Tuition and Financial Aid
An LL.M. degree is a substantial investment in time, effort and money, and while it should pay off well over time, financing the degree can be a challenge. Tuition in the Graduate Real Estate Program for 2010-11 is $1,500 per credit. In planning for your degree, it may be helpful to keep the following facts and resources in mind:
1. Student Loans. LL.M. students may be eligible for Federal Stafford Loans, Federal Graduate PLUS Loans, and/or private loans. Under the Stafford program, students may borrow up to a maximum of $20,500 per academic year; up to $8,500 of that amount per year may be subsidized based on financial need. Total Stafford loans may not exceed $138,500. Also, if you are currently in repayment of past Stafford loans, repayment will stop as long as you are enrolled at least half-time in the LL.M. program. Graduate PLUS loans may cover the difference between the cost of attendance and the Stafford loan proceeds. For more information, visit http://www.nyls.edu/prospective_students/tuition_and_financial_aid/financial_aid_resources.
2. Scholarships, Grants and Fellowships. Scholarships and grants for LL.M. studies are not common, but they do exist, and NYLS does make funds available for need-based financial aid for LL.M. students. Morever, numerous private organizations provide scholarships, fellowships, grants and awards for which LL.M. students may apply. Each organization has its own application process and criteria, and starting early can be important in securing support. We are happy to provide guidance on possible need-based aid and other funding sources to students who have been accepted into the program.
3. Tax Deductions. LL.M. tuition is often deductible on federal and state income taxes. While college and J.D. tuition are not tax deductible, tuition in an LL.M. program often is deductible as an educational expense needed to maintain or improve skills needed in your current work, or as a business expense if you are self-employed. For details, see IRS Publication 970: Tax Benefits for Education at www.irs.gov/pub/irs-pdf/p970.pdf .
4. Employer Tuition Benefits. Many employers, such as law firms, financial institutions and government agencies, have tuition reimbursement or scholarship programs for their employees. For example, New York City has a scholarship program for its employees in which NYLS participates, called the Mayor’s Graduate Scholarship Program, which can provide substantial support for city employees enrolled in a NYLS LL.M. program.
5. Visiting at NYLS. Students who are currently enrolled in a J.D. program at another law school may be able to visit at New York Law School for a semester with permission of their home school. Appropriate courses taken during that semester may be applicable to both the J.D. and LL.M. degrees, reducing the time and cost of the LL.M. degree.
