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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 methodology: How we picked these law school loans
To choose the best law school loans, we verified each lender’s legitimacy, business practices and privacy security. We then compared each lender’s APRs, loan terms, borrowing amounts, repayment options and eligibility requirements.
The three best private loans for law school
Learn more about the perks of each lender, and see which one best fits your needs.
Discover: Best for students with high GPAs
- Loan amounts: $1,000 to the cost of attendance
- Variable APR: 3.99% to 9.99% with discounts
- Fixed APR: 5.99% to 11.34% with discounts
- Terms: Up to 20 years
- Eligibility: Enrolled at least half-time at an eligible law school, seeking a degree, making satisfactory academic progress, pass a credit check, be at least 16 years old, US citizen or permanent resident — or apply with a cosigner as an international student
Rates accurate as of October 2018
Discover Law School Loans could be a good option for strong students — you can get a 1% cash reward each time you borrow if your GPA is 3.0 or higher. There are no fees to apply, and the application only takes about 15 minutes to fill out.
Repayment options
- Interest only. Make payments on your interest while you’re still in school and during your grace period. Signing up for this option makes you eligible for a 0.35% discount on your rate.
- Fixed. Make a payment of at least $25 each month while you’re still enrolled and during your grace period.
- Deferred. Don’t make any repayments until nine months after you graduate or drop below half time.
If you choose one of the last two options, any interest that accrues while you’re in school and during your grace period is added to your total loan amount, making it more expensive.
Read our review of Discover student loans
Sallie Mae: Best for flexible repayment options
- Loan amount: $1,000 to the cost of attendance
- Variable APR: 4.25% to 9.05%
- Fixed APR: 6.24% to 8.93%
- Terms: Up to 15 years
- Eligibility: Attend a degree-granting school in the US or an eligible study abroad program, US citizen or permanent resident — or applying with a creditworthy cosigner as an international student
Rates accurate as of October 2018
Sallie Mae Law School Loans might be useful for students who want to go into public service or aren’t sure which direction their legal career will take. Borrowers can apply for up to 48 months of deferment during a clerkship or fellowship. Eligible borrowers can also apply to make up to 12 months of interest-only repayments if they fall on tough times.
Repayment options
- Interest-only. Make payments on the interest that adds up while you’re in school and during the nine-month grace period. This option comes with a rate discount of 0.5% compared to deferred repayment.
- Fixed. Make minimum monthly payments of $25 until nine months after you graduate or drop below half-time.
- Deferred. Hold off on repaying your loan until nine months after you graduate or drop below half-time.
For the last two options, all unpaid interest is added to your total loan amount, making your loan more expensive.
Read our review of Sallie Mae student loans
Citizens Bank: Best for multiyear approval
- Loan amounts: Up to $225,000
- Variable APR: 4.19% to 10.86% with discounts
- Fixed APR: 5.3% to 10.95% with discounts
- Terms: 5, 10 or 15 years
- Eligibility: Enrolled in a degree-granting program at least half-time, age of majority in your state, meet credit requirements, US citizen or permanent resident — or apply with a creditworthy cosigner as an international student
Rates accurate as of October 2018
Citizens Bank is one of the few personal loan providers that allows you to fund your entire degree with one application. International students aren’t eligible for multi-year approval, however. And if you have an eligible Citizens Bank account, you could get a rate discount of up to 0.5%. It claims that borrowers can save around $948 over the life of the loan compared to Direct PLUS Loans for graduate students.
Repayment options
- Immediate. Start making full repayments as soon as the school receives the funds.
- Interest-only. Only pay the interest that adds up while you’re still enrolled and during your six-month grace period.
- Deferred. Defer your loans for up to eight years while you’re enrolled as a student. Full repayments begin six months after you leave school. Any interest that accrues during this time is added to your total loan amount.
Read our review of Citizens Bank student loans
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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.
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