While studying law could lead to a lucrative legal career, it can also be expensive. The average law student graduates with $130,000 in student loan debt, according to the American Bar Association (ABA). Additionally, many new lawyers end up with lower annual incomes than their total loan balances, which can make it difficult to repay the debt.
Average law school debt
Here’s a look at the average law school debt and earnings for graduates nationwide, according to data reported by the ABA and the Bureau of Labor Statistics:
- Average law school debt: $108,000
- Average education debt after law school: $130,000
- Median salary with a law school degree: $127,990
- Average salary with a law school degree: $148,030
- Average time to repay law school debt: 20-25 years
Before you attend law school, it’s important to understand the full cost involved so you can make the right decisions with your finances. In general, lawyers graduate with higher student loan debt balances than their incomes, which leads to longer repayment times.
Average law school debt by year
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The chart above shows average total education debt for law school graduates is:
- For the class of 1999-2000: $57,500
- For the class of 2019-2020: $130,000
That’s an increase of 126%, without adjusting for inflation.
Keep in mind that total education debt includes both law school and pre-law debt taken on to earn a bachelor’s degree. Excluding pre-law debt and looking only at loans taken out for law school, average law school debt at graduation averaged:
- For the class of 1999-2000: $51,800
- For the class of 2019-2020: $108,000
That’s an increase of 108%, without adjusting for inflation.
See More: U.S. Student Loan Debt Statistics
Cost to repay law school debt
Law school students take on far more debt than other grad students. The cost to repay law school debt depends primarily on three factors:
- The interest rates on your loans.
- How how long it takes you to pay your loans back.
- Whether you’ll qualify for loan forgiveness.
Tip: One way to potentially reduce your overall repayment costs is through refinancing. If you qualify for a lower interest rate, you could save money on interest charges and even pay off your loans faster.
Keep in mind that while you can refinance both federal and private student loans, refinancing federal student loans will cost you access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs.
Interest rates on law school loans
If you're taking federal student loans for pre-law and law degrees, there are three interest rate tiers — one for undergraduates, one for graduate students, and one for PLUS loans. Many lawyers have all three types of loans by the time they graduate from law school.
These are the rates on federal student loans for law school students in the 2024-25 school year:
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Direct Subsidized and Unsubsidized Loans for undergraduates | | |
Direct Unsubsidized Loans for graduates | | |
Direct PLUS Loans for parents and graduates | | |
Typical loan balances and interest rates for law school grads
Graduate and professional students are allowed to take out a lifetime total of $138,500 in Direct Subsidized and Unsubsidized Loans. Keep in mind that the annual borrowing limit for grad students on these more affordable loans is $20,500.
What this means is that students earning a law degree in three years will be able to borrow no more than $61,500 in Direct Unsubsidized Loans for grad students. After this, law students will need to consider costlier Grad PLUS Loans or private student loans to cover their unmet funding needs.
Tip: If you’re wondering how competitive your loan is, the loan score tool below can help. Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.
Check out: Best Law School Loans
Percentage of grads passing the bar
Graduating from law school is only one hurdle on the path to becoming a lawyer. New law school graduates must also pass the bar exam in the state where they’d like to practice law in order to start their careers.
The bar is a notoriously difficult exam, but the good news is 79.86% of first-time bar exam takers passed it in 2021, according to the American Bar Association.
Unfortunately, taking the bar exam could also add to your debt. The exam itself can cost anywhere from $100 to $1,300 or more, according to JD Advising. Additionally, many exam takers will need to pay for a prep course that could cost upward of $4,000, as well as the cost of lodging for the multi-day exam.
Tip: Law school graduates who fail the bar on their first try have the option to take the test again. In some cases, the cost to retake the bar exam is lower than the first-time fee. However, you might end up paying a higher fee if you are already licensed and need to take the bar to practice in another state.
If you need help paying for the bar exam and its associated expense, a bar exam loan could be a good option. This is a type of personal loan specifically designated to help cover bar exam costs.
Before taking out a bar exam loan, it’s important to consider as many lenders as possible so you can find the right loan for you. Here are a couple of Credible’s partner lenders that offer bar exam loans:
Lenders that offer bar exam loans | | |
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| $1,000 - $16,000
($300,000 aggregate loan limit) | |
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Compare rates without affecting
your credit score. 100% free!
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Average earnings with a law school degree
While graduating with six-figure education debt isn’t ideal, many lawyers are able to earn a high annual salary that’s nearly equal to their total debt. According to the latest figures from the Bureau of Labor Statistics, lawyers earned the following in 2021:
- Median: $127,990
- Average: $148,030
Earnings with a law school degree
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Management of companies and enterprises | |
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The chart above highlights that lawyers who work for state and local governments can expect to earn less than the average law school graduate. Working for the federal government can provide a more generous salary.
Landing a job with a law firm as a provider of legal services, or as a member of a company or enterprise legal staff, often provides the biggest paycheck.
Students who take on debt that doesn’t exceed their annual earnings will have the easiest time repaying their loans. The chart above shows that among the nation’s 20 biggest law schools, the average debt-to-annual-income ratio can be much higher than the ideal of one or less.
Law school vs. other graduate programs
While studying law can lead to a fulfilling career for many, it’s not your only option for graduate studies. If you’re considering other career options, it’s important to consider how much other programs cost. Here’s how law school debt stacks up against other degree types:
| Average student loan debt |
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Masters of Business Administration (MBA) | |
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How to pay off law school debt
Some lawyers may be able to land a high-paying job right out of law school that will easily allow them to pay off their student loan debt. But that isn’t the case for all new lawyers, especially those who choose a career in public service.
If your debt-to-income ratio is high, you might wonder how you will ever be able to pay off your law school debt. Thankfully, there are a few options available that could help you more easily manage your debt.
1. Qualify for loan forgiveness
Pursuing PSLF could be a good idea for federal student loan borrowers who plan to work as public defenders or prosecutors or to work for nonprofit organizations that provide legal services to underserved communities.
Under this program, you could have your loans forgiven after working for an eligible employer and making qualifying payments for 10 years.
Tip: There are also several other law school loan forgiveness and assistance programs available that could help you get some or all of your loans forgiven.
2. Choose a repayment plan
In addition to the 10-year standard repayment plan, there are also several federal student loan repayment options available, including:
- Graduated repayment plan: On this plan, your payments will start low and increase every two years. This could be helpful if you expect your income to rise over time.
- Extended repayment plan: This type of plan lets you extend your repayment term up to 25 years, which could reduce your monthly payments. You can choose between a standard extended repayment plan with fixed payments or a graduated repayment plan that starts with lower payments that gradually increase. Also keep in mind that you’ll pay more in interest over time by extending your repayment term.
- Income-driven repayment plan: With this kind of plan, your payments are based on your income — typically 10% to 20% of your discretionary income. Additionally, any remaining balance could be forgiven after 20 to 25 years, depending on the plan you choose.
If you’re wondering how long it’ll take to pay off your student loans, enter your current loan information into the calculator below to find out. Use the slider to see how increasing your payments can change the payoff date.
3. Refinance law school debt
In some cases, it might be a good idea to refinance your law school debt — however, this isn’t the right choice for everyone. If you’re thinking about refinancing your loans, here are some possible benefits to keep in mind:
- Might get a lower interest rate: Depending on your credit, you might qualify for a lower interest rate through refinancing. This could save you money on interest and even help you pay off your loans faster.
- Could reduce your payments: If you opt to extend your repayment term through refinancing, you could lower your monthly payments and lessen the strain on your budget. Just remember that this also means you’ll pay more in interest over time.
- Can combine multiple student loans: It can be difficult to keep track of multiple student loans with different payments and interest rates. Through refinancing, you can combine your loans — leaving you with just one loan and payment to manage. You also have the option to refinance all or just some of your loan balance.
And here are a few drawbacks to think about:
- Loss of federal benefits: If you refinance federal student loans, you’ll no longer have access to federal benefits or protections — including income-driven repayment plans and student loan forgiveness programs.
- Lack of repayment options: Private refinanced loans don’t offer the variety of repayment options that come with federal student loans. For example, you generally won’t be able to sign up for an income-driven or extended repayment plan.
- Fewer options for poor or fair credit: Most law school loan refinance companies require borrowers to have good to excellent credit to be eligible for refinancing — a good credit score is usually considered to be 700 or higher. There are also several lenders that offer refinancing for bad credit, but these loans usually come with higher interest rates compared to good credit loans.
Tip: If you’re struggling to get approved for refinancing, consider applying with a cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you decide to refinance your law school loans, remember to consider as many lenders as you can to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
Advertiser DisclosureOverview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
$10,000 up to total refinance amount
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit.
Although the lender doesn't disclose the minimum credit score to quality, borrowers and cosigners must have an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
cons
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Minimum income
For loan balances below $100,000, the income requirement is $30,000; over $100,000, the income requirement is $50,000.
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in the U.S.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Overview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Loan Amounts
$10,000 up to total refinance amount
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit.
Although the lender doesn't disclose the minimum credit score to quality, borrowers and cosigners must have an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
cons
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Minimum income
For loan balances below $100,000, the income requirement is $30,000; over $100,000, the income requirement is $50,000.
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in the U.S.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!
Compare NowMatt Carter contributed to the reporting of this article.
Meet the expert:
Emily Guy Birken
Emily Guy Birken is an authority on student loans and personal finance. Her work has been featured by MSN Money and MarketWatch.
