Best law school loan options

The average cost of attending a private law school in 2018 was $47,112 a year, according to US News and World Report. Some schools even top $67,000 in annual tuition.

Chances are, you might need some extra help covering those upfront costs — and federal loans may not be enough. Luckily, you have several other options when it comes to paying for law school.

Our team has reviewed over 30 private student loan providers. To decide who the best lenders are, we compared fixed and variable rates, terms and repayment options for lenders that offered graduate or law school refinancing. We also considered perks that different types of law students might benefit from, like career coaching or clerkship deferment.

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Best for no student debt: Direct unsubsidized loans

• Fixed rate: 4.3%
• Variable rate: None
• Loan amount: Up to $20,500 per year
• Terms: 10 years-25 years

Federal Direct Unsubsidized loans are generally the best deal that you can get as a law student. Everyone gets the same low fixed rate, a wide range of flexible repayment options and eligibility for Public Service Loan Forgiveness (PSLF). Private loans can’t compete.

But it might not cover your full annual expense. And if you have federal loans from your undergraduate degree, you might reach your lifetime loan limit of $73,000.

Best for after unsubsidized loans are maxed out: Direct PLUS loans

• Fixed rate: 5.3%
• Variable rate: None
• Loan amount: Up to cost of attendance
• Terms: 10 years-25 years

Direct PLUS loans are the second-best loan option to pay for law school. These come with slightly higher fixed rates than Unsubsidized loans.

But you can borrow up to your school’s cost of attendance. These loans can be eligible for PSLF and most federal repayment plans if you consolidate them with a federal Direct Consolidation Loan.

You’ll also have to pass a credit check. Otherwise you have to show documents explaining why you didn’t pass the check or bring on an endorser — similar to a cosigner.

Best for low rates

Earnest Student Loans

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Earnest has some of the lowest starting rates and maximum rates available to law students — from a private lender. There are no fees and repayments don’t start until nine months after graduation. That’s three months longer than most lenders offer.

There’s also the option to skip a payment once a year. But its maximum term of 15 years is five years shorter than most lenders offer. And you can’t apply to take your cosigner off your loan.

• Pros and cons

  Pros

  • Low starting and maximum APRs
  • Nine month grace period
  • No origination or late fees

  Cons

  • Loan terms up to 15 years
  • Not available in Nevada
  • No cosigner release

• More details

  Minimum Loan Amount	$1,000
  Max. Loan Amount	Cost of attendance
  APR	Starting at 0.94% APR with autopay
  Interest Rate Type	Variable
  Fixed rate	Starting at 3.24% APR with autopay
  Minimum Loan Term	5 years
  Maximum Loan Term	20 years
  Requirements	Enrolled full time at eligible Title IV school, 650+ credit score, $35,000+ income, clean credit history, live in eligible state, US citizen or permanent resident, age of majority

Pros

• Low starting and maximum APRs
• Nine month grace period
• No origination or late fees

Cons

• Loan terms up to 15 years
• Not available in Nevada
• No cosigner release

• More details

  Minimum Loan Amount	$1,000
  Max. Loan Amount	Cost of attendance
  APR	Starting at 0.94% APR with autopay
  Interest Rate Type	Variable
  Fixed rate	Starting at 3.24% APR with autopay
  Minimum Loan Term	5 years
  Maximum Loan Term	20 years
  Requirements	Enrolled full time at eligible Title IV school, 650+ credit score, $35,000+ income, clean credit history, live in eligible state, US citizen or permanent resident, age of majority

Disclaimer

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.24% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.19% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance 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, and using the daily interest rate based on actual days in the year and rounding up, plus a margin and will change on the 1st of each month. 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.

APR	Starting at 0.94% APR with autopay
Loan amount	Starting at $1,000
Min. Credit Score	650

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Best for good students

Discover undergraduate student loans

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Discover offers cash rewards to students who have a 3.0 GPA or higher. Its maximum rates are also some of the lowest out there, meaning it could offer a great deal if you or your cosigner can’t qualify for the absolute lowest rate out there.

Like Earnest, it offers a nine-month grace period before repayments begin. But it also doesn’t offer cosigner release and you can’t check your rate without hurting your credit.

• Pros and cons

  Pros

  • Cash reward for 3.0 GPA
  • Low maximum rates
  • 9-month grace period

  Cons

  • No cosigner release
  • Can't check rate without hard credit pull

• More details

  Minimum Loan Amount	$1,000
  Max. Loan Amount	Cost of attendance
  APR	Variable APRs: 1.79% to 11.09% Fixed APRs: 3.99% to 11.59%
  Interest Rate Type	Variable
  Fixed rate	3.99% to 11.59%
  Maximum Loan Term	15 years
  Requirements	Must be enrolled at least half-time at an eligible school with satisfactory academic progress and seeking a degree. Must be a US citizen, permanent resident or international student.

Pros

• Cash reward for 3.0 GPA
• Low maximum rates
• 9-month grace period

Cons

• No cosigner release
• Can't check rate without hard credit pull

• More details

  Minimum Loan Amount	$1,000
  Max. Loan Amount	Cost of attendance
  APR	Variable APRs: 1.79% to 11.09% Fixed APRs: 3.99% to 11.59%
  Interest Rate Type	Variable
  Fixed rate	3.99% to 11.59%
  Maximum Loan Term	15 years
  Requirements	Must be enrolled at least half-time at an eligible school with satisfactory academic progress and seeking a degree. Must be a US citizen, permanent resident or international student.

Disclaimer

1. Aggregate loan limits apply.
 2. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
3. Lowest APRs shown Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including undergraduate and graduate Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.

APR	Variable APRs: 1.79% to 11.09% Fixed APRs: 3.99% to 11.59%
Loan amount	Starting at $1,000
Min. Credit Score	Not stated

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Best for postgraduate career support

SoFi Student Loans

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SoFi might offer more perks than any other private lender. SoFi borrowers get access to services that can give you a leg up when you graduate, like career coaching, financial planning and access to networking events.

There are also no fees to apply and it offers a cosigner release. But international students are ineligible and it only offers terms of up to 15 years.

• Pros and cons

  Pros

  • Cosigner release
  • Career coaching and financial planning
  • Cosigner release

  Cons

  • International students are ineligible, even with a cosigner
  • Terms max out at 15 years

• More details

  Minimum Loan Amount	$5,000
  Max. Loan Amount	Full cost of attendance
  APR	1.87% to 11.66% with autopay
  Interest Rate Type	Variable
  Minimum Loan Term	5 years
  Maximum Loan Term	15 years
  Requirements	650+ credit score, employed or receive income from other sources, enrolled at least half time at an eligible degree-granting program, use funds for qualifying higher education expenses, maintain satisfactory academic progress, US citizen, age of majority in your state — or bring on a cosigner who’s a US citizen to help you meet age, credit and income requirements

Pros

• Cosigner release
• Career coaching and financial planning
• Cosigner release

Cons

• International students are ineligible, even with a cosigner
• Terms max out at 15 years

• More details

  Minimum Loan Amount	$5,000
  Max. Loan Amount	Full cost of attendance
  APR	1.87% to 11.66% with autopay
  Interest Rate Type	Variable
  Minimum Loan Term	5 years
  Maximum Loan Term	15 years
  Requirements	650+ credit score, employed or receive income from other sources, enrolled at least half time at an eligible degree-granting program, use funds for qualifying higher education expenses, maintain satisfactory academic progress, US citizen, age of majority in your state — or bring on a cosigner who’s a US citizen to help you meet age, credit and income requirements

APR	1.87% to 11.66% with autopay
Loan amount	Starting at $5,000
Min. Credit Score	680

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Best for postgraduate payment options

Sallie Mae® Smart Option Student Loan for Undergraduates

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Sallie Mae offers one of the most flexible repayment plans for a private lender. In addition to a 9-month grace period, you can also defer repayments for up to 48 months if you become a clerk or fellow after you graduate. Its rates are relatively competitive — though not the lowest — and it offers a cosigner release.

But it’s not forthcoming about all of its requirements. And terms max out at 15 years.

• Pros and cons

  Pros

  • Nine month grace period
  • Clerkship and fellowship deferment
  • Cosigner release

  Cons

  • Doesn't disclose all eligibility requirements
  • No terms longer than 15 years

• More details

  Minimum Loan Amount	$1,000
  Max. Loan Amount	Cost of attendance less financial aid
  APR	1.87% to 11.97%
  Interest Rate Type	Variable
  Fixed rate	3.75% to 12.85%
  Minimum Loan Term	5 years
  Maximum Loan Term	15 years
  Requirements	US citizens, US permanent residents and international students residing in the US with an unexpired government-issued ID and creditworthy cosigner who is a US citizen or permanent resident

Pros

• Nine month grace period
• Clerkship and fellowship deferment
• Cosigner release

Cons

• Doesn't disclose all eligibility requirements
• No terms longer than 15 years

• More details

  Minimum Loan Amount	$1,000
  Max. Loan Amount	Cost of attendance less financial aid
  APR	1.87% to 11.97%
  Interest Rate Type	Variable
  Fixed rate	3.75% to 12.85%
  Minimum Loan Term	5 years
  Maximum Loan Term	15 years
  Requirements	US citizens, US permanent residents and international students residing in the US with an unexpired government-issued ID and creditworthy cosigner who is a US citizen or permanent resident

Disclaimer

Please read Sallie Mae’s disclosures which include typical repayment examples, autopay discounts, and eligibility.

APR	1.87% to 11.97%
Loan amount	Starting at $1,000
Min. Credit Score	Not stated

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Compare other lenders

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Name	Product	APR	Min. Credit Score	Loan amount	Loan Term
College Ave undergraduate student loans		0.94% to 12.99%	Not stated	Starting at $1,000	5 to 15 years	Rates start at 2.84% for residents of all 50 states.	Get started	Compare	loading Fetching your data…
Sallie Mae® Smart Option Student Loan for Undergraduates		1.87% to 11.97%	Not stated	Starting at $1,000	5 to 15 years	Choose from over 8 different options for undergraduates, law students and more.	Get started	Compare	loading Fetching your data…
SoFi Student Loans		1.89% to 11.98% with autopay	680	Starting at $5,000	5 to 15 years	Undergraduate financing with no late fees to US citizens with good credit.	Get started	Compare	loading Fetching your data…

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Other sources of financial aid

Student loans might be unavoidable for most law students. But that doesn't mean you need to go into debt to cover your entire degree. You might want to look into these three options in addition to student loans.

• FAFSA. Filling out the Free Application for Federal Student Aid (FAFSA) makes you eligible for student grants, scholarships and work-study programs — as well as federal loans. It's a bit involved, so you might want to follow our step-by-step guide on how to fill out the FAFSA.
• CSS Profile. The CSS Profile is a form widely used by law schools to help students connect with nonfederal financial aid. Some schools even require students to complete this form as part of the application.
• Other scholarships. Law firms and your state bar association are good places to look for scholarship opportunities outside of your school. You might be eligible for a scholarship based on where you're from, your area of interest or your background.

Bottom line

Law school's expensive, and federal loans don't always cover the whole cost. However, there's a chance you could get a better deal with private lenders to help you pay your way.

Check out our guide to paying for law school or compare more student loan options to find the best deal available to you.

Frequently asked questions

When does the rate adjust on a variable-rate law school loan?

It depends on what type of benchmark rate your lender is using. Some adjust every month, while others adjust every three months. Read our article on fixed and variable rates to get more details on how it works.

What's an appropriate-sized loan for law school?

It depends on how much you need to borrow and the cost of your school. According to the American Bar Association, the average student loan size for private law students is around $127,000. Public law students graduate with an average of $88,000 in student debt.

How much will I pay each month?

Your monthly repayments depend on your loan term and interest rate. If you take 10 years to pay off a loan of $80,000 with an APR of 10%, for example, that could amount to more than $1,000 each month. Use our monthly repayment calculator to see how your loan term could affect your monthly repayments and total loan cost.

What's the average salary for law school graduates?

The average salary for graduates three years out of law school was around $166,155, according to a 2017 study by student loan provider SoFi. However, this number will vary widely depending on where you graduated and whether you're working in the public or private sector. Learn more with our page on law schools with the highest salaries for graduates.