6 Best Law School Loans: Compare Benefits

Pursuing a career in law is an exciting journey—and choosing the right law school loans can make your path even smoother. Law school requires a significant investment of time, energy, and money, but you can achieve your goals with some planning and the right financial tools.

This article reviews various lenders to ensure you find the best law school loan. Whether it’s federal or private loans, we’ll guide you through the choices to help you make an informed decision that supports your dreams of becoming a successful lawyer.

Lender	Best for	LendEDU rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5

Federal loans for law school

Incoming law school students can choose between federal and private student loans or take out both. Federal loans have fixed interest rates and extra benefits, such as income-driven repayment plans, loan forgiveness programs, and extended forbearance periods.

The first step to paying for law school is to maximize all federal student loans. To be eligible, you must complete the Free Application for Federal Student Aid (FAFSA) by the designated deadline. You’ll provide personal and financial information to determine if you qualify for federal loans.

There are two types of federal student loans for law students: Direct Unsubsidized Loans and Direct PLUS loans. Both offer federal benefits like income-based repayment and loan forgiveness.

Direct Unsubsidized Loans

With Direct Unsubsidized Loans, you can qualify for $20,500 per year. The interest rate for Direct Unsubsidized Loans is 8.08% for graduate or professional students. There is a loan origination fee of 1.057% currently charged for Direct unsubsidized loans.

Direct PLUS Loans

If you reach the Direct Unsubsidized Loan limit and still need more money, you can take out a Direct PLUS loan to fill the gap. The annual limit for a Direct PLUS loan is the cost of attendance minus other financial aid.

The interest rate for Direct Grad PLUS loans is 9.08%, with a loan origination fee of 4.228%. Many private student loan lenders offer competitive APRs with no loan origination fee, which could save you money. Weigh your options before deciding which loan to take.

Best private student loans for law school

Federal loans should be the first option you investigate when figuring out how to pay for law school because they offer set interest rates, various repayment options, and other benefits.

Still, take time to weigh the pros and cons of both. You may find some private law school student loans offer better interest rates and lower fees than some federal loans.

Below we offer our top picks for private law school loans.

College Ave

Best overall

5.0 _/5

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Why it’s one of the best

College Ave offers graduate loans that cover the full cost of attending law school with no application, origination, prepayment, or late payment fees. Borrowers with graduate degrees are given a nine-month grace period—longer than many lenders.

Aspiring lawyers can also defer loans during clerkship, so they can focus on building their careers instead of stressing about payments. College Ave also offers bar study loans to help recent law school graduates cover exam fees, test prep courses, etc., while preparing for the bar exam.

Choose from 20 repayment schedules
Defer payments during clerkship
Apply in just 3 minutes

Rates (APR)	4.17% – 14.47%
Loan amounts	Up to 100% of the cost of law degree
Repayment terms	5, 8, 10, or 15 years

Sallie Mae

Best for cosigners

4.8 _/5

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Why it’s one of the best

As one of the biggest student loan providers, Sallie Mae offers law students graduate school loans with fixed and variable interest rates. One of the most unique benefits of Sallie Mae’s law school loan is that it includes 48 months of deferment during your clerkship or fellowship.

Sallie Mae also offers a nine-month grace period; after that, you can make interest-only payments for 12 months. This provides more flexibility than most other lenders offer.

Defer payments for up to 48 months during your clerkship or fellowship
Lower interest rates when you make interest-only payments while in school
Cosigners can be released after 12 on-time payments are made

Rates (APR)	4.15% – 14.97% (with autopay discount)
Loan amounts	Up to 100% of school-certified expenses
Repayment terms	5 to 15 years

Earnest

Best for no fees

4.7 _/5

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Why it’s one of the best

Earnest offers law school loans with low interest rates and no origination or late fees. Borrowers can take five to 15 years to pay their loans back; this allows them to customize their monthly payments and repayment schedule.

Law school graduates are given a nine-month grace period before repayment begins, giving them time to plan the next stages in their careers. Earnest also allows borrowers to skip one payment a year without any penalty, offering flexibility when finances are tight.

Skip one payment per year if needed
No fees
Check your rate without affecting your credit

Rates (APR)	Starting at 4.17% (autopay w/ cosigner)
Loan amounts	Up to 100% total cost of attendance
Repayment terms	5 to 15 years

SoFi

Best for member benefits

4.7 _/5

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Why it’s one of the best

SoFi offers a wide range of financial services, including law school loans. Borrowers can take out loans up to 100% of the cost of attending law school, including tuition, books, and living expenses. SoFi charges no fees for loan origination, late payment, or early repayment.

SoFi offers competitive fixed and variable APRs with repayment terms of five, seven, 10, or 15 years. This allows you to customize repayment based on your financial situation, expected income, and future goals. A six-month grace period after graduation is provided to help you find your financial footing before beginning repayment.

No origination, prepayment, or late payment fees
Check rates without harming your credit
Cosigner release after 24 months of payments

Rates (APR)	4.19% – 15.86% (with autopay)
Loan amounts	Up to 100% total cost of attendance
Repayment terms	5, 7, 10, or 15 years

ELFI

Best for personalized support

4.5 _/5

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Why it’s one of the best

ELFI offers law school loans up to 100% of the certified cost of attendance, allowing borrowers to fully cover their educational expenses, including tuition, books, and living costs. There are no application, loan origination, or prepayment fees, allowing law school students to save money while funding their education.

You can choose to begin repayment while in law school to reduce the overall interest paid on your loans. If you decide to defer payments while in law school, you have a six-month grace period after graduation before loan repayment begins. Cosigner release is permitted after 12 months if you meet the financial requirements.

No fees for loan origination, prepayment, or late payment
6-month grace period before repayment begins
Cosigner release allowed after 12 on-time payments

Rates (APR)	Starting at 4.50%
Loan amounts	Up to 100% of school-certified expenses
Repayment terms	5, 7, 10 or 15 years

Expert’s take

Eric Kirste

CFP®

For many potential law school students, financing education may require a long-term commitment. This can include repaying student loans for up to 10 to 25 years. It is important to carefully consider all financial options before starting law school while attending and after graduation. These can significantly impact your student loan indebtedness and overall financial well-being.

What type of student loans should I take out for law school?

When choosing the best law school loans, prioritize Direct Unsubsidized Loans first. These typically offer lower interest rates and a wider range of repayment options than other loans without requiring a credit check. If more funds are needed, compare rates on Direct PLUS Loans versus private student loans.

The current rates on Direct PLUS Loans are 9.08%. If you or your cosigner have a good credit score and/or high income, you may qualify for a lower rate from a private lender. Of course, with private loans, you won’t be eligible for federal benefits such as loan forgiveness and income-based repayment, so weigh your options carefully before committing.

If you’ve exhausted all your federal loan options and still need funding, private student loans are a great way to fill in the gaps. Look for loans specifically geared toward law school students; these offer additional benefits such as deferment during your clerkship and longer grace periods before repayment begins.

Expert’s take

Eric Kirste

CFP®

Financing a legal education can be difficult, and most borrowers may incur a significant amount of debt in doing so. Being proactive in learning the different kinds of loans and about the career you want when making these decisions. Consider interest rates, origination fees, and everything else that will tack on to the total price tag during your due diligence. Consider as well the options you will have if you encounter a change or simply want to take a lower-paying public service legal job when deciding which type of loan to pursue.

Eligibility requirements for law school loans

To be eligible for Direct Unsubsidized Loans, you must be a U.S. citizen (or eligible non-citizen with a Social Security number) enrolled at least half-time in an accredited school. No credit check or cosigner is needed, but you must complete the FAFSA and provide the required personal and financial information to qualify.

To be eligible for Direct PLUS Loans, you must also complete the FAFSA and consent to a credit check, which must not show adverse events like a recent bankruptcy, repossession, foreclosure, or delinquent account. If you do have a negative event, you’ll need an endorser who agrees to repay if you default.

Credit requirements are much more rigorous for private law school loans. To qualify, you’ll need a good credit score—typically 650 or higher—plus verifiable income. Lenders will also check your debt-to-income ratio, which measures your ability to repay the loan based on your current income and debt load.

If you don’t meet these qualifications, you can ask a cosigner with a more stable credit history and income to help you qualify for the loan. In addition to credit requirements, you’ll also need to be a U.S. citizen or permanent resident enrolled at least half-time in an eligible institution.

Ask the expert

Eric Kirste

CFP®

Graduate-level students are generally considered independents, while undergraduates are not, and there are significant differences in both the federal and private loan spaces that you should be aware of as you explore your financing options.

Am I eligible for law school student loan forgiveness?

Depending on the type of loans you take out and your chosen career path, your law school loans may qualify for student loan forgiveness.

If you work for the government or a nonprofit, both Direct Unsubsidized and Direct PLUS loans can be forgiven after 120 qualifying payments. If you plan to work in a legal aid clinic or become a prosecutor or public defender, your loans could be forgiven after just 10 years.

If you intend to work in the private sector, you may still qualify for student loan forgiveness. Federal income-driven repayment plans offer loan forgiveness after 20 to 25 years of payments. Private lenders do not offer loan forgiveness—they must be repaid in full.

Expert’s take

Eric Kirste

CFP®

I strongly encourage all student loan borrowers to take full advantage of any and all available programs after graduating from law school to help alleviate the financial burden of student loan repayment. These programs include income-driven repayment plans, the Public Service Loan Forgiveness program, and if the school attended, any loan repayment assistance programs.

How to get loans for law school

Fill out the FAFSA. To qualify for federal student loans for law school, you must complete the FAFSA. Make sure to fill it out and send it by the school’s FAFSA deadline, which you can find on their financial aid website. FAFSA’s federal open enrollment begins October 1, with a deadline of June 30. You must submit it for every school year.
Wait for the results. It can take a couple of weeks to hear about your FAFSA results. The school should send you an award letter that shows how much you can take out in Direct Unsubsidized Loans.
Determine your financial needs. Calculate the total cost of attending law school, including tuition, books, and living expenses. Compare that to the unsubsidized loan amount you’ve been approved to determine how much more you need to borrow.
Evaluate loan options. You’ll now need to choose whether to take out Direct PLUS Loans or private loans. Check the rates, qualifications, and benefits for each option to determine which is the best choice for you.
Apply for a Direct PLUS Loan. If you choose to take on additional federal student loans, you’ll need to apply for those through the Student Aid website.
Compare private lenders. If private law school loans are your preferred option, look through the lenders mentioned above and apply with a couple to compare their loan offers, then select the best one. You’ll also need to complete this step if you don’t qualify for Direct PLUS loans or they don’t cover the full cost of attendance.
Sign the agreement. Carefully review the final loan terms and sign the required documents.

FAQ

Do law school student loans cover bar exam costs?

Law school loans are intended to help you pay for tuition and expenses while you earn your degree. If you have finished school and need additional funding to cover exam-related fees or living expenses while studying for the bar exam, check out our guide to bar study loans.

Do I need a cosigner for law school loans?

You never need a cosigner for federal student loans; most private lenders will not require a cosigner for law school loans. However, adding a cosigner can help you get a lower interest rate with a private lender.

The federal government will run a credit check if you take out Direct PLUS Loans. There is no minimum credit score, but if you have an adverse event on your credit report, you may be required to add an endorser, which is like a cosigner.

Do law school loans cover living expenses?

Law school loans aren’t just for tuition. Most financial aid options for law school students cover a variety of expenses, including living costs like room and board, transportation, and other personal expenses.

Each school calculates its total attendance cost, including tuition and living expenses like housing and transportation. The student loan money you receive will go toward tuition first, and you can use the leftover funds to pay for rent, groceries, bills, and more.

How much can I borrow with law school student loans?

The annual and aggregate borrowing limits depend on the type of loan and the specific lender. However, you can usually borrow up to the annual cost of attendance minus any other financial aid, such as grants and scholarships.

When does repayment on law school loans start?

Repayment depends on the type of loan. Federal loans and most private loans have a six-month grace period after graduation. You won’t have to make payments during that grace period, but interest will still accrue on your loan.

How we selected the best law school student loans

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of law school loans

Lender	Best for	LendEDU rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5