law Financial Aid Office for an exit interview before the student leaves the campus, or drops classes. This applies to students who are taking a leave of absence, withdrawing, transferring to another institution, or who are dismissed from the College of Law.

Exit interviews are conducted to inform students of their rights and responsibilities regarding student loans, to review their payment terms and options, and to assist with debt management counseling.

Completing an exit interview is a requirement for any student borrowing federal loans. Failure to meet for an exit interview may increase the risk of defaulting on student loans as well as incurring a potential liability to the College of Law for not maintaining compliance with a federal requirement.

Group Exit Counseling Sessions are conducted each term for graduating students. In person one-on-one exit counseling sessions are also available upon request.

Additional Resources and Planning Tools

The following web sites provide additional Financial Aid information and resources. The University of Toledo College of Law is not responsible for the content at these sites.

Last Updated: 11/6/19