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While law school can lead to a high-paying career, be prepared to pay a significant amount of money to earn your degree — the average law school debt is $134,600. Thankfully, there are several ways to pay for law school, including student loans and other types of financial aid.
Keep in mind that the best law school loans provide competitive interest rates, a wide selection of loan terms, inclusive eligibility requirements, and responsive customer service.
Here’s what you should know about law school loans and where to find them:
- 8 private student loans to consider for law school
- Other private student loans to consider
- Types of law school loans
- How to apply for a law school loan
- How to qualify for a private law school loan
- Law school student loans: Frequently asked questions
8 private student loans to consider for law school
If you decide to take out a private student loan for law school, be sure to consider as many lenders as possible. This way, you can find the right loan for your needs.
Here are Credible’s partner lenders that offer private student loans for law school:
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan amounts | Repayment terms | Specific law school loan available? |
|---|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.16%+ | 1.49%+ | $2,001 to $200,000 | 7 to 15 years (depending on rate type) | Yes |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.23%+1 | N/A | $1,000 to $225,000 | 5 to 15 years | Yes |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 2.94%+2,3 | 0.94%+2,3 | $1,000 up to 100% of school-certified cost of attendance | 5 to 20 years | Yes |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.2%+ | 1.03%+ | $1,000 to $99,999 annually ($180,000 aggregate limit) | 7, 10, 15 years | No |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.02%+7 | 2.2%+7 | $1,000 to $200,000 | 7 to 15 years | No |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.83%+8 | 1.69%+8 | $1,001 up to 100% of school certified cost of attendance | 5 to 15 years | No |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.75%+ | N/A | $1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received) | 15 years | No |
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.5% - 12.6% APR9 | 1.13% - 11.23% APR9 | Up to 100% of school-certified cost of attendance | 15 years | Yes |
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your credit score. 100% free! |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures |
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| *For the 2019-20 academic year | |||||
Ascent
With Ascent, you can borrow $2,001 to $200,000 with repayment terms from seven to 15 years. Ascent also offers specialized loans specifically designed for law students.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- 0.25% to 2.00% autopay discount
- Provides options to borrowers with poor or fair credit
- 1% cashback graduation reward
Cons
- 15-year repayment term not available for fixed-rate loans
- Can’t defer payments during clerkship or fellowship
- $200,000 aggregate limit, which might not be enough for more expensive programs
Citizens
Citizens offers student loans from $1,000 up to 100% of your school’s cost of attendance ($225,000 aggregate limit for law school loans).
If you already have an account with Citizens, you could get a 0.25% rate discount — plus another 0.25% off your rate if you sign up for automatic payments.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- 0.25% loyalty discount
- 0.25% autopay discount
- No application, origination, or disbursement fees
Cons
- Might be hard to qualify if you don’t have good credit
- Doesn’t disclose minimum income requirements
- Long cosigner release period (36 months)
College Ave
College Ave student loans range from $1,000 up to 100% of your school-certified cost of attendance (minus any other financial aid you’ve received) with terms from five to 20 years.
You can also choose from multiple repayment options, making it easier to fit your payments into your budget.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- Multiple repayment options
Cons
- Doesn’t disclose minimum income or credit requirements
- Must wait until half of your repayment term has elapsed before you can apply for cosigner release
- Income for the last two years must be more than twice your outstanding loan balance to be eligible for cosigner release
Custom Choice
The Custom Choice Loan is available to both undergraduate and graduate students, with funds ranging from $1,000 to $99,999 annually ($180,000 aggregate limit). If you graduate with at least a bachelor’s degree, you could get a 2% principal reduction on your loan.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- 0.25% autopay discount
- 2% principal reduction if you graduate with at least a bachelor’s degree
- Can use loan funds to cover past-due balances
Cons
- Doesn’t disclose minimum income requirements
- Limited repayment terms (only three or five years)
- Not available in Arizona, Iowa, or Wisconsin
EDvestinU
EDvestinU student loans are available from $1,000 up to 100% of your school’s cost of attendance ($200,000 aggregate limit).
If you sign up for automatic payments, you could get a 0.50% rate discount — more than the typical 0.25% offered by many other lenders.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- Might be able to borrow up to your school’s cost of attendance
- No application, origination, or disbursement fees
- 0.50% autopay discount
Cons
- Might be hard to qualify if you don’t have good credit
- Long cosigner release period (36 months)
- Must have a minimum income of $30,000
INvestEd
If you live or attend school in Indiana, INvestEd might be a good option for private student loans. You can borrow $1,000 up to your school’s cost of attendance (minus any other financial aid you’ve received) with repayment terms from five to 15 years.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- Offers college planning and financial aid resources to help students and families
Cons
- Only available to students living or attending school in Indiana
- Charges late fees
- Long cosigner release period (48 months)
MEFA
The Massachusetts Educational Financing Authority (MEFA) offers student loans from $1,500 or $2,000 (for public or private schools, respectively) up to your certified cost of attendance (minus any other financial aid you’ve received).
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- Might be able to borrow up to your school’s cost of attendance
- Offers multiple repayment options
- No application, origination, or disbursement fees
Cons
- Only one repayment term offered for graduate student loans (15 years)
- Doesn’t provide variable interest rates
- Long cosigner release period (48 months)
Sallie Mae
With Sallie Mae, you can borrow $1,000 up to 100% of your school-certified cost of attendance (minus any other financial aid you’ve received) with a 15-year repayment term.
Additionally, you can defer your Sallie Mae loan for up to 48 months during your clerkship or fellowship.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Lowest fixed rate available from this lender
Lowest variable rate available from this lender
Total amount you can borrow from this lender
How many years you have to repay the loan
Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.
Pros
- 0.25% autopay discount
- 0.50% interest rate reduction on graduate and professional school loans if you make interest-only payments while in school
- Cosigner release offered after just 12 months of consecutive, on-time payments
Cons
- Doesn’t disclose minimum income or credit requirements
- Only one repayment term offered for graduate and professional student loans (15 years)
- Rates can be higher compared to other private lenders
Learn More: Private Student Loans and COVID-19: What You Need to Know
Methodology
To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:
- Interest rates
- Repayment terms
- Repayment options
- Fees
- Discounts
- Customer service availability
- Eligibility criteria
- Cosigner release options
- Whether the minimum credit score is available publicly
- Whether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the loan process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your loan options.
Other private student loans to consider
There are also several other lenders that provide law school student loans. Additionally, some offer bar exam loans that can help you cover expenses while you study for the bar.
Keep in mind that these lenders aren’t offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.
| Loan amount | Repayment terms | Offers bar study loans | |
|---|---|---|---|
| Discover | $1,000 up to 100% of school-certified cost of attendance (minus any other financial aid you’ve received) | 20 years | Yes |
| PNC Bank | $1,000 to $65,000 | 5 to 15 years | Yes |
| SoFi | $5,000 up to 100% of school-certified cost of attendance (minimum may be higher in certain states) | 5 to 15 years | No |
Types of law school loans
There are a few types of student loans available to law school students, including both federal and private student loans.
This is mainly because federal loans come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
Here are the types of student loans that can be used to pay for law school:
- Federal Direct Unsubsidized Loans are available to both graduate and professional students regardless of financial need. Keep in mind that unlike with Direct Subsidized Loans, you’re responsible for all of the interest that accrues on Direct Unsubsidized Loans.
- Federal Grad PLUS Loans are a subset of Direct PLUS Loans specifically offered to students who want to pay for grad school or a professional program. These loans typically come with higher interest rates than other federal loans. Grad PLUS Loans also require a credit check.
- Private student loans are offered by private lenders. You’ll generally need good to excellent credit to qualify for a private student loan. If you have excellent credit, you might qualify for a lower interest rate on a private loan compared to a PLUS Loan.
| Direct Unsubsidized Loans | Grad PLUS Loans | Private student loans | |
|---|---|---|---|
| Interest rates | Fixed rates: 5.28%* | Fixed rates: 6.28%* | Varies |
| Loan amounts | Up to $20,500 per year ($138,500 aggregate limit) | Up to school’s cost of attendance (minus any other financial aid received) | Up to school’s cost of attendance (depending on the lender) |
| Repayment terms | 10-year standard repayment plan (other repayment plans available) | 10-year standard repayment plan (other repayment plans available) | 5 to 20 years (with Credible partner lenders) |
| Application process | Must fill out FAFSA | Must fill out:
| Must apply directly with private lender |
| Credit check required? | No | Yes | Yes |
| Student loan forgiveness available? | Yes | Yes | No |
| *For the 2021-22 academic year | |||
No matter which type of student loan you choose, it’s important to consider what that loan will cost you in the future. This way, you can prepare for any added expenses. You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.
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Check Out: Best Graduate Student Loans
How to apply for a law school loan
If you’re ready to apply for a law school loan, follow these four steps:
- Fill out the FAFSA. If you need to pay for law school, your first step should be completing the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and other federal financial aid you qualify for.
- Apply for scholarships and grants. Unlike student loans, college scholarships and grants don’t have to be repaid — which makes them a good option to cover education expenses. There’s no limit to how many scholarships and grants you can get, so be sure to apply for as many as you might be eligible for. You might also qualify for school-based scholarships depending on your FAFSA information.
- Accept federal student loans. Once you complete the FAFSA, your school will send you a financial aid award letter detailing the federal student loans and other aid you’re eligible for. You can then choose which aid to accept.
- Use private student loans to fill the gaps. After you’ve exhausted your scholarship, grant, and federal student loan options, private student loans can help fill any financial gaps left over. Be sure to consider as many lenders as you can to find the right loan for you.
Learn More: When You Should Apply for a Student Loan
How to qualify for a private law school loan
Eligibility criteria for private law school loans vary between lenders, but there are a few common requirements you’ll likely come across. For example, you’ll generally need:
- Good credit: You’ll typically need good to excellent credit to qualify for a private student loan. A good credit score is usually considered to be 700 or higher.
- Verifiable income: Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely need to show proof of income.
- Low debt-to-income ratio: Your debt-to-income (DTI) ratio is how much you owe in debt payments each month compared to your income. You’ll generally need a DTI ratio lower than 50% to be eligible for a private student loan — though keep in mind that some lenders require lower ratios.
If you’re struggling to get approved for a private student loan, consider applying with a cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
Check Out: What to Do If You’re Denied a Student Loan With a Cosigner
Law school student loans: Frequently asked questions
Here are the answers to a few commonly asked questions regarding law school student loans.
How can I get a student loan without a cosigner?
There are a couple of options to consider if you want to get a student loan without a cosigner:
- Apply for a federal student loan. Direct Unsubsidized Loans don’t require good credit or a cosigner to qualify. You might also be able to get a Grad PLUS Loan without a cosigner if you don’t have an adverse credit history.
- Improve your credit. If you have good credit, you might qualify for a private student loan without a cosigner. But if you have less-than-stellar credit, you could spend some time building your credit before applying for a loan to improve your approval chances. Some ways to potentially build your credit include making on-time payments on all of your bills, paying down credit card balances, or becoming an authorized user on the credit card account of someone with good credit.
Is there a max on student loans?
Maximum student loan limits depend on the type of student loan you get.
- Direct Unsubsidized Loans: These are limited to $20,500 per year ($138,500 aggregate limit) for law students.
- Grad PLUS Loans: You might be able to borrow up to your school’s cost of attendance (minus any other financial aid you’ve received).
- Private student loans: Maximum loan amounts for private student loans depend on the lender — some have specific limits while others let you borrow up to your school’s cost of attendance.
How much financial aid do you get for law school?
During the 2019-20 academic year, graduate and professional students received an average of $27,310 in financial aid, according to the CollegeBoard. However, keep in mind that the actual amount you might get will depend on:
- Your school’s cost of attendance
- Your Expected Family Contribution (EFC)
- How much aid you’ve already received
Your school will use these numbers to determine how much federal and school-based financial aid you’re eligible for. Student loans also generally subtract how much financial aid you’ve already received to determine your final loan amount.
Keep Reading: How to Pay for College Textbooks
