How much can you borrow with a law school loan?

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.

Do law school loans cover living expenses?

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.

Can law school loans be forgiven?

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.

What is the average student loan debt for a lawyer?

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.

Is going into debt for law school worth it?

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.

Best law school loans in April 2024

Written by

Sarah Li Cain

Edited by

Hannah Smith

Reviewed by

Mark Kantrowitz

Apr 11, 2024

The Bankrate promise

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Bankrate’s guide to 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.

The costs of law school, including tuition, fees, housing and books, are difficult for most people to pay without additional financing. The average law school graduate owes $130,000 in student loan debts by graduation. When borrowing that much money, finding the right loan for your needs and your financial future is essential.

Law school students can borrow money for school through federal or private student loans. For the 2023-2024 school year, graduate student borrowers pay rates of 7.05 percent on direct unsubsidized federal loans or 8.05 percent for PLUS federal loans. Private lender rates range from about 4 percent to 16 percent. The rates private lenders offer you depend on factors like your income and credit score.

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 2022 and closes June 30, 2024. It's the only way to access federal aid, and it’s wise to apply as soon as possible.

1

Fill out the FAFSA.

The Free Application for Federal Student Aid opens on Oct. 1 of each year and determines your eligibility for loans, grants and other financial aid. Be sure to note that you’ll be in graduate school.

2

Get prequalified with private lenders.

Prequalification lets you see what interest rates and terms you’re eligible for without a hard credit check. After prequalifying with several lenders, compare offers and choose the best.

3

Apply.

After choosing your lender or lenders, apply online, over the phone or in person. You’ll undergo a credit check. You’ll also have to provide documentation on your school, citizenship, employer and co-signer, if relevant.

4

Sign loan documents.

If the lender approves your application, you’ll sign loan documents to complete the agreement. Your lender will confirm your cost of attendance with your school and will typically release the funds directly to it.
1

Consider federal student loans first.

With borrower protections, consistent rates regardless of credit score and many repayment options, federal student loans are the best first choice for most borrowers.

2

Prequalify with private lenders.

If you’re considering a private loan, prequalify with at least three lenders so you can compare potential offers. The process is quick and doesn’t impact your credit score.

3

Compare interest rates and terms.

Once you have offers, consider which is the best fit for your budget. Weigh repayment terms, interest rates and fees.

4

Look at unique features.

Some law school loans allow you to defer payments during your clerkship and fellowship as well as while you’re in school. If the offers are similar, consider the perks that you'll benefit from most.


	Fixed APR from 4.07- 15.48%	Loan amount $1k- No Max	College Ave Student Loan Refi 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. ⁽²⁾All rates shown include the autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. ⁽³⁾$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degree. ⁽⁴⁾This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 03/07/2024. 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. College Ave Student Loans 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. ⁽⁵⁾As certified by your school and less any other financial aid you might receive. Minimum $1,000. ⁽⁶⁾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. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. ⁽⁷⁾This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. ⁽⁸⁾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. Information advertised valid as of 03/07/2024. 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. Fixed APR from 4.07- 15.48% Loan amount $1k- No Max
	Fixed APR from 4.09- 15.66%	Loan amount $2k- No Max	Ascent Student Loan Disclosure Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each 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: Terms and Conditions Rates are effective as of 4/1/2024 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: Ascent Funding. 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 rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001 Fixed APR from 4.09- 15.66% Loan amount $2k- No Max
	Fixed APR from 4.43- 14.04%	Loan amount $1k- $100K	Custom Choice Student Loan Disclosures Before applying for a private student loan, Citizens and Monogram recommend comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 3/1/24. The variable interest rate for each calendar month is calculated by adding 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 5.32% as of 3/1/24. The applicable index or margin for variable rate loans may change over time if the SOFR index changes or if a new index is chosen, and result in a different APR than shown. The fixed rate and APR assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount. The APR typically differs from the interest rate since it accounts for fees, the rate, length of the loan and the timing of all payments and reflects the cost as a yearly rate. APRs displayed as a range in the rate table assume a $10,000 loan with one disbursement. The high APRs assume a 7-year term with the Flat Payment Repayment option, a 1 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay (see auto pay details in Discounts footnote below). Loan Terms: The 15-year term is only available for loan amounts of $5,000 or more. Certain repayment terms and/or options may not be available depending on the applicant’s enrollment status and/or debt-to-income ratio. Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no rate reduction for auto pay and the Interest Only Repayment option): 7-year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months), and 9.50% APR would result in a monthly principal and interest payment of $163.44. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and 9.30% APR would result in a monthly principal and interest payment of $128.31. 15-year term: $10,000 loan, one disbursement, with a 15-year repayment term (180 months) and 9.29% APR would result in a monthly principal and interest payment of $103.16. Loan Amounts: The minimum loan amount is $1,000 except for student applicants who are permanent residents of Iowa in which case the minimum loan amount is $1,001. The maximum annual loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999 annually. The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $180,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner). Monthly Payment During School: This is the estimated monthly payment that will be made during the time you remain enrolled at the level of attendance your school certifies, subject to the initial deferment period maximum of 66 months from the first disbursement date. Immediate Repayment: Starting 30-60 days after your first disbursement date the first monthly payment of principal and interest will be due. The monthly payments of principal and interest will be generally stable for twelve months and will be recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Full Deferment: Principal and interest payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after the initial deferment period, the first monthly payments of principal and interest will be due unless you qualify for and request an additional type of deferment. Interest Only Repayment: Principal payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after your first disbursement date you will pay interest-only monthly payments that are equal to the accrued interest on the outstanding principal balance throughout the initial deferment period. Flat Payment Repayment during school: Principal payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after your first disbursement date you will pay a minimum amount of $25 in interest per month through your initial deferment period end date. For all repayment options, any accrued and unpaid interest (interest that is in excess of the amount paid each month) will be added to the outstanding principal balance and may be capitalized at the beginning of your repayment period. Monthly Payment After Graduation: Immediate Repayment: This is the estimated combined monthly principal and interest payment amount following the final disbursement of your loan The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Full Deferment, Interest Only Repayment and Flat Payment during school: The Estimated Monthly Payment after Graduation is the combined principal and interest payment amount following the initial deferment period. The first year of principal and interest repayment generally has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date, or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. For all repayment options, the minimum monthly payments of your loan’s combined principal and interest will be at least $50. Graduation Reward: The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree. Cosigner Release: A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower has met certain credit and other criteria, and 36 consecutive monthly principal and interest payments have been received by the Servicer within 10 calendar days after their due date. Late payment(s), or the use of a deferment or forbearance will reset the number of consecutive principal and interest payments to zero. Use of an approved reduced repayment plan will disqualify the loan from being eligible for this benefit. Discounts: Auto Pay yields a 0.25% interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment. Please note that if the discount filter in the Offer Dashboard is turned “on”, the interest rate and APR estimates quoted on the Offer Dashboard will include the auto pay discount. The auto pay discount will not be reflected in the contract or disclosures you receive from the Lender because you must request and qualify for the auto pay discount. Past Due Balances: Applications may be accepted up to the earlier of (a) twelve calendar months after the Applicant’s academic period end date or (b) twelve calendar months after the Applicant’s graduation date. Custom Choice Loan® is a registered trademark of Monogram LLC. Fixed APR from 4.43- 14.04% Loan amount $1k- $100K
	Fixed APR from 4.50- 15.49%	Loan amount $1k- No Max	Smart Option Student Loan® for Undergraduate Students and graduate loans The Private Student Loan comparison chart displays combined APRs and loan terms for our loan products. See below for APR ranges and the loan terms for each loan product. Lowest rates shown include the auto debit discount. Undergraduate loan: Variable rates: 6.37% - 16.70% APR and Fixed rates: 4.50% – 15.49% APR with the loan term of 10-15 years. Lowest rates shown include the auto debit 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. Graduate and MBA loans: Variable rates: 6.87% - 16.47% APR and Fixed rates: 4.99% – 14.48% APR with the loan term of 15 years. Lowest rates shown include the auto debit discount. Advertised APRs for Graduate School Loan and MBA Loans assume a $10,000 loan with a 2-year in-school period. 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. Medical loan: Variable rates: 6.87% - 16.44% APR and Fixed rates: 4.99% - 14.46% APR with the loan term of 20 years. Lowest rates shown include the auto debit discount. Advertised APRs for Medical School Loan assume a $10,000 loan with a 4-year in-school period. 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. Law loan: Variable rates: 6.87% - 16.46% APR and Fixed rates: 4.99% - 14.47% APR with the loan term of 15 years. Lowest rates shown include the auto debit discount. Advertised APRs for Law School Loan assume a $10,000 loan with a 3-year in-school period. 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. 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 to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 3 repayment options: Deferred payment; $25 Fixed repayment; Interest repayment: Smart Option Student Loan: 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. A variable APR may increase over the life of the loan. A fixed APR will not. Graduate Loan: Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not. Medical Loan: Example of a typical transaction for a $10,000 Medical School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 81-month in-school and separation period, it works out to 10.71% fixed APR, 81 payments of $25.00, 238 payments of $175.31 and one payment of $89.74, for a total loan cost of $43,838.52. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years. A variable APR may increase over the life of the loan. A fixed APR will not. Law Loan: Example of a typical transaction for a $10,000 Law School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 42-month in-school and separation period, it works out to 11.44% fixed APR, 42 payments of $25.00, 179 payments of $155.95 and one payment of $57.28, for a total loan cost of $29,022.33. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not. MBA Loan: Example of a typical transaction for a $10,000 MBA Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not. Borrow responsibly We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Medical School Loans are for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Law School Loans are for graduate students in a J.D. or L.L.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. MBA Loans are for graduate students in an M.B.A. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000. Information advertised valid as of 02/26/2024. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. Credible is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers. Fixed APR from 4.50- 15.49% Loan amount $1k- No Max
	Fixed APR from 4.56- 8.34%	Loan amount $1k- No Max	INvestEd Student Loan Disclosures ¹These rates are expressed as APR. Rates shown are for eligible, creditworthy applicants and requires shortest length of repayment and our Automatic Payment discount of 0.25 percentage points. Automatic payments are not required. Annual percentage rates (APR) listed are based on borrowing $10,000 in a single disbursement. The Fixed rate will not change during the term. The variable rate is subject to increase after consummation. The maximum variable interest rate is 21.00%. The variable interest rate that is charged to the borrower is reset quarterly, may increase or decrease, and is based on an Index and Margin. That means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the average of the three-month forward term version of the 90-day Secured Overnight Financing Rate (SOFR) published by a source approved by the Alternative Reference Rate Committee (ARRC). Fixed APR from 4.56- 8.34% Loan amount $1k- No Max
	Fixed APR from 5.35- 7.95%	Loan amount $2k- No Max	MEFA Student Loan Disclosure These rates are expressed as APR. The Fixed interest rate will not change during the term. To be eligible for a MEFA Undergraduate Loan, the student must: Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university in the United States. If the student is currently enrolled for the current academic year, a student may: Borrow a MEFA Loan for the summer session Borrow a MEFA Loan to cover a past due balance within the current academic year Maintain satisfactory academic progress as defined by the college or university All borrowers must be citizens or permanent residents of the United States. MEFA’s private student loans are subject to credit qualification, completion of a loan agreement, self-certification form, school certification of cost of attendance minus estimated financial aid, and student’s enrollment at a MEFA’s participating school. For Student Deferred Repayment with Co-borrower release option, the co-borrower, non-student may request for a release after 48 consecutive on-time monthly installments and must meet certain credit and eligibility requirements when applying for the release. For the purpose of the co-borrower release application, on-time payments are defined as payments received within 15 days of the due date. Co-borrower must complete an application for release and provide income verification documents as part of the review. Credit and eligibility requirements are subject to change. Fixed APR from 5.35- 7.95% Loan amount $2k- No Max
	Fixed APR from 5.99- 14.00%	Loan amount $1k- $350K	ELIGIBILITY DISCLOSURES Student Lending Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens reserves the right to modify eligibility criteria at any time. Citizens private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens participating school. Education Refinance Loan Eligibility: Applicants must have attained a bachelor’s degree or higher to refinance their loan. Education Refinance Loan for Medical Residency Eligibility: Applicants must have graduated from medical school and be matched to a MD, DO, DDS, DMD, DPM, DVM, VMD, PharmD, OD residency or fellowship program at the time of application. Education Refinance Loan for Parents Eligibility: The primary applicant must be the primary borrower or co-signer on the loan to be refinanced. Student Loan Eligibility: Applicants must be enrolled at least half-time in a degree-granting program at an eligible institution. Student Loan for Parents Eligibility: The student whose education expenses will be paid for with the loan proceeds must be a U.S. citizen or permanent resident and must be enrolled at least half-time in a degree granting program at a Citizens-participating school. RATE DISCLOSURES 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 Apr 01, 2024, the 30-day average SOFR index is 5.32%. 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, interest-only repayment, 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. Education Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 12.41% (7.03% - 12.42% APR). Fixed interest rates range from 6.49% - 10.98% (6.49% - 10.99% APR). Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 7.02% - 11.52% (7.03% - 11.53% APR). Fixed interest rates range from 6.49% - 10.09% (6.49%- 10.10% APR). Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 7.81% - 11.52% (7.82% - 11.53% APR). Fixed interest rates range from 7.28% - 10.09% (7.29% - 10.10% APR). Student Loan Rate Disclosure: Variable interest rates range from 6.97% - 15.68% (6.97% - 15.03% APR). Fixed interest rates range from 5.99% - 15.00% (5.99% - 14.00% APR). Undergraduate Loan Rate Disclosure: Variable interest rates range from 6.97% - 15.68% (6.97% - 15.03% APR). Fixed interest rates range from 5.99% - 15.00% (5.99% - 14.00% APR). Graduate Loan Rate Disclosure: Variable interest rates range from 6.97% - 14.64% (6.97% - 14.18% APR). Fixed interest rates range from 5.99% - 13.04% (5.99% - 12.64% APR). Business/Law Loan Rate Disclosure: Variable interest rates range from 6.97% - 12.47% (6.97% - 12.15% APR). Fixed interest rates range from 5.99% - 12.80% (5.99% - 12.46% APR). Medical/Dental Loan Rate Disclosure: Variable interest rates range from 6.97% - 12.08% (6.97% - 11.75% APR). Fixed interest rates range from 5.99% - 11.30% (5.99% - 10.62% APR). Parent Loan Rate Disclosure: Variable interest rates range from 9.03% - 9.53% (9.03% - 9.54% APR). Fixed interest rates range from 9.05% - 9.55% (9.05% - 9.56% APR). STUDENT LENDING PROGRAM DISCLOSURES Wireless Charges: Wireless carrier, text, and/or data charges may apply. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Investors Bancorp, Inc. Loyalty Discount: To receive the Loyalty Discount for having a qualifying account with Investors Bancorp, Inc., borrowers must contact Citizens by telephone prior to signing the promissory note. Student loan borrowers please call (877) 291-6385 and education refinance borrowers please call (888) 411-2413. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. Get My Rate: Selecting “Get My Rate” only requires a “soft credit pull“ which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report. Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the Multi-Year Approval feature, terms and conditions will be outlined in your promissory note. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. Student Loan Aggregate Limits: You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. Our student loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate Degree: $150,000, Graduate Degrees: $150,000, MBA and Law: $225,000, Healthcare: $180,000 or $350,000 depending on your degree (Aggregate limits up to $350,000 for MD, DMD/DDS, OD, DO, DPM, PharmD, and DVM degrees. Aggregate limits up to $180,000 for cardiac perfusion, chiropractic, cytotechnology, nurse practitioner, occupational therapy, physical therapy, and physician assistant degree). Employer & Organizational Partnerships: To qualify for the principal balance reduction, the borrower or co-signer (if applicable) must have applied, be approved, and disburse a Citizens Education Refinance Loan, Education Refinance Loan for Parents, or a Medical Residency Refinance Loan through the employer’s dedicated Citizens website. The principal balance reduction will be calculated as 1% of the amount financed with a maximum of $1,000. The loan must be in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per borrower. If you receive a Principal Balance Reduction Benefit on a Citizens Student Loan or Student Loan for Parents you will not be eligible for another Principal Balance Reduction Benefit on a Citizens Education Refinance Loan, Education Refinance Loan for Parents or a Medical Residency Refinance Loan. Principal balance reduction will be applied with an effective date equal to the loan’s first disbursement date. Principal balance reduction may take up to the second month following the loan’s final disbursement date to be applied and may be reduced if the loan amount is reduced or cancelled. The Principal Balance Reduction Benefit will be processed as a reduction of the loan’s principal balance and will not impact the required monthly payment. The borrower is solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. A tax advisor should be consulted. Citizens Bank, N.A. does not provide tax advice. Offer cannot be combined with other promotions, discounts or offers – automatic payment and loyalty discounts excluded. Citizens reserves the right to modify these terms or cancel this offer at any point in the future for new applications. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit https://studentaid.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. U.S. Dept. of Education Fee: The Federal Direct PLUS Loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. For Loans first disbursed between October 1, 2020 and October 1, 2024 the origination fee is 4.228%. Student Loan Repayment: Student borrowers can make full payments or pay interest only while in school or defer payments until after graduation (interest continues to accrue during deferment periods). Medical Residency Refinance Loan Repayment Example with $100 Monthly Payment: Based on a 48 month residency, a fixed rate 5 year loan for $10,000 at 5.00% APR results in 54 monthly payments of $100 (includes residency period and 6-month grace period), followed by 60 monthly payments of $123.61. $100 monthly payment begins immediately after loan disbursement for the duration of the residency or fellow program period up to 48 months, plus 6 month grace period. Citizens Scholarship: No purchase necessary. Void where prohibited. The Citizens Scholarship Sweepstakes is open to legal residents of the 50 United States, D.C., and U.S. Territories, who are 16 years of age or older, are students or prospective students, or parents/guardians of students intending to enroll or enrolled at least half-time in an accredited undergraduate/graduate post-secondary institution. To be eligible for a chance to win the Citizens Diversity, Equity & Inclusion Scholarship, entrants must also be an: American Indian or Alaskan Native, African American or Black, Hispanic or Latino/a, Asian, Native Hawaiian, or other Pacific Islander, women, member of the LGBTQ+ community, individual with disabilities, and/or a Veteran. Sweepstakes begins at 12:00 AM ET on 7/1/23 and ends at 11:59 p.m. ET on 6/30/24. Sponsored by Citizens. See Official Rules for details. Citizens Student Credit Builder™: Citizens Student Credit Builder™ refers to loans with either an Immediate or Interest Only repayment option chosen at the time the loan is originated. Credit scores are based on established borrower payment behaviors. By choosing a loan repayment option that requires payment while the student is in school, the borrower begins their history of payments earlier than a corresponding borrower that chooses a deferred repayment option. Additionally, an equally qualified borrower and/or cosigner with similar loan terms will receive a lower interest rate with an Immediate or Interest Only repayment option. SAVINGS DISCLOSURES Education Refinance Loan Average Monthly Payment Savings: The average monthly and annual payment savings estimated amount is based on 4,611 Citizens Education Refinance Loan customers who refinanced their loans between September 1, 2022 and September 1, 2023 and who received a lower payment. The calculation is derived by averaging the monthly payments prior to refinancing minus the monthly payments after refinancing. Excluded are monthly savings reported from customers that exceeded $9,375 or were lower than $20 to minimize risk of data error skewing the savings amounts. Savings vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Education Refinance Loan Weighted Average Interest Rate Savings: Weighted average interest rate savings is based on 5,017 Citizens Education Refinance Loan customers who lowered their interest rate on loans between September 1, 2022 and September 1, 2023. The calculation is derived by averaging the rate savings across Citizens Education Refinance Loan customers whose interest rates decreased after refinancing, calculated by taking the weighted average interest rate prior to refinancing minus the interest rate after refinancing. We excluded rate savings from customers that exceeded 14.21% and were lower than 0.25% to minimize risk of data error skewing the rate savings amounts. Your interest rate savings might vary based on the interest rates you qualify for, chosen terms and previous interest rate of the loans you are seeking to refinance. Your overall interest rate may be higher than the interest rate on the loans you are refinancing even if your monthly payments are lower. Education Refinance Loan for Parents and Federal Loan Savings Comparison: Interest rate savings are calculated as the difference between the Citizens Education Refinance Loan for Parents’ lowest offered fixed rate of 7.29% (7.29% APR) and the Federal Parent PLUS Loan interest rate of 8.05% for loans first disbursed between July 1, 2023 and June 30, 2024. The Citizens Education Refinance Loan for Parents lowest rate includes the available Citizens loyalty and automatic payment discounts for eligible and creditworthy applicants. Parent Loan Savings: Origination fee savings of $737 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/22 and 9/30/23) and an average amount financed of $17,429 as compared to the Citizens Student Loan for Parents, which has no origination fees. Graduate Loan Savings: Origination fee savings of $806 are calculated using the Federal Direct Plus Loan origination fee of 4.228% (for loans first disbursed between 10/1/22 and 9/30/23) and an average amount financed of $19,067 as compared to the Citizens Student Loan, which has no origination fees. APPLICATION & SOLICITATION DISCLOSURES The site for Application Solicitation Disclosures is under construction. For more information, please call the Customer Service Team at (877) 464-6329 and copies of the disclosures will be provided via email. Our hours are Monday through Friday, 8:00am - 9:00pm EST. Closed Saturday and Sunday. Fixed APR from 5.99- 14.00% Loan amount $1k- $350K
	Fixed APR from 8.42- 13.01%	Loan amount $1k- No Max	Education Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees Your Starting Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for. Your Interest Rate during the life of a loan: Fixed-Rate Loans Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan. Your Interest Rate during the life of the loan: Variable-Rate Loans* Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. Although the interest rate will vary after you are approved, the interest rate will never exceed 18% for the 5-year, 7-year, 10-year, or 15-year term. Your loan amount will not exceed the cost of attendance less financial aid as certified by your school. For variable rate loans applied for after 7:00 PM EST on January 7, 2022, the variable interest rate will be based on a publicly available index, the Prime Rate of Interest as published in the Money Market Section of the Wall Street Journal. These variable rates will be calculated and set each month by adding a margin between -3.52% to 4.29% to the Prime Rate. If you have an existing variable rate loan that uses the London Interbank Offered Rate (LIBOR) as the benchmark rate index, your loan will continue to use the LIBOR as the benchmark rate index. These rates will be calculated by adding a margin between 1.05% to 11.39% to the 3-month LIBOR. Your rate will not increase more than once quarterly. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to the Prime Rate in the future. Loan Fees & Example Application Fee: $0 Origination Fee: 0% Loan Guarantee Fee: 0% Prepayment Fee: 0% Late Charge: the lesser of 5% of the past due amount or $50 Returned Check or Insufficient Funds Charge: $30 For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change. Federal Loan Alternatives and Disclosure Regarding Benefits You may qualify for federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentloans.gov & studentaid.ed.gov/sa Think carefully before taking out a loan with Education Loan Finance. You are encouraged to start with grants, scholarships, savings, and federal student loans before utilizing private student loans. Federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with Education Loan Finance. Private education loans are not eligible to be included in a Federal Direct Consolidation Loan. See https://studentaid.gov/understand-aid/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers. Next Steps 1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). Reference Notes Interest Rate Your interest rate will depend on the loan term that you select. Interest rates are valid within the preceding 30 days. Repayment Options Immediate The borrower starts repaying the loan while still in school. The monthly payment will cover the monthly interest and some of the principal borrowed. This option will have the highest monthly payments while in school, but will save the borrower the most money throughout the life of the loan. Fixed The borrower pays a fixed monthly payment of $25.00 while in school and grace period. This amount will first be applied to interest, and any leftover will be applied to the principal. Any unpaid interest will be added to the principal balance of the loan upon the end of the borrowers grace period. Interest Only The borrower makes monthly payments to cover the monthly interest while the borrower is in school and grace period. These payments will not include any payment toward the principal of the loan. The principal balance will remain unchanged unless the borrower pays extra. Deferred The borrower makes no monthly payments while in school and grace period. The loan will accrue interest while the borrower is in school and grace period. Upon the end of the grace period, the accrued interest will be added to the principal amount of the loan. Depending on the repayment option you select, your loan may defer payment of principal and/or interest while you are enrolled at least half-time at a post-secondary educational institution. If your loan includes a deferment period, interest will accrue from the disbursement of the loan through the end of the deferment period. Any accrued but unpaid interest during that time will be added to the loan’s principal balance. The lender does not offer payment deferral options once your full payments of principal and interest begin. The lender may in its sole discretion agree to modify the loan or extend other repayment assistance to you on request. Electronic Payment Requirement You agree to make monthly principal and interest payments by means of an electronic monthly deduction or transfer from a savings or checking account. Borrower Eligibility Criteria All loans are subject to credit approval. Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. Must be at the age of majority or older at the time of loan application. Must reside in a state in which Education Loan Finance is authorized to lend. A cosigner is not required but may help you qualify and/or receive a lower rate. Must be an eligible student enrolled at least half-time at a post-secondary educational institution. Co-Signers Must be at the age of majority or older at the time of loan application. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement. Fixed APR from 8.42- 13.01% Loan amount $1k- No Max
Lender conversion and compensation impacts how, where and in what order products appear in the above table

The Bankrate guide to choosing the best student loan for law school

When shopping for a law school loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. While we do our best to ensure accuracy, the lenders’ websites will have the most up-to-date information. The law school lenders listed here are selected based on factors such as APR, loan amounts, fees and credit requirements. See our methodology section below for more information on how we chose and evaluate lenders.

The best law school student loans in April 2024

LENDER	APR FOR LAW STUDENT LOANS**	LOAN TERMS	MIN. LOAN AMOUNT	MAX. LOAN AMOUNT	BEST FOR
Federal grad PLUS loan	Fixed: 8.05%	Standard repayment term is 10 years	Not specified	100% cost of attendance	Overall loans
SoFi	Fixed: 4.99%-14.05%; Variable: 5.99%-14.05%	5-15 years	$1,000	100% cost of attendance	Overall private loans
Earnest	Fixed: 4.11%-14.30%; Variable: 5.89%-15.97%	5-15 years	$1,000	100% cost of attendance	Flexible repayment options
Sallie Mae	Fixed: 4.99%-14.47%; Variable: 6.87%-16.46%	10-15 years	$1,000	100% total cost of attendance	Part-time students
College Ave	Fixed: 4.07%-14.47%; Variable: 5.59%-14.47%	5 to 20 years	$1,000	100% total cost of attendance	Competitive rates
Citizens Bank	Fixed: 5.99%-12.46%; Variable: 6.97%-12.15%	5 to 15 years	$1,000	$225,000	Multiyear funding
Ascent	Fixed: 5.09%-14.76%; Variable: 7.22%-15.18%	5 to 20 years	$2,001	$400,000	Loans with a long grace period

*See offer details in rate table above
**The rates in this table are for international student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.
†The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Best overall private lender

SoFi

4.7

Read our review

on Bankrate

Min. credit score:: 640
Fixed APR From:: 4.44% –14.70%
Loan amount:: $1,000– $500,000
Term lengths:: 5 to 20 years
Min. annual income:: Not disclosed

Overview: SoFi offers competitive rates (both fixed and variable), no fees and myriad repayment options. The entire loan process happens online.

Why SoFi is the best overall private lender: With no fees required, low rates and a plethora of member benefits, SoFi makes it easy for borrowers to get and repay law school loans.

Pros
Access to financial advisors and career coaching.

No fees required.

Several opportunities for discounts.
Cons
Doesn't disclose minimum income requirement.

Relatively short grace period of six months.

High rate caps for law student loans.

Best for flexible repayment options

Earnest

4.5

Read our review

on Bankrate

Min. credit score:: 650
Fixed APR From:: 4.36% –16.15%
Loan amount:: $1,000– $500,000
Term lengths:: 5 to 20 years
Min. annual income:: $35,000

Overview: Earnest is a private student loan lender offering flexible repayment options, no late fees and competitive rates.

Why Earnest is best for flexible repayment options: Earnest offers several ways to customize your repayment. Borrowers may postpone a payment once every 12 months and add that payment to the end of their repayment period, and they can choose to change their payment date or make payments biweekly.

Pros
Skip a payment every 12 months.

Nine-month grace period.

Option to change payment due date.
Cons
No co-signer release.

Not available to borrowers in Nevada.

At least three years of credit history required.
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.

Best for competitive rates

College Ave

4.4

See offers

Check rate with Credible

Min. credit score:: Not disclosed
Fixed APR From:: 4.11% –15.44%
Loan amount:: $1,000– $300,000
Term lengths:: 5 to 15 years
Min. annual income:: Not disclosed

Overview: College Ave offers loans for U.S. residents and international students. You can check your rate without impacting your credit, and a co-signer release is available to qualifying borrowers.

Why College Ave is best for competitive rates: College Ave offers low rates, plus an autopay discount, so it's a good choice for borrowers with good or excellent credit.

Pros
Five repayment terms.

Low starting APRs.

Three-minute initial application.
Cons
Does not disclose credit score requirements.

Loan cap of $150,000.

Cannot release co-signer until half of the repayment period has elapsed.
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.

Best for multiyear funding

Citizens

4.4

See offers

Check rate with Credible

Min. credit score:: 640
Fixed APR From:: 5.99% –14.00%
Loan amount:: $1,000– $350,000
Term lengths:: 5 to 15 years
Min. annual income:: Not disclosed

Overview: Citizens Bank offers student loans through a completely online application process. Existing Citizens Bank customers may be rewarded with a .25 percent rate discount.

Why Citizens Bank is best for multiyear funding: Borrowers who choose Citizens Bank may apply for its multiyear loan program, where borrowers are approved for several years of funding and do not have to go through a hard credit check each year.

Pros
Rate discount for existing Citizens Bank customers.

Multiyear approval process.

International students eligible with a qualified co-signer.
Cons
Maximum aggregate loan limit of $225,000.

Comparatively high starting rates.

Does not disclose credit requirements.
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.

Best for loans with a long grace period

Ascent

4.5

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Check rate with Credible

Min. credit score:: Not disclosed
Fixed APR From:: 4.09% –15.66%
Loan amount:: $2,001– $400,000
Term lengths:: 5 to 20 years
Min. annual income:: Not disclosed

Overview: Ascent is an online lender that offers competitive rates and puts financial literacy at the forefront. Its law school loans come with a variety of repayment terms and plenty of discount options.

Why Ascent is best for a long grace period: Ascent offers a longer in-school period and a longer grace period than most other lenders. For law school loans, borrowers may defer payments for 36 months of enrollment, and once enrollment ends they may defer payments for another nine months.

Pros
Extended in-school period of 36 months.

Nine-month grace period.

1 percent cash back graduation reward.
Cons
Loan limit of $400,000.

High maximum APRs.

Does not disclose credit requirements.
Borrowers must be a U.S. citizen or have permanent resident or DACA status; those who are not U.S. citizens or permanent residents must apply with a co-signer. Borrowers must also be enrolled at least half time in a degree program. Ascent requires at least two years of credit history and a minimum income of $24,000 for either the borrower or the co-signer.

Ascent does not charge any fees on its student loans.

What is a law school student loan?

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.

How do law school loans work?

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.

Types of law school loans

There are two broad categories of law school loans: federal loans and private loans.

Federal student 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 (2023-2024)	7.05%	8.05%
Fee	1.057%	4.228%
Aggregate maximum limit	$138,500	Full cost of attendance
Credit requirements	None	No adverse credit history

If you don't have a good 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 loans

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.

Best ways to pay for law school

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:

The federal government, many states and some organizations offer grants that do not need to be repaid.
Like grants, scholarships do not need to be repaid. Some scholarships are based on financial need, while others are merit-based. Some are law school-specific.
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.

Which law school student loan is right for you

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

Federal student loans are the best place to start for many borrowers. You may find them appealing if:

You have bad credit. All borrowers pay the same interest rate for each type of federal student loan, regardless of credit score. You don’t need to pass a credit check to receive Direct Unsubsidized Loans. While you do need a credit check for grad PLUS loans, there is no minimum score required for approval.
You want to pursue loan forgiveness. Only federal Direct Loans can be forgiven through the Public Service Loan Forgiveness program. Additionally, if you work for the Department of Justice, you may qualify for the Department of Justice Attorney Student Loan Repayment Program.
You want varied repayment options. Federal student loans’ standard repayment term is 10 years. With an income-driven repayment plan, you can pay a percentage of your income for 20 to 25 years; any remaining debt after that term is forgiven.

Private student loans

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:

You have excellent credit. The lowest private student loan rates on offer are lower than federal student loan rates. You may qualify for these rates if you have an excellent credit score, solid income and a low debt-to-income ratio. Additionally, many private lenders do not charge fees.
You want variable rates: Private lenders offer you the choice between fixed rates — which remain the same throughout your repayment term — and variable rates, which change to reflect market forces. However, variable rates may not be the best option as recent Federal Reserve rate hikes are likely to result in rising interest rates.
You do not qualify for federal student loans. If you’re in the U.S. attending school on a nonimmigrant student or Exchange Visitor Visa, you are ineligible for federal loans. However, some private U.S. lenders — such as College Ave — allow international students to apply for loans if they meet eligibility requirements.

How to get a law school student loan with bad credit

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.

FAQs about law school loans

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.

Methodology

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.

Best law school loans in April 2024

How to apply for a law school loan

How to choose the best lender

On this page

The Bankrate guide to choosing the best student loan for law school

The best law school student loans in April 2024

Best overall private lender

SoFi

Pros & Cons

Eligibility & More

Best for flexible repayment options

Earnest

Pros & Cons

Eligibility & More

Best for competitive rates

College Ave

Pros & Cons

Eligibility & More

Best for multiyear funding

Citizens

Pros & Cons

Eligibility & More

Best for loans with a long grace period

Ascent

Pros & Cons

Eligibility & More

What is a law school student loan?

How do law school loans work?

Types of law school loans

Federal student loans

Private student loans

Best ways to pay for law school

Federal and state grants

Scholarships

Personal savings

Law school loan

Income share agreements

Which law school student loan is right for you

Federal student loans

Private student loans

How to get a law school student loan with bad credit

FAQs about law school loans

How much can you borrow with a law school loan?

Do law school loans cover living expenses?

Can law school loans be forgiven?

What is the average student loan debt for a lawyer?

Is going into debt for law school worth it?

Methodology