Law school is expensive, and most students need to borrow to cover the cost. According to a 2024 survey from the American Bar Association, 85% of recent law school graduates took out student loans to pay for their J.D., and the median amount borrowed was $112,500.
Federal student loans are usually the best option for law school because they offer flexible repayment plans and the potential for forgiveness. But if you have strong credit, a private law school loan could offer a lower interest rate. Private lenders like Ascent and College Ave stand out as the best private student loans for law school, due to their competitive rates and extended grace periods.
This guide covers how to find the best law school loans and what to consider before you borrow.
Current private student loan rates
Best private student loans for law school
Ascent: Best for No-Cosigner Loans
Min. Credit Score
Does not disclose
Variable APR
5.01 - 14.67%
Loan Amount
$2,001 to $400,000
Doesn’t charge application fees or origination fees
Offers discounts of 0.25 to 1 percentage points when using automatic payment
Can get a 1% cash-back reward after you graduate
Grace periods from 9 to 36 months
May find lower interest rates with some competitors
International students don’t have option to release cosigners
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners on loans for international students do not qualify.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Nelnet Bank: Best for Competitive Rates
Min. Credit Score
Mid to high 600’s FICO
Loan Amount
$1,000 to $500,000
Rates are competitive for borrowers or cosigners with strong credit
Rate discount of 0.25 percentage points for autopay
Cosigners can be released after 24 on-time payments
Offers deferment and payment assistance programs
Charges fees for late payment and insufficient funds
Doesn’t guarantee deferment and forbearance options
Overview
Nelnet Bank (Member FDIC) provides private student loans at competitive rates for undergraduate, graduate, and health professional degrees. You'll need a FICO credit score in the mid to high 600s to qualify. Borrowers with bad credit can apply with a cosigner, which may help them qualify and could reduce their interest rate.
Cosigners on Nelnet student loans can be released after 24 consecutive on-time payments (see disclaimer). You can also get a 0.25% interest rate reduction when you sign up for automatic payments (see disclaimer). There are no loan origination or application fees, but Nelnet does charge fees for late payments of insufficient funds.
Loan terms
5,10,15* (IO, Deferred, Immediate)
Loan amounts
$1,000 to $125,000 for undergraduate, $1,000 to $175,000 for graduate, $1,000 to $500,000 for graduate health professions
Eligibility
All states and US Territories
College Ave: Best for Extended Grace Periods
Min. Credit Score
Does not disclose
Variable APR
4.44 - 17.99%
Loan Amount
$1,000 up to 100% of the school-certified cost of attendance
Term
5, 8, 10, 15 (20 for health professionals)
Rate discount of one-quarter of a percentage point for using autopay
Does not charge origination or application fees
Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
Parents borrowers are required to pay at least the interest while the student is in school
Cosigners not eligible for release until at least half the repayment term of the loan is completed
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Sallie Mae: Best for Specialized Loans
Min. Credit Score
Does not disclose
Variable APR
4.54 - 14.71%
Loan Amount
$1,000 up to 100% of school-certified cost of attendance
Can borrow up to school-certified cost of attendance
No prepayment or origination fees
Loans available to noncitizens with an eligible cosigner
Cosigner release after 12 on-time payments
No parent loan options
No option to check your rates through prequalification
Loan terms not disclosed until after you apply
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
SoFi: Best for Member Perks
Min. Credit Score
Does not disclose
Loan Amount
$1,000 to $100,000
Top customer service ratings
Valuable member benefits
No fees policy
No disclosed credit or income requirements
Shorter repayment terms than some lenders
Cosigner release requires 2 years of on-time payments
Overview
SoFi offers fixed- and variable-rate student loans to help undergraduate, graduate, and professional students and parents of students finance their education. These loans can cover up to the total cost of attendance, with a minimum loan of $1,000. Students must be enrolled at least half-time in a degree-seeking or graduate-certificate program at an eligible school and a U.S. citizen, permanent resident, or non-permanent resident alien.
SoFi has multiple repayment plans, allowing students to pick terms that best fit their financial situations, with cosigner release after 24 months of consecutive on time payments. Cosigners in Colorado, Connecticut, and Maine are eligible for release after 12 months. Borrowers can choose between fixed and variable rates, with the option to reduce rates by 0.25% when enrolling in automatic payments. They can also qualify for a 0.125% interest rate discount on subsequent loans with SoFi's Continuing Scholar Discount. Plus, a $250 cash bonus with a 3.0 GPA or higher for full-year loans or $100 cash back for single-semester loans.
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half-time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may be eligible with a cosigner.
ELFI: Best for flexible repayment
Variable APR
5.00 - 13.97%
Loan Amount
$1,000 up to cost of attendance
Receive support from a dedicated Student Loan Advisor
Transparent credit and income requirements
Doesn't require full-time enrollment
Flexible repayment terms
Must be enrolled in a bachelor’s degree program or higher
Cosigners can’t be released from the loan
No autopay rate discounts available
Overview
ELFI a division of Tennessee-based SouthEast Bank, offers private student loans and refinancing for undergraduates, graduates, and parents. Borrowers can take out loans starting at $1,000, with options up to the full cost of attendance at their school.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. Borrowers can choose from multiple repayment terms and benefit from competitive interest rates and support from a dedicated Student Loan Advisor. However, ELFI doesn't offer cosigner release or rate discounts, which may limit flexibility for some borrowers.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Citizens: Best for Multiyear Approval
Variable APR
4.97 - 15.59%
Loan Amount
$1,000 to $400,000 (depending on degree)
Multiyear approval lets you secure funding for future school years
You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
International students can apply with a qualified cosigner
Fewer repayment terms to choose from than some other lenders
Long wait time for cosigner release
Parents can’t defer payments while student is in school
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Custom Choice: Best for Discounts and Rewards
Min. Credit Score
Does not disclose
Variable APR
4.44 - 14.08%
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Multiyear approval lets you secure funding for future school years
You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
International students can apply with a qualified cosigner
Offers parent student loans
Fewer repayment terms to choose from than some other lenders
Long wait time for cosigner release
Parents can’t defer payments while student is in school
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
MEFA: Best for Borrowers With Good Credit
Loan Amount
$1,500 up to school’s certified cost of attendance less aid
Doesn’t charge any fees
Low maximum rate compared with some lenders
Can borrow up to the school-certified cost of attendance
No discounts for borrowers
Limited repayment terms
No prequalification available
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Abe: Best for Payment Relief Options
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Offers 2% loan reduction after graduation
Doesn’t charge late fees
Can reduce interest rate by making on-time payments
Possible repayment term and grace period extension
Doesn’t offer parent loans
Relatively low borrowing limit of $99,999 per year
Overview
Abe's private student loans are available to undergraduates, graduate students, and students in certificate programs. The lender is unique in allowing you to borrow even if you're enrolled less than half-time.
Abe offers rate discounts and payment relief that other lenders don't, such as a reduction in your rate with autopay and for every six months of on-time payments, up to a total of 0.50 percentage points. Borrowers can also extend their grace period up to an additional six months. Plus, you can lengthen your repayment term by five years, which can be helpful if you need to lower your monthly payments or request a hardship forbearance for 12 months.
Minimum income
$1 (must have positive income)
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $225,000)
Cosigner release
After 12 months of on-time principal and interest payments
Eligibility
Must be a U.S. citizen or permanent resident. Available to non-U.S. citizen students (including DACA students) attending a school in the U.S. who apply with a cosigner who is a U.S. citizen or permanent resident alien. Loans not available to permanent residents of West Virginia.
Why you can trust our Credible experts
The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.
Methodology
To determine the best student loan lenders for law school, Credible collected more than 1,000 points of data on two dozen companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.
- Repayment options: 30%
- Eligibility: 25%
- Interest rates: 20%
- Loan terms: 15%
- Customer support: 10%
While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.
Learn more about our methodology.
Best federal loans for law school
Federal student loans are typically the best option if you need to borrow for law school. They come with important benefits you won't find with private loans, like access to income-driven repayment plans and Public Service Loan Forgiveness (PSLF) if you work in the public sector.
Federal loans for law school include Direct Unsubsidized Loans and grad PLUS loans. But it's a good idea to start with Direct Unsubsidized Loans for two reasons:
- The interest rate is lower than grad PLUS loans.
- The loan fees are a smaller percentage compared to grad PLUS loans.
However, there are annual borrowing limits for Direct Unsubsidized Loans. If your law school costs more than you can borrow through unsubsidized loans, you'll need to fill the gap with either grad PLUS loans or a private student loan. Both options let you borrow as much as the full cost of attendance at your school, minus other financial aid you receive.
Here's a comparison of federal loan options for law school at a glance.
| Direct Unsubsidized Loans for graduates | |
|---|
| | |
| | |
| | Your school’s total cost of attendance (minus other aid) |
Credit score needed for law school loans
Federal student loans don't consider your credit score, which makes them easier to qualify for. Private loans do consider your credit. If your score is high, you might qualify for a lower interest rate than what grad PLUS loans offer.
However, it's important to be strategic about how you manage your credit when applying for private loans.
“Students who decide to apply for private loans must manage their funds carefully and borrow small amounts while sustaining excellent credit ratings to receive better terms,” says Joshua Mangoubi, chartered financial analyst and founder of Considerate Capital, a wealth management firm.
To help you decide between a grad PLUS loan and a private student loan, here's a look at the rates you might qualify for on a private student loan based on your credit score, using data from the Credible marketplace:
How to compare law school loan options
Here are the most important factors to consider when weighing law school loan options:
- Fixed vs. variable rates: Federal student loans come with fixed rates that stay the same throughout your repayment term. Private lenders may offer both fixed and variable rates. Variable rates can start lower but may increase over time depending on market conditions.
- Loan fees: Federal loans charge a percentage of the amount you borrow as a loan origination fee. This is deducted from your loan before the money is sent to your school, so you'll receive less than the amount you borrow. Most private lenders don't charge origination fees.
- Your credit score: If you have excellent credit, you may qualify for a lower rate on a private student loan compared with a federal grad PLUS loan. Check your credit before applying to see where you stand.
- Repayment terms: Federal loans offer more repayment flexibility, including income-driven repayment plans that adjust your payments to a percentage of your income. Terms typically range from 10 to 25 years. Private student loans usually offer terms between 5 and 20 years, but don't offer the same flexibility.
- Forgiveness potential: Federal loans offer benefits that can reduce or even eliminate law school debt over time. For example, if you decide to work in government or a qualifying nonprofit role, you may be eligible for Public Service Loan Forgiveness (PSLF). Private lenders may offer some hardship options, but they do not offer forgiveness options.
- Customer reviews: While federal loans all come from the same source, private loans are available through different private lenders. It can be a good idea to look up customer reviews for private lenders on Trustpilot and the Better Business Bureau (BBB).
"Even if you plan to work in public service law and expect to qualify for PSLF, I recommend building your budget as if it doesn't exist. Your career path could shift, and so could the rules of the forgiveness program."
— Richard Richtmyer, Senior Student Loans Editor, Credible
Borrowing tips for law school students
Figuring out how to pay for law school is one piece of the puzzle. But repaying what you borrow can be another challenge. Here are some tips to help you borrow wisely and keep long-term costs under control:
- Look into scholarships and grants first: These don't need to be repaid, so they can significantly reduce how much you need to borrow. You can use search engines like Fastweb or Scholarships.com to find private scholarships for law students, and check with your school's financial aid office about institutional scholarships or grants.
- Maximize federal loans: Federal student loans offer benefits you won't get with private lenders, IDR plans, and forgiveness through programs like PSLF. These can be especially valuable if you plan to work in the public sector or for a nonprofit.
- Consider your earning potential: Before taking out a large sum of money, understand your future earning potential. Lawyers' salaries can vary widely, whether you're working at a Big Law firm, a public interest organization, or the government. The median pay for lawyers was $145,760 per year as of 2023, according to the Bureau of Labor Statistics (BLS).
- Borrow only what you need: You might be offered more student loans than you actually need. Know exactly what you need and only borrow that amount. Reducing how much you borrow can simplify repayment and lower interest charges.
Repayment strategies for law school graduates
Your repayment strategy should reflect your career path and income after graduation. If you're working as a public defender or earning a lower salary, federal loan forgiveness programs like income-driven repayment or Public Service Loan Forgiveness may be your best option.
If you're earning a higher salary, refinancing could help you lock in a lower interest rate, but keep in mind that refinancing turns federal loans into private loans, meaning you'll lose access to these forgiveness programs.
“Attorneys going into Big Law will generally not qualify for IDR or PSLF, and therefore will likely either want to pay down their federal loans aggressively or refinance to a private loan if they can find an attractive rate,” says Matt Smith, a certified financial planner and founder of Concert Financial Planning who specializes in helping Big Law attorneys.
“A rule of thumb is that if your loan balance is equal to your income, you can probably qualify for IDR, but a Big Law attorney will soon stop qualifying and therefore will have just delayed the repayment of their loans in full,” he adds.
Some states and public interest employers also offer loan repayment assistance programs for lawyers. Currently, 24 state-run LRAPs help civil legal aid attorneys repay their student loans. Additionally, many legal aid organizations provide their own repayment assistance programs, so it's worth asking about available support when reviewing job offers.
See Also: What Are Bar Exam Loans? Funding Your Final Step to Becoming a Lawyer
FAQ
What types of student loans are available for law school?
Open
There are various types of loans for law school students, including federal Direct Unsubsidized Loans, federal grad PLUS loans, and private student loans.
Are federal or private loans better for law school?
Open
The best law school loans are usually federal student loans, thanks to their substantial benefits. For example, borrowers may be eligible for loan forgiveness or enroll in an income-driven repayment (IDR) plan to reduce monthly payments.
What are the best private lenders for law school loans?
Open
The best private lenders for law school include College Ave, Ascent, and Sallie Mae. These lenders offer loans specifically for law students with competitive interest rates and a nine-month grace period after graduation before repayment begins.
Can I get law school loans without a cosigner?
Open
You can take out federal student loans for law school without a cosigner. Some private lenders may also approve you without a cosigner if you have good credit. But if your credit doesn't meet a lender's requirements, you may need a cosigner to qualify.
How much can I borrow for law school?
Open
Federal Direct Unsubsidized Loans let graduate students borrow up to $20,500 per year. If you need more, you can apply for a grad PLUS loan or a private student loan. Both allow you to borrow as much as the full cost of attendance at your school, minus other financial aid.
Meet the expert:
Melanie Lockert
Melanie Lockert is a writer and author of “Dear Debt” with over 10 years of experience. Her work has been featured by CNN, Business Insider, U.S. News & World Report, and Yahoo Finance.
