Best Law School Loans

Law school is an exciting next step—but it’s also a huge investment. The average law school graduate finishes with around $130,000 in student loan debt, and depending on your repayment plan and career path, it could take 10 to 25 years to pay it off. Many students also need additional loans to cover bar exam expenses after graduation. It’s a big commitment, but the right loans can make it more manageable—and help you focus on building the career you’ve worked so hard for.

In this guide, we’ll walk you through the best law school loan options, from federal loans to private lenders. Whether you’re just starting to explore your financing options or finalizing your plans, we’ll help you find a loan that supports your goals and fits your future.

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

Table of Contents

1. Federal loans for law school
2. Best private loans for law school
   1. College Ave
   2. Sallie Mae
   3. Earnest
   4. SoFi
   5. ELFI
3. How to choose the best law school loans
4. Do law school loans cover the bar exam?
5. How long does it take to pay off law school debt?
6. How to qualify for law school student loans
7. How to take out loans for law school
8. FAQ

Federal loans for law school

If you’re planning to finance your law degree, the smartest first step is to explore your federal student loan options first. Federal student loans offer fixed interest rates, flexible repayment plans, and borrower protections like income-driven repayment and loan forgiveness.

Law school students have two types of federal loans to choose from: Direct Unsubsized Loans and Direct PLUS Loans. Here’s a quick comparison of the two.

Detail	Direct Unsubsidized Loan	Direct PLUS Loan
Annual limit	$20,500	Up to full cost of attendance (minus other aid)
Interest rate (fixed)	8.08%	9.08%
Origination fee	1.057%	4.228%
Credit check?	No	Yes

To qualify for federal loans, you’ll need to complete the Free Application for Federal Student Aid (FAFSA) by your school’s deadline. Once your FAFSA is processed, you’ll find out how much you’re eligible to borrow through federal student loans.

We recommend law students max out Direct Unsubsidized Loans before any other loan type. These loans allow you to borrow up to $20,500 per year at a fixed interest rate of 8.08% (with a 1.057% loan origination fee). They loans offer the best balance of cost and flexibility for most students, and don’t require a credit check.

However, because law school is expensive, many students find that unsubsidized loans alone aren’t enough. If you need additional funding, Direct PLUS Loans are federal loans that also offer repayment benefits and fixed rates, but they have higher interest rates and fees, and require a credit check.

Because of this, we recommend carefully comparing Direct PLUS Loans and private student loans to choose the best option. If you or your cosigner have excellent credit, you could qualify for a private student loan that offers a lower rate and fewer fees than you would get with a Direct PLUS Loan.

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. 

Best private loans for law school

Private loans don’t offer the same repayment protections as federal loans, but they can sometimes provide lower interest rates, no origination fees, and borrower perks that make them a strong alternative to Direct PLUS Loans.

Some lenders even offer law school–specific benefits, like deferment during clerkships and longer grace periods after graduation. Below, we highlight our top picks for the best private law school loans available today.

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

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.

How to choose the best law school loans

Choosing the best law school loans isn’t just about finding the lowest interest rate—it’s about finding the right fit for your financial future and career goals.

As we mentioned, we recommend starting by maximizing federal loans, particularly Direct Unsubsidized Loans. These offer fixed rates, flexible repayment options, and access to federal protections like income-driven repayment and forgiveness programs. For many students, these benefits outweigh slightly higher interest rates compared to some private loans.

However, your career plans can—and should—factor heavily into your decision:

• If you plan to work in the public sector—such as a government agency, public defender’s office, or nonprofit legal organization—you could qualify for Public Service Loan Forgiveness (PSLF). PSLF forgives the remaining balance on your federal student loans after 120 qualifying payments (about 10 years), which could save you tens of thousands of dollars. In this case, sticking with federal loans, even at a higher interest rate, is often the smarter long-term move.
• If you plan to work in the private sector—such as a law firm or corporate legal department—you might not qualify for PSLF, and your income may allow you to aggressively repay your loans. In that case, it could make sense to compare private student loans carefully. If you or your cosigner have strong credit, you may find private loans with lower interest rates and fewer fees than federal Direct PLUS Loans.

If you need to borrow beyond the federal Direct Unsubsidized Loan limits, weigh the costs and benefits of Direct PLUS Loans versus private loans. Private lenders don’t offer federal protections, but they can sometimes offer significant savings if you qualify for a lower rate.

👉 Key takeaway: Your law school loan strategy should match your future career. Public sector path? Prioritize federal loans for forgiveness opportunities. Private sector path? Compare all options to minimize your costs.

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. 

Do law school loans cover the bar exam?

Law school loans are designed to cover the cost of earning your degree, including tuition, fees, books, and living expenses while you’re enrolled. However, they typically do not cover costs associated with the bar exam after you graduate.

Expenses like bar exam registration fees, bar review courses, and living expenses while you study for the exam often require additional funding. If you need help covering these costs, you may want to consider taking out a bar study loan.

Bar study loans are private student loans specifically intended for recent law graduates preparing for the bar exam. They can be used to pay for things like prep courses, exam fees, and living expenses during your study period. Several lenders—including some of the ones we highlight in this guide—offer bar study loans with flexible repayment options.

If you think you’ll need help paying for bar exam expenses, it’s a good idea to plan ahead and factor that into your overall borrowing strategy while you’re still in school.

How long does it take to pay off law school debt?

The time it takes to pay off law school debt depends heavily on your total loan balance, your repayment plan, and your career path.

Under the standard 10-year repayment plan for federal student loans, many borrowers aim to pay off their loans within a decade. However, because law school debt is often high—averaging around $130,000—many graduates extend their repayment period by enrolling in an income-driven repayment (IDR) plan. These plans can stretch repayment to 20 or 25 years, depending on the specific program, and forgive any remaining balance at the end of the term.

Graduates working in public service roles may qualify for PSLF, which forgives remaining federal loan balances after 10 years of qualifying payments under an income-driven plan.

If you refinance your law school loans with a private lender, you may be able to choose repayment terms anywhere from five to 20 years. Shorter terms typically come with lower interest rates but higher monthly payments, while longer terms can make payments more affordable but increase the total interest you pay over time.

👉 In short:

• Fast payoff (5–10 years) is possible with high income and aggressive repayment.
• Standard repayment is typically around 10 years.
• Income-driven plans or public service paths can extend repayment to 10–25 years, with possible forgiveness.

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.

How to qualify for law school student 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.

How to take out loans for law school

1. 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.
2. 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.
3. 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. 
4. 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. 
5. 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. 
6. 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. 
7. Sign the agreement. Carefully review the final loan terms and sign the required documents.  

FAQ

Can you get fixed rate law loans?

Yes, both federal and private lenders offer fixed-rate law school loans.

Federal student loans—including Direct Unsubsidized Loans and Direct PLUS Loans—always come with fixed interest rates. This means your rate will stay the same for the life of the loan, making your monthly payments predictable even if market rates rise.

Private law school loans often give you a choice between fixed and variable rates. With a fixed-rate private loan, your interest rate and monthly payments remain stable over time. This can provide peace of mind and make budgeting easier, especially if you expect to take several years to repay your loans.

When comparing loan options, be sure to look closely at the interest rate type. Fixed rates are generally a good choice if you want consistent payments and protection against future interest rate increases.

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