Funding Options

Funding Your Law Degree

Just as each law student is unique with a unique budget, there are many ways that students can fund their law degree. Most Detroit Mercy Law students finance their education through a combination of graduate student loans (including both federal and private loan programs), scholarships (both Detroit Mercy Law Scholarships and external scholarships), and income from employment or savings.

Loans

  •  

    Federal Loans

    Federal Direct Unsubsidized Stafford Loan

    Federal Direct Unsubsidized Stafford Loans are long-term, low-interest education loans. This is the most common federal loan. 

    Interest Rate:  This loan is an unsubsidized loan meaning that the loan will begin accruing interest as soon as it disburses to your Detroit Mercy account.

    • The interest rate for loans disbursing between July 1, 2018 – June 30, 2019, is 6.6% fixed for the life of the loan.
    • The interest rate for loans disbursing between July 1, 2019 – June 30, 2020, is 6.08% fixed for the life of the loan.

    Maximum Annual Amount: The maximum annual amount for the Direct Unsubsidized Loan is $20,500 during the academic year. Students enrolling in summer course work may qualify for additional Direct Unsubsidized funds.

    Origination Fee: Federal student loans have a loan fee that is a percentage of the total loan amount. The loan fee is deducted proportionally from each loan disbursement you receive. Therefore, the net result disbursed is less than the loan amount approved.

    • For a loan with a first disbursement on or after October 1, 2018, and before October 1, 2019, an origination fee of 1.062% is deducted automatically from amounts borrowed on these loans.

    Repayment start date: Repayment beings 6 months after you graduate or you cease to be enrolled at least half-time.

    Graduate PLUS Loan

    Federal Direct Graduate PLUS Loans are long-term, low-interest education loans. The PLUS loan is a credit-based loan, but students with adverse credit may still be eligible if they appeal their credit and/or have an endorser. 

    Interest Rate:  This loan is an unsubsidized loan meaning that the loan will begin accruing interest as soon as it disburses to your Detroit Mercy account.

    • The interest rate for loans disbursing between July 1, 2018 – June 30, 2019, is 7.6% fixed for the life of the loan.
    • The interest rate for loans disbursing between July 1, 2019 – June 30, 2020, is 7.08% fixed for the life of the loan.

    Maximum Annual Amount: The PLUS does not have any annual borrowing maximums, so this loan may be used to bridge the gap between all other forms of funding and aid, and your total cost of attendance.

    Origination Fee: A loan origination fee is an upfront fee charged by a lender for processing the loan. The loan origination fee is deducted automatically from amounts borrowed from these loans prior to the fund disbursing to your Detroit Mercy student account. Therefore, the net result disbursed is less than the loan amount approved.

    • For PLUS loans disbursed between October 1, 2018 – September 30, 2019 the loan origination fee is 4.248%.

    Repayment start date: PLUS graduate loans enter repayment once the loan is fully disbursed. However, as a graduate student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time.

  •  

    Private Loans

    Students can also apply for private, credit-based loans to cover all or a portion of their cost-of-attendance. Comparing the various loans can seem overwhelming, therefore the University has an excellent tool called ELMSelect that helps students compare a few private lenders who have been reviewed by a University-wide committee. This comparison tool assists students in the information gathering process. 

    This list is not exhaustive. You are not required to borrow from one of the lenders listed here. We acknowledge that you may be offered more favorable terms from lenders you find elsewhere. You may choose to borrow from any lender without penalty.

Detroit Mercy Scholarships

  •  

    1L Detroit Mercy Law Scholarships

    Detroit Mercy Law awards scholarships to first-year JD students based on demonstrated success, including their undergraduate grade point averages, LSAT scores, and other accomplishments. The Scholarship Committee reviews all admitted applicants for scholarship eligibility, and recipients are notified of their award when they are admitted to the Law School. First-year awards recognize not only prior achievements but the potential for success at Detroit Mercy Law. Applicants who apply by February 1 are given priority for these scholarships. Awards after this deadline are limited by the availability of funds.

    Decisions for Dean’s Scholarships for Excellence are based on the following considerations:

    • Excellence in undergraduate studies
    • LSAT scores indicating a strong potential for success
    • Demonstrated ability to contribute to our law school community
  •  

    Upper Level Scholarships

    Detroit Mercy Law awards a variety of scholarships to students each year, including Dean's Scholarships for academic excellence, leadership scholarships, and endowed scholarships.

Student Employment Programs

  •  

    Federal Work-Study Program

    Students who demonstrate financial need may be employed at Detroit Mercy Law through the Federal Work Study program for a maximum of 20 hours per week during the regular academic year. Students desiring a work-study award are encouraged to submit their FAFSA before March 1 each year as funds are limited. Law students who qualify for work-study funds may find positions at the School of Law or in law-related jobs with nonprofit agencies.

External Scholarships

  •  

    1L External Scholarships

    There are a number of external scholarships specifically for first-year law students. We will update this page as more scholarships are brought to our attention. Please note that these sites are not affiliated with Detroit Mercy Law and therefore Detroit Mercy Law cannot verify the accuracy of their content.

    • Dwyer Williams Cherkoss Attorneys, PC is pleased to announce a scholarship available to students anticipating law school in the Fall of 2019. The $1,000 scholarship is intended to help defray first-year expenses. Deadline July 1, 2019
    • Michal P. Fleming & Associates is proud to offer the Fleming Law Scholarship of $1,000 scholarship for first-year law students in the United States. Applicants must submit an essay (minimum 500 words) on an area of personal injury or civil litigation law. Deadline July 1, 2019
  •  

    External Scholarships

    The following databases may be helpful to you in locating resources outside of Detroit Mercy that match your interests and background. Please note that these sites are not affiliated with Detroit Mercy Law and therefore Detroit Mercy Law cannot verify the accuracy of their content.

Payment Plans

  •  

    Monthly Payment Option (Tuition Management Systems)

    Detroit Mercy offers this payment option to help you afford your education expenses. You may enroll in the Interest-Free Monthly Payment Option, which allows you to maximize your savings and income by spreading your education expenses over interest-free monthly payments.

    The Interest-Free Monthly Payment Option allows you to choose 10 or nine monthly payments if enrolling for the academic year, or five or four monthly payments if enrolling in a semester plan. These convenient options eliminate larger annual or semester payments. Your only cost is a $70 enrollment fee for the full year or a $50 fee for each semester. You will have toll-free access to knowledgeable and friendly education payment counselors six days a week and automated account access every hour of every day. 

    Please note that credit/debit payments to TMS will be charged a 2.99 percent convenience fee.

    Detroit Mercy offers these services in partnership with Tuition Management Systems.

    The payment plan can be accessed through their website UDMercy.afford.com. Visit the Tuition Management Systems web site for more information on payment options, free education payment counseling and the many ways they can help you afford education.  

    Tuition Management Systems’ Education Payment Counselors are available Monday through Friday between 8 a.m. and 10 p.m. (EST) at 800-722-4867. From outside of the U.S. dial, 401-921-3999. Or you can email tmsservice@afford.com.