Best law school loan options | finder.com
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Best law school loan options

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Top private lenders for law school.

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 top pick: Credible Labs Inc. (Student Loan Platform)

  • Min. Credit Score Required: 680
  • Min. Loan Amount: $1,000
  • APR: Starting at 4.2% with autopay
  • Multiple lenders, one application.
  • No hidden fees.
  • Customer support.
  • No cost to get your rates.

Our top pick: Credible Labs Inc. (Student Loan Platform)

Get prequalified rates from private lenders offering student loans with no origination or prepayment fees.

  • Min. Credit Score Required: 680
  • Min. Loan Amount: $1,000
  • APR: Starting at 4.2% with autopay
  • Requirements: Enrolled at least half time in qualifying US educational program, ages 18+ or apply with cosigner
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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 annual percentage rates (APR), 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

Compare other lenders

Updated June 16th, 2019
Name Product Min. Credit Score Maximum Loan Amount APR
Good to excellent credit
Varies by lender (typically, total certified costs of education minus financial aid already received)
Starting at 4.2% with autopay
Get prequalified rates from private lenders offering student loans with no origination or prepayment fees.
675
$200,000
4.51% to 9.26%
Straightforward student loans for undergraduate and graduate students.
700
$500,000
3.2% to 7.25%
Finance your college education through this lender with a strong social mission and terms that fit your budget.
Good to excellent credit
Varies by lender
Starting at 3%
Compare multiple student loans and student loan refinancing options in one place.

Compare up to 4 providers

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.

Visit our student loans guide to learn more about how it works and compare more providers.

Frequently asked questions

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