Many of our students borrow private, credit-based loans in addition to federal loans. Eligibility to borrow through private lenders is based on the student's (and co-signer's) credit. Individual lenders set credit criteria and rates according to their own policies. It is important to maintain your credit rating prior to and during your law school tenure. Students who require private loans but have poor credit may be unable to finance a legal education.
Poor credit usually means having made late payments (more than 30 days) on credit cards, medical bills, telephone bills, rent or other types of debt. Defaults, collection actions, write-offs or bankruptcy are also indicators of poor credit. Students who require private loans but have marginal credit history may be unable to finance their education. Neither the University nor the School of Law has the resources to make loans to students deemed to be credit risks by private lenders.
We encourage you to contact at least one of the national credit agencies to receive a copy of your credit report in advance of applying for private loans. The federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. The Federal Trade Commission is the federal agency charged with enforcement of the FCRA with respect to consumer reporting companies. You can find information about obtaining free credit reports at www.annualcreditreport.com or by visiting www.ftc.gov.
Regrettably, the School of Law does not have the resources to lend money to students who are unable to borrow as a result of negative credit history.
For more links to more information about credit, please visit our External Resources page.