Financing Your Education
Financing Your Education and Satisfactory Progress Policy for Federal Financial Aid Awards
- Tuition for 2016-2017: $37,000.00
- Projected Living Expenses for 2016-2017: $28,000.00
Effective May 10, 2015, the tuition rate for part-time, overloads, summer courses, or intersession courses is $1200 per credit hour. Except for Post-9/11 GI Bill benefits, scholarships do not apply to the tuition or course fees in any of these instances.
Students have six primary ways to cover their law school costs.
To qualify for any scholarship, students must meet all the general requirements for admission and have no impediment due to character or fitness issues. All scholarships are contingent on then current funding levels.
MERIT BASED SCHOLARSHIPS
Faulkner Law offers merit-based scholarships to entering students on the basis of their LSAT score, undergraduate GPA, and demonstrated leadership and service. All applicants who are admitted as full-time students are automatically considered for these scholarships. Subject to the Dean’s reserved authority to make all final award decisions, our merit-based scholarships fall into the following three categories:
MISSION ORIENTED SCHOLARSHIPS
Faulkner Law also offers mission oriented scholarships to students graduate from a participating Christian College or University. Subject to the Dean’s reserved authority to make all final award decisions, our mission-based scholarships fall into the following two categories:
Second-year (2L) and third-year (3L) students may be eligible to receive endowed, need-based, merit or leadership scholarships, made possible through the generosity of the law school’s alumni and friends.
- Walter J. Knabe Scholars – This endowed scholarship is awarded on the basis of merit and offered through the financial assistance of the Knabe Educational Trust. The Knabe scholarship committee selects the recipients. Awards are not automatically renewable.
- James H. Faulkner Scholars – After the first year, second-year students in the top five percent of their class (determined by cumulative law school GPA) will be awarded an additional scholarship, as needed, to ensure their total scholarship award is equal to 100% forgiveness. To continue to receive this additional scholarship amount, the recipient must remain in the top five percent of their class at the end of their second year.
- Dean’s Scholars – These scholarships are awarded to students based on academic performance, need, and/or specific leadership positions held at the law school. The Dean selects the recipients and the awards are not automatically renewed.
PAYMENT PLANS THROUGH THE BUSINESS OFFICE
Your payment plan will be set up when you complete online registration for classes. If you have questions about this plan, please contact the Business Office at (334) 386-7172.
MILITARY BENEFITS (G.I. Bill or Yellow Ribbon Program)
If you qualify for military benefits, part of your tuition costs may be covered by the G.I. Bill or the Yellow Ribbon program. Please visit Faulkner’s site for Military Students and Dependents.
Loan Application Procedure: Admitted students can follow the steps below to apply for financial aid. Please note that a student can apply for a maximum of $20,500.00 in Federal Unsubsidized Stafford loans as well as an additional $41,500.00 in a GradPlus loan.
i. If you do not have a PIN number or have lost your PIN number from last year, apply for a PIN number at www.pin.ed.gov. The PIN number is needed to electronically sign your Free Application for Federal Student Aid (FAFSA).
ii. After you receive your PIN number, complete your new (or renewal) FAFSA at www.fafsa.ed.gov by following the on-screen instructions. If you need assistance, please click the link to chat online with a customer service representative or call 1-800-433-3243 1-800-433-3243. Be sure to include Faulkner University’s school code (001003) as one of your college choices in Step 6 of the FAFSA. Note: You are encouraged to use the IRS DATA RETRIEVAL TOOL on the FAFSA website. Students who do not use this tool may be required to provide an IRS tax transcript directly from the IRS to complete the verification process.
iii. After you complete the FAFSA, please print the following forms to complete and mail or fax (334-386-7201) to Faulkner’s Financial Aid Office.
Financial Aid Office Student Loan Worksheet for Law Students (new students must also complete the Master Promissory Note for Unsubsidized Loans and Entrance Counseling for Graduate Students in step iv below)
Permission to Release Records Form (optional)
iv. Go to studentloans.gov to complete a Master Promissory Note for the Unsubsidized Stafford Loans and Entrance Counseling for Graduate Students. If you would like to apply for the GradPlus loan, please complete the GradPlus Application and GradPlus Master Promissory Note on the same website. Questions can be e-mailed to Cassie Green at firstname.lastname@example.org or call 334-386-7803.
Once a GradPlus loan has been disbursed, it will be the responsibility of the student to put that loan in deferment by contacting the loan servicer.
We want to make you aware of a change to the William D. Ford Direct Loan Program by the recently enacted Budget Control Act of 2011:
Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans. The terms and conditions of Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by the change. Also, with the Unsubsidized Loan Program the federal government will not be paying the interest during in-school status, the 6-month grace period, and during authorized deferment periods.
Satisfactory Progress Policy For Financial Aid
After completion of one semester, a student must have attained a grade point average of 2.00 and must have successfully completed 80% of the academic hours attempted. If a student is below either the grade point average or completion percentage, then he/she will be placed on financial aid warning status. The student will remain on warning until the end of the second semester at which time a review of his/her cumulative GPA and pace will take place. If he/she has not attained a grade point average of 2.00 and successfully completed 80% of the academic hours attempted, then he/she will be suspended from receiving any Federal financial aid assistance.
- Attempted hours will include all hours appearing on the official academic transcript as attempted, including WP’s, WF’s, and I’s.
- Any student placed on Warning will have one term of continued Federal Financial in which to achieve the academic criteria appropriate for the hours attempted at the end of the term of warning. Failure to do so subjects such a student to Financial Aid Suspension.
- Students may appeal their suspension status by completing the Financial Aid Suspension Appeal form and sending it, along with appropriate documentation, to the Director of Financial Aid.
- Any extension of Financial Aid beyond the Suspension term must be approved by the Financial Aid Director, in consultation with Jones School of Law.
- If a suspension appeal is granted, the student may be placed on Financial Aid Probation for one term. During that term the student will receive all the financial aid for which they are eligible. At the option of the University, the student whose suspension appeal is granted may be placed on an academic plan of one or more semesters. Such a plan would include specific targets for GPA and Pace that must be met at the conclusion of each semester in order to Receive aid.
- No student will be allowed to receive Federal Financial Aid for more than 150% of the hours required by their degree program.