Best Law School Loans
Law school loans are a form of financing for those looking to attend law school. There are both federal and private options you can consider below.
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Becoming a lawyer can lead to a long and lucrative career, but you’ll need to explore all of your student aid options so you can make your education as affordable as possible.
This guide will help you learn all about law school loans, a specific type of graduate student loans, including which lenders we rated the best from our partners.
In this guide:
- Compare Law School Loans
- Federal Law School Loans
- Best Private Law School Loans
- Alternatives to Consider
- What if I’m Studying for the Bar Exam?
Compare Law School Loans
| Loan/Company | Rates (APR) | Loan Amount |
| Grad PLUS Loan* | 7.08% | Varies |
| College Ave | 1.79% – 9.75% | $1,000 – 100% |
| Earnest | Starting at 2.74% | $1,000 – 100% |
| Citizens Bank | 1.95% – 10.59% | $1,000 – $225,000 |
| LendKey | 3.10% – 11.24% | $1,000 – $160,000 |
| Ascent | 3.41% – 15.00% | $1,000 – $200,000 |
*This is a federal student loan.
Federal Law School Loans
If you’re wondering how to pay for law school, you should look into scholarships and grants first.
After maxing out interest-free financial aid, the next step is to get as much money from federal student loans as possible. You should max out your federal student aid before getting any other kinds of loans because federal loans tend to have lower interest rates, better loan repayment plans, and more options for borrower protection.
To qualify, you’ll have to complete the Free Application for Federal Student Aid (FAFSA). You should fill out the FAFSA even if you don’t think you’ll qualify for much aid as not all loans are need-based.
There are maximum limits to what you can borrow, and graduate students are usually limited to getting only certain federal loans such as Graduate PLUS Loans and Unsubsidized Direct Loans. Still, with these loans, you can choose from a number of repayment plans. Also, if you work in the public sector and you choose the income-based repayment plan, you could potentially qualify for Public Service Loan Forgiveness.
Best Private Law School Loans
Due to the limits set on federal aid, many students will need to turn to private loans to cover the remaining law school expenses.
Private student loans usually charge higher rates than federal loans, and you have less flexibility in your repayment options. However, these loans can offer the extra money you need to finish your degree, and some will even provide the funding necessary to cover course fees and the cost of living while you study for the Bar Exam.
Below you can learn more about our picks for the best law school loans offered by our partners.
Taking out a loan is always difficult to do, and it is also difficult to analyze future value for something that you may need a loan for. Regarding law school, I think it is a good idea if you are absolutely certain that you want to practice law, and you do not just want to go to law school because you hear a JD looks good on a resume.
Rocco Turzi, personal injury lawyer in Northern Virginia with law school loans
1) College Ave
Fixed Rates
4.49% – 9.95%
Variable Rates
1.79% – 8.89%
Loan Amounts
$1,000 – 100% of school-certified cost of attendance
LendEDU Rating: 5/5
College Ave is an online lender offering a variety of student loan products. One of the company’s graduate school offerings covers students entering or attending law school. For more information about College Ave’s law school loans, see below.
- Fixed APR: 4.20% – 9.75%
- Variable APR: 1.79% – 8.69%
- Loan Amounts: $1,000 – 100% of school-certified cost of attendance
- Repayment Terms: 5, 8, 10, 15, or 20 years
- In-school repayment options: Options include deferment, interest-only payments, $25 monthly payments, and full payments.
- Grace Period: 9 months
- Cosigner Release: After 24 consecutive on-time payments
- Unique benefits: No application, origination, prepayment, or late payment fees.
2) Earnest
Fixed Rates
As low as 4.39%
Variable Rates
1.24%
Loan Amounts
$1,000 – 100% of school-certified cost of attendance
LendEDU Rating: 4.8/5
Earnest offers both personal and student loans via their website. One of their student loan products is geared toward graduate students, including those attending law school. Here is more information about Earnest’s loans for law school:
- Fixed APR: Rates start at 4.39%
- Variable APR: Rates start at 2.74%
- Loan Amounts: $1,000 – 100% of school-certified cost of attendance
- Soft-Credit Check: You can see your rate with a soft credit check. Getting a loan takes a hard credit check.
- Repayment Terms: 5, 7, 10, 12, or 15 years
- In-school repayment options: Options include deferment, $25 monthly payments, monthly interest payments, and full payments.
- Grace Period: 9 months
- Cosigner Release: Earnest does not have any cosigner release options, but borrowers who are eligible to refinance can take out the new loan without a cosigner.
- Unique benefits: You can skip one payment per year.
3) Citizens Bank
Fixed Rates
4.59% – 10.07%
Variable Rates
1.42% – 9.58%
Loan Amounts
$1,000 – $225,000
LendEDU Rating: 4.4/5
Citizens Bank is one of the U.S.’s largest banks and online lenders. One of the company’s products is a student loan for those attending or entering law school. Here is some important information about Citizens Bank’s law school loans:
- Fixed APR: 4.45% – 10.59%
- Variable APR: 1.95% – 8.68%
- Loan Amounts: $1,000 – $225,000
- Soft-Credit Check: You can get a rate quote with a soft credit check. If you apply for multi-year approval, you can take out loans after your first year without a hard credit check.
- Repayment Terms: 5, 10, or 15 years
- In-school repayment options: Options include deferment, interest-only payments, and full payments.
- Grace Period: 6 months
- Cosigner Release: After 36 consecutive on-time payments
- Unique benefits: 0.25% autopay rate reduction, 0.25% loyalty rate reduction
4) LendKey
Fixed Rates
4.74% – 11.85%
Variable Rates
1.25% – 9.44%
Loan Amounts
$1,000 – $160,000
LendEDU Rating: 4/5
LendKey is an online platform connecting borrowers with banks and credit unions. The company has a uniform student loan product, which is available to those entering or attending law school. For more information on LendKey’s loans, see below.
- Fixed APR: 4.86% – 10.49%
- Variable APR: 3.84% – 10.56%
- Loan Amounts: $1,000 – $160,000
- Soft Credit Check: You can get a rate quote with a soft credit check.
- Repayment Terms: 5 years
- In-school Repayment Options: Options include $25 per month or a monthly interest payment.
- Grace Period: 6 months
- Cosigner Release: After 12 – 36 consecutive on-time payments
- Unique Benefits: No prepayment penalties
5) Ascent
Fixed Rates
6.64% – 11.92%
Variable Rates
5.71% – 11.17%
Loan Amounts
$1,000 – $200,000
LendEDU Rating: 4/5
Ascent is an online lender offering student loan products. The company’s Ascent Law Student Loan can be used to cover the costs of pursuing a law degree. Here is some more information:
- Fixed APR: 5.88% – 15.00%
- Variable APR: 5.20% – 14.18%
- Loan Amounts: $1,000 – $200,000
- Soft Credit Check: You can qualify and see your rate with a soft credit check.
- Repayment Terms: 5, 10, or 15 years
- In-school Repayment Options: Your options include monthly interest payments, monthly payments of $25, or deferred repayment.
- Grace Period: 9 months
- Unique Benefits: The company offers borrowers 1% cash back upon graduation.
Alternatives to Law School Loans
There are numerous law school scholarships and grants available to students. You should contact your school’s financial aid office to ask if the school or your state offers any funding for law school students.
>> Read More: Other types of student loans
What if I’m Studying for the Bar Exam?
Law school loans are intended to help you pay for tuition and expenses while you earn your degree. If you have finished school and you need additional funding to cover your living expenses or exam-related fees while studying for the bar exam, you should check out our guide to bar study loans.
Bottom Line: Find the Best Law School Loan for You
As you explore ways to pay for law school, remember you always want to borrow as little as possible and keep borrowing costs as low as possible. Start applying for scholarships early, submit your FAFSA right away, max out federal loans, and shop carefully for private lenders so you don’t take on any more debt than you need to.
>> Read more: Refinancing Law School Loans: Top Lenders & Tactics to Consider
