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SoFi
4.7Check rate with Bankrate
- Min. credit score:
- 640
- Fixed APR From:
- 4.49% –13.80%
- Loan amount:
- $1,000– $500,000
- Term lengths:
- 5 to 15 years
- Min. annual income:
- Not disclosed
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Sarah Li Cain is an experienced content marketing writer specializing in FinTech, credit, loans, personal finance and banking. Her work has appeared in Fortune 500 companies, publications and startups such as Transferwise, Discover, Bankrate, Quicken Loans and KeyBank.
Aylea Wilkins is an editor specializing in student loans. She has previously worked for Bankrate editing content about personal and home equity loans and auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information.
Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.
Bankrate’s picks for the best law school loans weigh each lender’s interest rates, features and terms to help you make the best choice for funding your education. You’ll also find information on deciding whether a private or federal loan is right for you, comparing lenders and preparing to apply.
A law school loan is borrowed money that helps you pay for tuition, fees, housing, books and more. The average law school graduate owes $165,000 in student loan debts by graduation. That’s why it’s important to choose a loan with an interest rate and repayment terms that work for your budget.
Both federal and private loans are available to you. Graduate student borrowers pay rates of 6.54 percent or 7.54 percent on federal loans, while private lender rates range from about 4 percent to 16 percent. The rates private lenders offer you depend on your income, credit score and other factors.
If you want to take out a federal student loan for law school, apply now. The Free Application for Federal Student Aid for 2023-24 opened on Oct. 1 and closes June 30, 2024. It's the only way to access federal aid, and it’s wise to apply as soon as possible.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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Competitive rates, no origination fees, and flexible repayment options.
The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team. | An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | |||
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4.6 Bankrate Score | Fixed APR From 4.50- 14.83% with AutoPay | Loan Amount Cost of attendance minus aid Term: 10-15 yr | Min. Credit Not disclosed | ![]()
Rates: Lowest rates shown include the auto debit discount. Fixed - 4.50% APR-14.38% APR and Variable - 5.49%-15.83% APR. Additional information regarding the auto discount: Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 2/27/2023. No payment penalty: Although we do not charge a penalty or fee if you prepay your loan; any prepayment will be applied as outlined in your promissory note- first Unpaid Fees and costs, then to Unpaid interest, then to Current Principal. Terms: Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable Rate: 5.49% to 15.83% APR (with autopay) Fixed Rate: 4.50% to 14.83% APR (with autopay) Effective Date: 2/27/2023 | Apply on partner site | |
4.7 Bankrate Score | Fixed APR From 4.49- 13.80% with AutoPay | Loan Amount $1k–$500K Term: 5-15 yr | Min. Credit 640 | ![]()
UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.80% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.07% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023. | Apply on partner site | |
4.1 Bankrate Score | Fixed APR From 3.65- 16.16% with AutoPay | Loan Amount $1k–$400K Term: 5-20 yr | Min. Credit 640 | ![]()
Variable rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements. | Apply on partner site | |
4.3 Bankrate Score | Fixed APR From 4.74- 15.32% with AutoPay | Loan Amount $1k–$500K Term: 5-15 yr | Min. Credit 680 | ![]()
*College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Information advertised valid as of 3/1/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. | Apply on partner site | |
Income Based Repayment - No Cosigner Required Get approved in minutes. Pre-qualify without affecting your credit score. | ![]()
Edly Student IBR Loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. Loans from $5,000 - $20,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan. About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. | Apply on partner site | ||||
4.5 Bankrate Score | Fixed APR From 4.45- 14.60% with AutoPay | Loan Amount $1k–$350K Term: 5-20 yr | Min. Credit 650 | ![]()
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 14.85% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 14.65% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred. | Apply on partner site | |
4.0 Bankrate Score | Fixed APR From 4.89- 10.51% with AutoPay | Loan Amount $1k–$500K Term: 5-20 yr | Min. Credit 660 | ![]()
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender's credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender's eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com. | Apply on partner site | |
BEST WITH CO-SIGNER Adding a co-signer increases loan approval likelihood and could help you borrow more money or get a lower interest rate – meaning lower monthly payments & less interest paid over the life of the loan. | 4.0 Bankrate Score | Fixed APR From 4.99- 14.25% with AutoPay | Loan Amount $1k–$350K Term: 5-15 yr | Min. Credit 640 | ![]()
Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of March 1, 2023, the 30-day average SOFR index is 4.52%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), 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. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. | Apply on partner site |
4.2 Bankrate Score | Fixed APR From 3.98- 11.99% | Loan Amount $1k–$500K Term: 5-15 yr | Min. Credit 680 | ![]()
The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term. | Apply on partner site | |
4.3 Bankrate Score | Fixed APR From 4.62- 16.24% | Loan Amount $2k–$200K Term: 5-20 yr | Min. Credit Not disclosed | ![]()
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 3/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores. |
When shopping for a law school loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Also, look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of February 15, 2023. Check the lenders’ websites for more current information. The law school lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more. See our methodology section below for more information on how we chose lenders.
LENDER | APR | LOAN TERMS | MIN. LOAN AMOUNT | MAX. LOAN AMOUNT | BEST FOR |
---|---|---|---|---|---|
Federal grad PLUS loan | Fixed: 7.54% | Standard repayment term is 10 years | Not specified | 100% cost of attendance | Overall loans |
SoFi | Fixed: 5.25% – 13.15% (with autopay); Variable: 5.49% – 12.77% (with autopay) | 5-15 years | $1,000 | 100% cost of attendance | Overall private loans |
Earnest | Fixed: 4.45% – 14.15% (with autopay); Variable: 4.99% – 12.29% (with autopay) | 5-15 years | $1,000 | 100% cost of attendance | Flexible repayment options |
Sallie Mae | Fixed: 5.25% - 14.47% (with autopay); Variable: 6.00% – 15.59% (with autopay) | 10-15 years | $1,000 | 100% total cost of attendance | Part-time students |
College Ave | Fixed: 4.74% – 13.99% (with autopay); Variable: 4.74% – 13.99% (with autopay) | 5 to 20 years | $1,000 | 100% total cost of attendance | Competitive rates |
Citizens Bank | Fixed: 5.99% – 11.52%; Variable: 5.75% – 12.00% | 5 to 15 years | $1,000 | $225,000 | Multiyear funding |
Ascent | Fixed: 5.62% – 16.24% (with autopay); Variable: 6.87% – 15.39% (with autopay) | 7 to 15 years | $2,001 | $400,000 | Loans with a long grace period |
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To qualify for a loan with Earnest, the borrower must be a U.S. citizen or permanent resident or have a co-signer who is one. Borrowers must be pursuing a graduate degree at a Title IV four-year institution. In terms of finances, borrowers must have a minimum FICO Score of 650, a minimum income of $35,000, at least three years of credit history, no bankruptcies on their credit report and no accounts currently in collections.
Earnest charges a 0.35 percent Florida stamp tax to Florida residents.
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To be eligible for a Sallie Mae loan, borrowers must be U.S. citizens or permanent residents or have a co-signer who is a U.S. citizen or permanent resident. Borrowers must be attending a JD program at a participating degree-granting school. Sallie Mae has credit requirements, but it does not disclose a specific number.
Sallie Mae charges a 5 percent fee for late payments, up to $25, and returned payments may be charged a fee of up to $20.
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College Ave does not disclose many of its eligibility requirement, but states borrowers must be enrolled in a degree program at one of its eligible schools. International students may apply with a qualified co-signer as long as they have a U.S. Social Security number. Borrowers can attend full time, half time or less than half time but must maintain satisfactory academic progress in their program.
College Ave may charge an unspecified late fee.
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Citizens Bank accepts borrowers who are U.S. citizens, permanent residents or eligible noncitizens with a creditworthy co-signer who is a U.S. citizen or permanent resident. A co-signer is required if the borrower is not the age of majority in their state. Borrowers must be enrolled at least half time in a degree-granting program and must have “reasonably strong credit” or a creditworthy co-signer.
Citizens Bank may charge late and returned payment fees.
Check rate with Bankrate
Law school loans are a type of graduate student loan designed for students pursuing a Juris Doctor degree. Students can take out both federal and private loans to finance their schooling, although they should be aware of the varying APRs and terms between lenders before applying.
Both federal and private law school loans can be used to finance tuition costs or related academic expenses. Plus, most private lenders allow students to apply with a co-signer to score better terms or increase their approval odds.
When you accept a law school loan, your lender will send the funds to your school. Typically, you can defer principal payments until graduation (or after the agreed-upon grace period). Interest will accrue during this period and will be added to your loan balance at the end of the grace period. Alternatively, most lenders allow you to make interest-only or small principal payments while in school.
Once you have graduated and reached the end of your grace period, you'll begin making payments on both the principal and interest.
Private law school loans let you choose between fixed and variable interest rates. If you choose a fixed rate, your interest rate (and monthly payment) will be the same throughout your repayment period. If you choose a variable rate, the interest you pay could change monthly or quarterly based on market trends.
There are two broad categories of law school loans: federal loans and private loans.
Federal student loans are a popular option since they come with a fixed interest rate and benefits like loan forgiveness programs. Federal student loans include Direct Unsubsidized Loans and grad PLUS loans.
Direct Unsubsidized Loans | Grad PLUS Loans | |
---|---|---|
Fixed rate (2022-2023) | 6.54% | 7.54% |
Fee | 1.057% | 4.228% |
Aggregate maximum limit | $138,500 | Full cost of attendance |
Credit requirements | None | No adverse credit history |
If you have a less-than-stellar credit history, you may still qualify for a grad PLUS loan by adding an endorser — essentially, a co-signer.
Direct Unsubsidized Loans start accruing interest once money is disbursed to your school. You may choose not to pay this interest while in school and during your six-month grace period. These loans may be a good option if you have a short credit history or poor credit because all borrowers receive the same interest rate, regardless of financial history.
To qualify for federal student loans, you’ll have to fill out the Free Application for Federal Student Aid. Applications for the 2023-24 FAFSA opened on October 1, 2022, and close on June 30, 2024. However, some institutions and states have individual deadlines, so be aware of every deadline so you don't leave financial aid on the table.
U.S. citizens and eligible noncitizens can apply for federal student aid – including need-based financial aid – through the FAFSA. Deferred Action for Childhood Arrivals (DACA) recipients aren't eligible for federal need-based aid or loans. However, they should still fill out the FAFSA to be considered for state and institutional aid.
All graduate students are considered independent, so you won't need to provide any of your parents' details when filling out the form, but you will need to provide your own financial and personal details. Be prepared to lay out your portfolio, including your annual income and total assets. If you experience a major financial change – like total and permanent disability – after you've submitted, you may be able to correct your FAFSA later on.
Private student lenders typically offer high loan limits, and many companies brand their products specifically as law school loans. With these loans, you may be able to defer payments while you’re going through clerkship or fellowship in addition to while you're in school.
Additionally, these lenders let you choose between fixed and variable interest rates.
Borrowers should maximize their federal aid potential before turning to private loans, as many lenders don't offer the same forgiveness and hardship benefits that federal lenders offer. However, some may provide payment relief options or alternative repayment plans, so always consider the lender's benefits and protections when comparing loans.
There are many ways to finance law school — some of which you have to pay back and some of which are "free" money. Here are a few of the best ways to pay for law school:
Some students may find it most convenient to pay for law school with their own savings. If you can, keep any funds designated for law school in a high-yield savings account before you need to withdraw them.
With high loan amounts and flexible repayment periods, law school loans allow you to pay off your degree over time, rather than upfront. Only take out loans once you've exhausted free aid opportunities.
An income share agreement funds your schooling, and then you repay it with a percentage of your income over a set number of years.
If you’ve exhausted free aid opportunities and still need money for school, the right choice depends on the rate you qualify for and any extra perks you want to pursue.
Federal student loans are the best place to start for many borrowers. You may find them appealing if:
Generally, it’s wise to use federal loans before applying for private student loans, due to the protections and forgiveness options federal student loans offer. But private student loans might be a good choice for you if:
Getting a law school student loan if you have bad credit is possible, but your options could be limited.
Federal student loans are the best place to start. Direct Unsubsidized Loans don't do a credit check, and while grad PLUS loans do, there isn't a minimum credit score threshold you need to meet.
On the other hand, private lenders almost always have minimum credit score requirements, and the best rates go to borrowers with high credit scores. If you get approved for a bad credit student loan, your rate may be in the double digits. In other words, you’ll be paying more in interest over your loan’s life. If you can improve your credit score, you may eventually be able to refinance to a lower rate.
If you're having trouble getting approved or seeing high rates, it may be worthwhile to use a co-signer. Co-signers are common for private student loans, since many students don't have enough credit history for a lender to determine their eligibility. The lender considers the co-signer's credit profile, which can improve your chances of getting approved for a student loan with better rates and terms.How much you can borrow with a law school loan depends on which lender you choose. The federal government, for instance, sets a limit of $20,500 per year and $138,500 total for its Direct Unsubsidized Loans for graduate students. On the other hand, federal grad PLUS loans let you borrow up to the full cost of education each year with no aggregate limit.
Many private lenders also let you borrow up to the full cost of education, although you may also be subject to aggregate limits, whether advertised or not.
The "total cost of attendance" covered by law school loans includes tuition, fees, food, transportation, books, equipment and housing. You may be able to use your student loans to pay for child or adult care for dependents while you attend classes. Check your loan agreement for more details.
While law school loans taken out from private lenders typically cannot be forgiven, there are a few ways you could find forgiveness for your federal loans. One method is an income-driven repayment plan, which bases your monthly payment on your income and forgives any remaining balance after 20 to 25 years of payments.
You may also qualify for Public Service Loan Forgiveness if you find a job as a public service lawyer, and some schools or states could offer loan repayment assistance programs, such as the John R. Justice Program.
According to the American Bar Association, the average law school graduate owes approximately $165,000 in educational debt upon graduating. However, the amount of debt you leave with depends entirely on the cost of your school, the length of your program and how much financial aid you receive.
Whether law school is worth the cost is a highly personal question — it largely depends on your finances, the amount of debt you have to take out and your job prospects after you graduate. The Bureau of Labor Statistics lists the median lawyer salary as $148,030, while legal occupations as a whole have a median salary of $82,430. While salaries vary by location and specific occupation, those prospects could offset the higher costs of earning your degree.
To find the best law school loan lenders, we first searched for lenders that were reputable and widely available to borrowers across the United States. We then narrowed down the field by ensuring that lenders had low starting interest rates. To select our final rankings, we looked at repayment terms, number of fees and loan amount ranges to determine which lenders would make the loan process easy and affordable. We particularly liked lenders that offer special perks, like cash back rewards or multiyear funding options.