New loan program eliminates private banks and co-signers for University of Kansas law students

LAWRENCE — Recent federal legislation has made financing a legal education more difficult for many students nationwide. At the University of Kansas School of Law, however, a new loan program ensures students can continue their studies without turning to private bank loans and without any co-signer requirements.

The Jayhawk Endowment Law Program for Students (J-HELPS) offers eligible KU Law students a fixed 5% interest rate with flexible repayment terms. With J-HELPS, KU Law students will not need to borrow from private banks. The program is offered in response to new federal student loan rules that limit annual borrowing to $50,000 per year, a limit that many law students around the nation exceed in order to finance their tuition and living expenses.

Because of KU Law’s comparatively low tuition — $26,875 for in-state students and $33,975 for out-of-state students — most students do not approach the federal borrowing limit. Last academic year, 97% of KU Law students borrowed less than $50,000 for tuition and living expenses. In addition, more than 80% of KU Law students receive scholarships, further reducing the need to borrow.

J-HELPS loans are provided by KU Endowment, a non-profit association founded in 1891 whose sole mission is to support the University of Kansas and its students. Under the program, full-time KU Law students with a minimum 2.0 GPA may access loans with a fixed 5% annual interest rate, obtain a loan without a co-signer and avoid private bank loans with higher interest rates. J-HELPS is available to U.S. citizens and permanent residents. Loans include a 2% origination fee.  Borrowers must first maximize their eligibility under the federal loan program, and total loans may not exceed the cost of attendance.

“While most of our students won’t need to utilize the program, for those who do, these loans allow them to continue their legal education without the hassle and expense of private bank financing,” said Steven Freedman, associate dean of admissions. “The program reflects a long-term commitment to access and affordability at KU Law.”

More information about the J-HELPS loan program and financial aid at the University of Kansas School of Law is available at law.ku.edu/loan-program.