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 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

Compare other lenders

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Name	Product	Min. Credit Score	Max. Loan Amount	APR
Ascent private student loans		540	$200,000	2.71% to 12.99%	Get started More Info	Compare	loading Fetching your data...
EDvestinU Private Student Loans		675	$200,000	4.07% to 9%	Straightforward student loans for undergraduate and graduate students.	Get started More Info	Compare	loading Fetching your data...
LendKey Private Student Loans		Varies by lender		4.99% to 11.06%	This connection service partners with Sallie Mae and WSFS Bank to offer competitive rates.	More Info	Compare	loading Fetching your data...
Advantage Education Loan Refinance Loan		670		Starting at 3.74%	Refinance to a more flexible repayment plan with this nonprofit lender.	More Info	Compare	loading Fetching your data...
Alliant Credit Union Traditional Student Loan		680	$60,000	Starting at 4.56%	All-purpose personal loans from @pl_product_min_loan_amount@ to @pl_product_max_loan_amount@ with rates that stop at @pl_product_var_rate@.	More Info	Compare	loading Fetching your data...
ChangEd student loan payment app					Securely connect all of your student loans and bank accounts to one place for a painless repayment experience.	More Info	Compare	loading Fetching your data...
Chicago student loans		None	Cost of attendance, up to $50,000	7.53% to 8.85%	No cosigner needed for this fixed-rate financing option.	More Info	Compare	loading Fetching your data...
Citizens Bank Private Student Loans		700	$295,000	1.25% to 10.57%	More Info	Compare	loading Fetching your data...

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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.

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. You can learn more with our page on law schools with the highest salaries for graduates.

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