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Best law school loans in November 2022

Sarah Li Cain is an experienced content marketing writer specializing in FinTech, credit, loans, personal finance and banking. Her work has appeared in Fortune 500 companies, publications and startups such as Transferwise, Discover, Bankrate, Quicken Loans and KeyBank. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. As of November 13, 2022 Bankrate logo The Bankrate promise At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Bankrate's picks for 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. A law school loan is borrowed money that helps you pay for tuition, fees, housing, books and more. The average law school graduate in student loan debts by graduation. That's why it's important to choose a loan with an interest rate and repayment terms that work for your budget. Both federal and private loans are available to you. Graduate student borrowers pay rates of 6.54 percent or 7.54 percent on federal loans, while private lender rates range from about 4 percent to 16 percent. The rates private lenders offer you depend on your income, credit score and other factors.

How to apply for a law school loan

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 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

2

Get prequalified with private lenders

3

Apply

4

Sign loan documents

How to choose the best lender

1

Consider federal student loans first

2

Prequalify with private lenders

3

Compare interest rates and terms

4

Look at unique features

On this page

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Founded in 1976 as the Bank Rate Monitor, a print publisher for the banking industry, Bankrate has a long track record of helping people make smart financial decisions. We've maintained this reputation over four decades by prioritizing facts and experience over hype and hearsay, and quickly responding to economic trends that offer our users a more relevant experience.

From our product comparison tools to award-winning editorial content, we provide objective information and actionable next steps to help you make informed decisions. It's why over 100 million people put their trust in us every year. Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.Definition of terms Apply

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Answer a few questions in two minutes or less to see which student loans you pre-qualify for. It's free and will not impact your credit score.The Bankrate scoring system evaluates lenders' affordability, availability and customer experience based on 11 data points selected by our editorial team.An annual percentage rate (APR) represents the interest and fees you'll pay on top of your initial amount every month. A fixed rate will not change during your repayment period.The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. 4.6Bankrate Score4.50- 14.83with AutoPay Term: 10-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompetitive variable and fixed interest ratesNo origination fee or prepayment penaltyInterest, $25 Fixed, or Deferred Repayment Options Apply on partner site4.7Bankrate Score3.99- 13.50with AutoPay$5k- $500kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewEasy online application!No origination fees, late fees, and no insufficient fund fees. PeriodFlexible repayment options to help you find the right loan for you0.25% discount when you set up autopay*Apply on partner site4.1Bankrate Score3.65- 15.75with AutoPay$1k- $400kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompare real, pre-qualified rates from up to 10 lenders in under 2 minutesNo hidden fees, origination fees or prepayment penaltiesChecking your rates won't affect your credit scoreVariable rates will fluctuate over the term of the borrower's loan with changes in the LIBOR rate. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.Apply on partner site4.5Bankrate Score3.99- 14.96with AutoPay$1k- $500kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewCompetitive fixed and variable rates starting at 2.99%*Four different repayment optionsChoice of loan terms (5, 8, 10, and 15 years)*No application, origination or disbursement feesBorrow up to 100% of your school's cost of attendance**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.
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. Variable rates may increase after consummation.
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. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 10/20/2022. 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.Apply on partner siteINCOME BASED REPAYMENTIncome-Based Repayment (IBR) is a student loan repayment program that regulates the monthly repayment amounts based on a percentage of one's gross earned income for a set period of time. IBRs are an alternative to traditional private student loans. Income Based Repayment - No Cosigner Required Get approved in minutes. Pre-qualify without affecting your credit score.See offersArrow Right Offer DetailsLender InfoBankrate's ViewNo cosigner requiredGet approved in minutesPre-qualify without affecting your credit scoreIncome-based repayment with built-in protections, like deferred payments if you lose your jobNo in-school payments. Monthly payments only begin when you land a job grossing at least $30,000 yearly.Never pay more than the maximum payment cap. Edly Student IBR Loans are unsecured personal student loans originated by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. Loans from $5,000 - $20,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan. About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. Apply on partner site4.3Bankrate Score3.99- 12.78with AutoPay$1k- $350kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewLower rates based on your future potential and full financial profile, not just your FICO scoreFlexible terms that let you pick your exact monthly paymentLifetime service provided in-house. Unlike other lenders, we will never pass you off to third-party servicersNo fees for origination, prepayment, or loan disbursementTwo-minute rate check with no obligation at www.earnest.comActual rate and available repayment terms will vary based on your income. Fixed rates range from 4.24% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 3.83% APR to 12.53% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.Apply on partner site4.0Bankrate Score3.99- 10.32with AutoPay$1k- $500kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's View2-Minute rate check with no impact on your credit scoreNo origination fees or prepayment penaltiesNetwork of 300+ community lenders means higher chances for approval and lower ratesAvailable for private and federal, undergraduate and grad school student loans0.25% Interest Rate Reduction with automatic paymentsOne of the largest unemployment protection offers in the market; up to 18 monthsCosigner release available after 12 monthly paymentsLoan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender's credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender's eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.Apply on partner siteBEST WITH CO-SIGNERAdding a co-signer increases loan approval likelihood and could help you borrow more money or get a lower interest rate – meaning lower monthly payments & less interest paid over the life of the loan. 4.4Bankrate Score5.99- 12.90with AutoPay$1k- $350kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewWith the most options of any lender, we'll help you find a great way to pay for collegeNo application, origination or disbursement feesMulti-year approval provides a simple way to secure funding for additional years in school†Interest rate discounts available.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 October 1, 2022, the 30-day average SOFR index is 2.38%. 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 for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include Loyalty and Automatic Payment discounts of 0.25 percentage points each. Subject to additional terms and conditions and may change at any time without notice. Such changes apply to applications taken after effective date of change.
Apply on partner site4.2Bankrate Score3.21- 11.99$1k- $500kTerm: 5-15 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewPrequalify to estimate your rate without affecting your credit score,Submit online application in minutes,No application fees, origination fees, or prepayment penalties,Low rates and flexible repayment terms to fit your needs and goals,Student Loan Advisor to guide you through the application processThe interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.Apply on partner site4.5Bankrate Score4.12- 15.75$3k- $20kTerm: 5-20 yr See offersArrow Right Offer DetailsLender InfoBankrate's ViewNo cosigner required, ever.Up to $15,000 per academic yearNo origination fees. No application fees. No late payment fees. No prepayment penalties.0.5% autopay discountCheck rate without impacting your creditEarn rewards through our Borrower Referral Program Close X

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

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The best law school student loans in November 2022

LENDER APR LOAN TERMS MIN. LOAN AMOUNT MAX. LOAN AMOUNT BEST FOR Federal grad PLUS loan Fixed: 7.54% Standard repayment term is 10 years Not specified 100% cost of attendance Overall loans Fixed: 4.50% – 12.85% (with autopay); Variable: 4.25% – 12.13% (with autopay) 5 to 15 years $1,000 100% cost of attendance Overall private loans Fixed: 4.19% - 12.78% (with autopay); Variable: 3.79% - 10.19% (with autopay) Not specified $1,000 100% cost of attendance Flexible repayment options Fixed: 5.25% – 14.47% (with autopay); Variable: 4.50% – 14.10% (with autopay) 15 years $1,000 100% total cost of attendance Part-time students Fixed: 4.24% – 12.98% (with autopay); Variable: 3.49% – 12.98% (with autopay) 5 to 20 years $1,000 $150,000 Competitive rates Fixed: 5.99% – 10.09%; Variable: 5.99% – 10.00% 5 to 15 years $1,000 $225,000 Multiyear funding Fixed: 5.12% – 15.75% (with autopay); Variable: 4.39% – 13.65% (with autopay) 7 to 15 years $2,001 $400,000 Loans with a long grace period Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.73% –6.28% Loan amount: $0– $500,000 Term lengths: 10 to 10 years Min. annual income: $0 Overview: Federal Direct grad PLUS loans offer loans up to the entire cost of attendance (minus any aid you receive) and a variety of generous repayment options. Why federal grad PLUS loans are best overall: Borrowers should evaluate their federal student loan options before turning to private lenders. These loans offer benefits like alternative repayment plans, extensive deferment and forbearance and the possibility of loan forgiveness.

Pros & Cons

Pros

Income-driven repayment plans. Opportunities for loan forgiveness. Credit score does not determine rates.

Cons

Loan fees. Entrance counseling required. May charge a higher interest rate than that of private lenders.

Eligibility & More

Borrowers will be charged a loan fee of 4.228 percent. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.99% –13.5% Loan amount: $5,000– $500,000 Term lengths: 5 to 15 years Min. annual income: $0 Overview: 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, low rates and a plethora of member benefits, SoFi makes it easy for borrowers to get and repay law school loans.

Pros & Cons

Pros

Access to financial advisors and career coaching. Zero fees. Several opportunities for discounts.

Cons

Doesn't disclose minimum credit score or income. Relatively short grace period of six months. High rate caps.

Eligibility & More

SoFi does not charge any fees. Check rate with Bankrate Min. credit score: 650 Fixed APR From: 3.99% –12.78% Loan amount: $1,000– $350,000 Term lengths: 5 to 20 years Min. annual income: $35,000 Overview: 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 & Cons

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.

Eligibility & More

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. Check rate with Bankrate Min. credit score: 639 Fixed APR From: 4.5% –14.83% Loan amount: $1,000– $500,000 Term lengths: 10 to 15 years Min. annual income: $0 Why Sallie Mae is best for part-time students: Sallie Mae is unique in that it offers law school loans to students who are enrolled less than half time.

Pros & Cons

Pros

Loans for part-time students. Nine-month grace period Co-signer release after 12 on-time payments.

Cons

No loan prequalification. Only one repayment term option. Certificate and continuing education coursework not eligible.

Eligibility & More

To be eligible for a Sallie Mae loan, borrowers must be U.S. citizens or permanent residents or have a co-signer who is a U.S. citizen or permanent resident. Borrowers must be attending a JD program at a participating degree-granting school. Sallie Mae has credit requirements, but it does not disclose a specific number. Sallie Mae charges a 5 percent fee for late payments, up to $25, and returned payments may be charged a fee of up to $20. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 3.99% –14.96% Loan amount: $1,000– $500,000 Term lengths: 5 to 15 years Min. annual income: $35,000 Overview: 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 & Cons

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.

Eligibility & More

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. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 5.99% –12.9% Loan amount: $1,000– $350,000 Term lengths: 5 to 15 years Min. annual income: $12,000 Overview: 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 & Cons

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.

Eligibility & More

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. Check rate with Bankrate Min. credit score: Not disclosed Fixed APR From: 4.12% –15.75% Loan amount: $3,000– $20,000 Term lengths: 5 to 20 years Min. annual income: $0 Overview: 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 & Cons

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.

Eligibility & More

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

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 after 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.

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 Grad PLUS Loans Fixed rate (2022-2023) 6.54% 7.54% Fee 1.057% 4.228% Aggregate maximum limit $138,500 Full cost of attendance Credit requirements None No adverse credit history If you have a spotty 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 don't have much credit history or poor credit because all borrowers receive the same credit rate. To qualify for federal student loans, you'll have to fill out the . Applications for the 2023-24 FAFSA , and . However, some institutions and states have their own deadlines, so check when yours is due. You can receive federal student loans through the FAFSA as long as you are a U.S. citizen or eligible noncitizen. DACA students are not eligible, though they can still 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, only your own. Be prepared to . If you experience a major financial change after you've submitted, you may be able to 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 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.However, private student loans lack some of the benefits of federal loans, such as loan forgiveness programs and forbearance options.

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: Federal and state grants: The federal government, many states and some organizations offer that do not need to be repaid. Scholarships: Like grants, do not need to be repaid. Some scholarships are based on financial need, while others are merit-based. Some are . Personal savings: 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 before you need to withdraw them. Law school loan: 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.

How to apply for a law school loan 

You'll apply for a law school loan in the same way that you'll apply for any other student loan. If you're applying for a federal loan to help with the cost of law school, you'll apply through the (FAFSA). If you're applying for a private student loan, you can typically do so on the lender's website. Lenders often provide prequalification, so you'll get an idea as to whether or not you meet the approval requirements before you submit a full application. When applying for a law school loan, you'll need to provide details about your school, personal information like your Social Security number, proof of income, proof of employment and any relevant details about your co-signer, if applicable.

Which law school student loan is right for you

If you've exhausted free aid opportunities and still need money for school, loans The right choice for you 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. You want to pursue loan forgiveness. Only federal Direct Loans can be forgiven through the . Additionally, if you work for the Department of Justice, you may qualify for the . You want varied repayment options. Federal student loans' standard repayment term is 10 years. With an 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 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 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 - allow 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 , 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 , 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 .

Frequently asked questions 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.

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 , 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 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.