When searching for a law school loan, you can expect some serious lender benefits. Depending on the lender, some of these benefits include:
Before moving forward and filling out a loan application with one of our lenders, you may want to make sure you have completed all of these free options prior to applying for a law school loan. A few programs that you should look into would be:
If you have exhausted all of the above options, you can select one of the lenders above to work with or head over to our student loans page.
All law school students should first use the FAFSA to apply for federal financial aid. After maxing out Federal Direct unsubsidized loans, many students take out other types of law school student loans, such as the Federal Direct PLUS loans (which have a flat interest rate and a mandatory origination fee) or private law school loans (which typically have no fees, and rates that depend on your credit history).
Before applying for private student loans, it’s best to look at other sources of financial aid first and speak to someone in your school’s financial aid office. It’s recommended that you use a 4-step approach to get the funds you need:
To learn more about federal student loan programs, visit the U.S. Department of Education. You can also fill out a free application for federal student aid or FAFSA® here.
The best private student loans should give you a low-interest rate that will complement your federal financial aid. Keep in mind that you will accumulate interest on both federal student loans and private student loans over time.
Grad students (including those working on a law degree) are eligible to take out up to $20,500 in Federal Direct unsubsidized loans each year. Federal Direct PLUS loans and private student loans do not have a cap.
Federal Direct PLUS loans are offered by the government, while private loans are offered by private lenders. Federal PLUS loans are available through the FAFSA, and good credit history is not a qualification requirement. However, Federal PLUS loans do have a mandatory loan origination fee and a flat interest rate. Private student loans typically have no loan fees, and your interest rate depends on your credit profile or that of your cosigner if you have one.
Yes. You can borrow up to your law school’s total cost of attendance in loans. Cost of attendance typically includes money for living expenses such as off-campus housing and transportation.
Loans for bar exam expenses are more like personal loans than student loans. Bar loans have higher interest rates than student loans, and you usually cannot refinance them with your student loans.
You can take out unsubsidized federal student loans, federal PLUS loans, and private student loans to pay for law school. You should typically max out federal loans as a first option.