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While a law career might lead to a high salary, the cost of law school can be significant. In 2019, the average law school tuition was $28,186 for in-state residents at public schools and $49,312 for private schools, according to Law School Transparency.
Because of this high cost, you might need to take out law school loans to pay for your education. Keep in mind that the best law school loans are those that come with competitive interest rates, a wide selection of repayment terms, and inclusive eligibility requirements.
Here’s what to know about law school loans:
- 3 student loans to consider for law school
- Which law school loan is best?
- How to take out a law school loan
3 student loans to consider for law school
The table below includes three types of student loans that might help you pay for law school. Note that we included federal loan options as well as private student loans from Credible’s partner lenders.
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan amounts | Repayment terms | Specific law school loan available? |
|---|---|---|---|---|---|
| Federal Direct Unsubsidized Loans | 4.30%* (for graduate and professional students) | N/A | Up to $20,500 per year ($73,000 aggregate limit) | 10-year standard repayment plan (other options might be available) | No |
| Federal Grad PLUS Loans | 5.30%* | N/A | Up to school’s cost of attendance (minus any other financial aid received) | 10-year standard repayment plan (other options might be available) | No |
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.
| 3.58%+ | 2.13%+ | $1,000 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.
| 4.18%+1 | 1.15%+1 | $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.
| 3.34%+2,3 | 1.04%+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.
| 3.00%+7 | 2.18%+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 | 1.61%+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) | 10 or 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.
| 4.25% - 12.59%9 | 1.13% - 11.23%9 | Up to 100% of school-certified cost of attendance | 5 or 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 | |||||
1. Direct Unsubsidized student loans
Graduate and professional students – including law school students — can qualify for federal Direct Unsubsidized Loans regardless of financial need.
Note that unlike other types of federal student loans, you’re responsible for all of the interest that accrues on unsubsidized loans.
You’ll need to fill out the Free Application for Federal Student Aid (FAFSA) to apply for unsubsidized loans.
If you’re considering Direct Unsubsidized Loans, keep these points in mind:
| Who qualifies? | Undergrad, graduate, and professional students |
| Fixed rates (APR) | 4.30%* (for graduate and professional students) |
| Loan limits | $20,500 per year ($73,000 aggregate limit) |
| Disbursement fee | 1.057%* |
| Loan term | 10-year standard repayment plan (other options might be available) |
| Grace period | 6 months |
| *For the 2019-20 academic year | |
Pros
- Interest rates: Direct Unsubsidized Loans come with lower interest rates compared to Grad PLUS Loans. Having a low rate can help you keep your overall loan costs down.
- Grace period: You’ll have a six-month grace period with Direct Unsubsidized Loans. This means you’ll have some time after leaving school to get your finances in order before worrying about making payments.
Cons
- Borrowing limits: You can only borrow up to $20,500 per year and $73,000 total in unsubsidized loans. This might not be enough to cover your law school costs.
- Fees: Direct Unsubsidized Loans charge a 1.057% disbursement fee that’s deducted from your loan amount, leaving you with less money for your education costs.
Just be sure to consider how much your federal and private student loans will cost you in the future so 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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Learn More: How Long Does It Take to Get a Student Loan?
2. Grad PLUS Loans
Grad PLUS Loans are a type of Direct PLUS Loans specifically for graduate and professional students. These loans don’t have a cap on how much you can borrow. Instead, you might be able to borrow up to your school’s cost of attendance (minus any other financial aid you’ve received).
To apply for Grad PLUS Loans, you’ll need to submit the FAFSA and complete a PLUS Loan application.
If you’re thinking about getting a Grad PLUS Loan, here are a few points to consider:
| Who qualifies? | Graduate and professional students |
| Fixed rates (APR) | 5.30%* |
| Loan limits | Up to school’s cost of attendance (minus any other financial aid received) |
| Disbursement fee | 4.236%* |
| Loan term | 10-year standard repayment plan (other options might be available) |
| Grace period | None, but comes with 6-month deferment after graduating, leaving school, or dropping below half-time enrollment |
| *For the 2019-20 academic year | |
Pros
- Borrowing limits: With Grad PLUS Loans, you might be able to borrow up to 100% of your school’s cost of attendance minus any other financial aid you’ve received.
- Automatic deferment: While Grad PLUS Loans don’t come with a grace period, you’ll automatically have your loans deferred for six months after you graduate, leave school, or drop below half-time enrollment.
Cons
- Interest rate: PLUS Loans come with the highest interest rates of any federal student loans. Depending on your credit, you might be able to get a lower interest rate on a private student loan compared to a PLUS Loan.
- Disbursement fee: Grad PLUS Loans charge a much higher disbursement fee compared to other federal student loans.
Check Out: How Do Federal and Private Student Loans Work?
3. Private student loans
If you’ve exhausted your federal student loan options, private student loans could help cover any leftover law school costs. Private student loans for law school are available from a wide variety of lenders.
Depending on your credit, you might even get a lower interest rate on a private loan compared to a Grad PLUS Loan.
There are also some private lenders that offer international student loans.
However, private student loans provide some benefits of their own. For example, you can take out a private student loan at any time during your education. Some lenders also offer bar study loans that could help you cover your expenses while you prepare for the bar exam.
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 | Fees |
|---|---|---|---|---|
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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.
| 3.58%+ | 2.13%+ | $1,000 - $200,000 | None |
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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.
| 4.18%+1 | 1.15%+1 | $1,000 - $350,000 (depending on degree) | Late fee |
|
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.
| 3.34%+2,3 | 1.04%+2,3 | $1,000 up to 100% of the school-certified cost of attendance | Late fee |
|
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.
| 3.00%+7 | 2.18%+7 | $1,000 - $200,000 | Late fee |
|
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 | 1.61%+8 | $1,001 up to 100% of school certified cost of attendance | Late fee |
|
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) | None |
|
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.
| 4.25% - 12.59%9 | 1.13% - 11.23%9 | Up to 100% of the school-certified cost of attendance | Late fee |
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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Ascent
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 | Cons |
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Citizens
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 | Cons |
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College Ave
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 | Cons |
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EDvestInU
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 | Cons |
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INvestEd
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 | Cons |
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MEFA
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 | Cons |
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Sallie Mae
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 | Cons |
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Which law school loan is best?
Ultimately, choosing the best law school loan for you will depend on your individual needs and circumstances. However, there are a few situations that might help you narrow down your choices between federal and private student loans.
Here are a few common scenarios where federal student loans could be a good option:
- You plan to work in public service. If you plan on becoming a public defender, prosecutor, or employee for a legal aid or nonprofit organization, you might be able to have your federal student loans discharged through Public Service Loan Forgiveness (PSLF). You’ll need to work for a qualifying employer for 10 years and make 120 qualifying payments to apply for PSLF.
- You want access to hardship options. If you think you might need deferment, forbearance, or income-driven repayment plans, then federal student loans are generally a good choice. While some private lenders offer perks like forbearance, they don’t come with the same amount of protections as federal loans.
There are also a few situations where private student loans might be the way to go, such as:
- You want the lowest interest rate possible. If you have good to excellent credit, you might qualify for a lower interest rate on a private student loan compared to a federal student loan. This could save you money over the life of your loan and might even help you pay off your loan faster.
- You need a bar exam loan. In most states, you’ll have to wait until after you graduate to take the bar exam, which means you’ll no longer be eligible for standard student loans. However, some private lenders offer bar study loans that can help you cover your living expenses while preparing for the bar exam.
This way, you can figure out your funding for study materials, practice exams, exam fees, and your living expenses ahead of time so you won’t have to distract yourself from exam preparation.
For example, Citizens and Sallie Mae — both Credible partners — offer bar exam loans.
Learn More: When You Should Apply for a Student Loan
How to take out a law school loan
If you’re ready to take out law school loans, follow these four steps:
- Complete the FAFSA. Your first step to pay for law school should be submitting the FAFSA. Your school will use your FAFSA results to determine if you’re eligible for federal student loans or other federal aid. You might also qualify for school-based scholarships or grants through the FAFSA.
- Check your credit report. If you need to take out private student loans to fully cover your education, make sure your credit is as strong as possible. You can check your credit report for free at AnnualCreditReport.com. If you find any errors, be sure to dispute them with the appropriate credit bureaus to potentially boost your score.
- Compare lenders and pick your loan option. Be sure to compare as many private lenders as possible to find the right loan for you. Consider not only rates but also repayment terms and any fees charged by the lender. After doing your research, pick the loan option that best suits your needs.
- Fill out the application. Once you’ve chosen a lender, you’ll need to complete a full application and submit any required documentation, such as pay stubs or cosigner information. If you’re approved, the lender will have you sign for the loan before sending it to your school for certification. Once this process is complete and your school tuition and fees have been paid, any remaining funds will be released to you.
Another option is applying with a cosigner. Even if you can qualify on your own, having a creditworthy cosigner could help you get a lower interest rate than you’d get on your own.
If you decide to take out a private student loan, remember to compare as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
See Your Rates
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Keep Reading: Taking Out Student Loans Without a Cosigner
Methodology: Credible evaluated loan and lender data points in 10 categories to identify the “best companies” that offer private student loans to anyone going to law school. We looked at interest rates, repayment terms, repayment options, fees, discounts, and customer service availability offered by 15 lenders. We also considered each company’s eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.
Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.
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