How to Pay for Law School

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Paying for law school can be hard, but it doesn’t have to be impossible. There are a number of ways you can cover school tuition costs and living expenses.

Here are five steps to help you figure out how to pay for law school:

1. Apply for scholarships and grants. It’s always a good idea for law students to use free money first (money you won’t have to pay back). This includes scholarships and grants, as well as seeking out assistantship positions.
2. Find a less expensive law school. The top law schools can be pretty pricey. Seek out a more inexpensive law school that has a good reputation and you can save money without sacrificing your education.
3. Take advantage of federal student loans. After all of that free money, you’ll want to apply for federal student loans by filling out the FAFSA.
4. Consider private student loans. If you’ve exhausted all free aid from scholarships, grants, and federal loans, you can consider taking out a private student loan.
5. Get a job. Making some extra money to help you pay for law school and living costs is a great last step. You don’t have to take on a full-time position — every little bit helps.

1. Apply for scholarships and grants

Scholarships and grants should be your first step in finding money for law school. That’s because these are all free money — money you won’t have to pay back like you would a loan. Here’s the difference between them:

• Scholarships: These are merit-based and typically determined by academic performance.

• Grants: These are financial need-based and usually awarded based on your family’s financial situation.

Scholarships and grants are available at federal, state, and local levels. You can even find law-specific grants and law school scholarships. To get an idea of what’s out there, you can start by checking out Scholarships.com and search for what’s available to you.

2. Find a less expensive law school

Attending a top private law school might sound prestigious, but if you’re trying to avoid more student debt — or just struggling to afford law school in general — it isn’t always the right choice.

It’s a good idea to look at data for law school costs and find a school that’s more moderately priced.

For example, U.S. News & Report compiled a list of the 10 law schools that make it easier to pay off your debt based on the salary-to-debt ratio:

1. Howard University
2. Boston College
3. University of Texas—Austin
4. Brigham Young University (Clark)
5. Rutgers, The State University of New Jersey
6. Washington University in St. Louis
7. Boston University
8. Georgia State University
9. University of California—Irvine
10. University of North Carolina—Chapel Hill

Consider one of these schools or do some more research and find a school of law that fits your budget and your individual needs.

3. Take advantage of federal student loans

Once you’ve figured out which law school you want to attend, and you’re accepted, make sure you fill out the Free Application for Federal Student Aid (FAFSA). This is the next step to helping you afford college.

Not only is this how you qualify for federal student loans from the government — like federal direct loans and PLUS loans — you might also qualify for work-study programs. Here are your options when it comes to federal financial aid for law school:

• Federal Direct Unsubsidized Loans: Law school students can borrow up to $20,500 each academic year from the United States Department of Education in federal Direct Unsubsidized Loans. Because these loans are unsubsidized, interest begins to accrue as soon as the loan is disbursed to you. These loans are eligible for deferment and different repayment plans, such as income-driven plans.
• Federal Direct PLUS Loans: If you don’t have an adverse credit history, you might qualify for a federal Direct PLUS Loan. If you have issues in your credit file such as bills that are more than 90 days late, or a bankruptcy or foreclosure within the last 5 years, you will need to find a cosigner. With PLUS loans, you can borrow as much as you need to cover your school expenses, minus other forms of financial aid or grants you receive. PLUS loans for law school graduates also have a grace period, but begin to accrue interest as soon as they are disbursed.
• Work-study programs: Your financial aid award letter will let you know whether you qualify for work-study, but you’re usually responsible for finding a qualifying job (typically on campus). With a work-study job, you’re guaranteed to make at least the federal minimum wage.

4. Consider private student loans

If you’re not eligible for federal loans, are looking for more competitive interest rates and options, or need postgraduate loans while you study for the bar exam, private loans can be a great option. With some of the best private student loan lenders, you might be able to get a more competitive interest rate, saving yourself thousands of dollars over the life of your loans.

Terms for law school loans made by private lenders can vary widely regarding grace periods and repayment terms, so consider all of these factors before choosing a lender. Credible makes it easy to compare rates from multiple student loan lenders by filling out a form just one time instead of fussing with many.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Get Rates Through Credible
View details	5.88%+	5.20%+	Get Rates Ascent review
Fixed rates from (APR): 5.88%+ Variable rates from (APR): 5.20%+ Loan terms (years): 5, 10, 15 (depending on loan type) Loan amount: $1,000 - $200,000 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident and have a minimum 2.5 GPA. Customer service: Email, phone Soft credit check: Yes Min. credit score: 660 Cosigner release: After 24 months Loan servicer: University Account Service (UAS)
View details	4.40%+1	1.95%+1	Get Rates Citizens Bank review
Fixed rates from (APR): 4.40%+1 Variable rates from (APR): 1.95%+1 Loan terms (years): 5, 10, 15 Loan amount: $1,000 - $350,000 (depending on degree) Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Min. credit score: Does not disclose Cosigner release: After 36 months Loan servicer: Firstmark Services
View details	4.31%+2,3	2.69%+2,3	Get Rates College Ave review
Fixed rates from (APR): 4.31%+2,3 Variable rates from (APR): 2.69%+2,3 Loan terms (years): 5, 8, 10, 15 Loan amount: $1,000 up to 100% of the school-certified cost of attendance Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Min. credit score: Does not disclose Cosigner release: After 24 months Loan servicer: University Accounting Service LLC
View details	4.52%+8	3.01%+8	Get Rates EDvestinU review
Fixed rates from (APR): 4.52%+8 Variable rates from (APR): 3.01%+8 Loan terms (years): 5, 10, 15 Loan amount: $1,000 - $200,000 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Min. credit score: 750 Cosigner release: After 24 months Loan servicer: Granite State Management & Resources (GSM&R)
View details	4.09%+	2.77%+	Get Rates INvested review
Fixed rates from (APR): 4.09%+ Variable rates from (APR): 2.77%+ Loan terms (years): 5, 10, 15 Loan amount: $1,001 up to 100% of school certified cost of attendance Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school. Customer service: Email, phone, chat Soft credit check: Yes Min. credit score: 670 Cosigner release: After 48 months Loan servicer: American Education Services
View details	3.95%+	N/A	Get Rates INvested review
Fixed rates from (APR): 3.95%+ Variable rates from (APR): N/A Loan terms (years): 10, 15 Loan amount: $1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received) Repayment options: Full deferral, interest only, immediate repayment Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Min. credit score: 670 Cosigner release: After 48 months Loan servicer: American Education Services (AES)
View details	4.74% - 11.85%9	2.00% - 10.01%9	Get Rates Sallie Mae review
Fixed rates from (APR): 4.74% - 11.85%9 Variable rates from (APR): 2.00% - 10.01%9 Loan terms (years): 5, 15 Loan amount: Up to 100% of the school-certified cost of attendance Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone Soft credit check: Yes Min. credit score: Does not disclose Cosigner release: After 12 months Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 8EDvestinU Disclosures | 9Sallie Mae Disclosures
Citizens Bank Student Loan Rate Disclosure Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2020, the one-month LIBOR rate is 0.92%. Variable interest rates range from 1.95%-10.28% (1.95%-10.13% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

5. Get a job

It can be hard juggling school and a full-time job — we get it. But consider getting just a part-time gig or working a side hustle on the weekends.

You could pursue working as a clerk at a law firm to give you some applied experience. Or even just work a part-time job, apprenticeship, work-study program, or other loan programs at your school. Even just a little extra income can really go a long way when it comes to covering the cost of college.

Check Out: 8 Part-Time Job Ideas for College Students

Repaying student debt after law school

You probably thought your biggest challenge would be acing the American Bar Association exam and finding the perfect job at a law firm. But tackling your law school loans can be just as challenging — if not more so.

So before heading off to school, research your options, including what school you’ll attend, what kind of loans you’ll need, and how you can make some extra income. Just be proactive and have a repayment strategy in place so you’re ready to afford that monthly payment.

If you’re already a law school graduate and you’re having trouble paying your student loans, it’s a good idea to consider refinancing your law school loans or look into a public service loan forgiveness program (PSLF). Refinancing could get you a lower interest rate, saving you thousands over the life of your loan.

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