11 Best Law School Loans of December 2023
If free financial aid won’t cover all your law school costs, opt for federal student loans before private loans.
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Even if you’re planning for a lucrative future in Big Law, you shouldn’t choose just any law school loan. Compare interest rates, fees and repayment options to find the right loan — and only borrow after exhausting grants and scholarships.
If you need a law school student loan, federal loans are a safer choice than private options. Private loans may cost less if you have good credit, but federal programs like income-driven repayment protect you if you want to work in the public sector or don’t land a high-paying job.
Our picks for the best law school loans are below, as well as some additional information on choosing between federal and private options. Note that the ratings apply to each company's standard undergraduate loan, but we've noted specific features that apply to law students.
Best Law School Loans
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | None | 5.50-7.05% | N/A | ||
5.0 /5 | None | 7.54-7.54% | N/A | ||
 Sallie Mae Undergraduate Student Loan Check rateon Sallie Mae's website on Sallie Mae's website COMPARE RATESon Credible’s website on Credible’s website | 4.5 /5 | Mid-600's | 4.50-15.49% | 6.37-16.70% | Check rateon Sallie Mae's website on Sallie Mae's website COMPARE RATESon Credible’s website on Credible’s website |
 College Ave Law Student Loan Check rateon College Ave's website on College Ave's website COMPARE RATESon Credible’s website on Credible’s website | 5.0 /5 | Mid-600s | 4.49-14.49% | 5.59-14.49% | Check rateon College Ave's website on College Ave's website COMPARE RATESon Credible’s website on Credible’s website |
 Ascent Law Student Loan Check rateon Ascent's website on Ascent's website COMPARE RATESon Credible’s website on Credible’s website | 5.0 /5 | Low-Mid 600s | 5.53-15.11% | 7.18-15.34% | Check rateon Ascent's website on Ascent's website COMPARE RATESon Credible’s website on Credible’s website |
4.5 /5 | 650 | 4.42-15.90% | 5.62-16.20% | Check rateon Earnest's website on Earnest's website |
Our pick for
All borrowers as a first option
You can borrow up to $20,500 per year in unsubsidized loans, which may not be enough to cover all your law school costs.
Federal Subsidized/Unsubsidized Loan
None
5.50-7.05%
N/A
- More flexible repayment options for struggling borrowers than other lenders.
- Subsidized loans do not collect interest while in school or during deferment.
- Lower interest rates than many private lenders.
- You pay an origination fee.
- No credit check or minimum income is needed to borrow.
- Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
- Independent students and graduate students have higher loan limits.
- Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
Our pick for
Manageable payments post-graduation
Federal programs like income-driven repayment and Public Service Loan Forgiveness make graduate PLUS loans best for those who plan to go into public interest law or government — or who want to keep their options open.
Graduate students can receive only unsubsidized direct loans. They can also qualify for federal graduate PLUS loans, which have higher interest rates and fees than unsubsidized loans but allow you to borrow more money.
- More flexible repayment options for struggling borrowers compared with private lenders.
- All borrowers who attend a school authorized to receive federal aid can qualify.
- May have higher interest rates compared with private lenders.
- You pay an origination fee.
- You can’t see if you’ll qualify without a hard credit check.
- Grad PLUS loan borrowers must not have adverse credit history.
- Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
- Loan amounts: Total cost of attendance minus other financial aid.
Our pick for
Private law school loans
Sallie Mae Undergraduate Student Loan
Mid-600's
4.50-15.49%
6.37-16.70%
Rating and details displayed are for Sallie Mae's private student loan. Sallie Mae's law school loan is available to students enrolled less than half-time, making this a good option if you're studying for your JD at night or part-time. The loan also offers 48 months of deferment during a clerkship or fellowship.
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, who live in the U.S. and attend school in the U.S. can apply with a qualified co-signer who is a U.S. citizen or permanent resident.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 up to 100% of the school-certified expenses.
College Ave Law Student Loan
Mid-600s
4.49-14.49%
5.59-14.49%
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Nine-month grace period is longer than other lenders offer.
- You can defer payments up to an additional 12 months during clerkship after your grace period.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to the total cost of attendance.
Ascent Law Student Loan
Low-Mid 600s
5.53-15.11%
7.18-15.34%
- Among the best for payment flexibility.
- Grace period of 9 months is longer than many lenders offer.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
- You must be enrolled at least half-time to qualify.
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: Not available.
- Loan amounts: up to $400,000.
Earnest Undergraduate Loan
650
4.42-15.90%
5.62-16.20%
Rating and details displayed are for Earnest's private student loan. Earnest offers a specific law school loan, but it has the same underlying terms as the lender's other products.
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
- Loans aren't available in Nevada.
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Discover Law Student Loan
Varies
5.74-15.24%
6.99-16.62%
- International and DACA students can qualify with a qualified U.S. citizen or permanent resident co-signer.
- No late fees.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Education Loan Finance Private Student Loan
680
4.48-12.29%
4.98-12.79%
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You are assigned a student loan advisor.
- No co-signer release available.
- Typical credit score of approved borrowers or co-signers: Not available.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
Brazos Private Student Loan
680
2.77-6.96%
5.00-9.44%
- May offer lower rates for graduate students than what are available through the federal government.
- Applies extra payments to the loan principal by default.
- Offers five loan terms, which is more than most lenders.
- Not available to borrowers enrolled in two year programs at community colleges.
- Biweekly payments via autopay is not available.
Nelnet Bank Private Student Loan
Mid to High 600s
4.49-15.47%
6.30-15.52%
- Provides rate offer with soft credit check.
- Does not disclose full underwriting requirements.
- Does not allow bi-weekly payments via autopay.
- Typical credit score of approved borrowers: Did not disclose.
- Loan amounts: $1,000 with an aggregate loan limit of $125,000
Our pick for
International law students
Many lenders let international students take out loans with an eligible co-signer; MPOWER is one of few that waives this requirement.
MPOWER Private Student Loan
None
13.74-15.01%
N/A
- Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
- Borrowers are assigned a dedicated student loan advisor.
- Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
- Payment required while in school and during the grace period.
- Offers only one repayment term: 10 years.
- MPOWER considers future income potential but does not factor in credit scores.
- Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $25,000 per academic period.
Types of law school loans
Law students may be eligible for two types of federal student loans:
Direct unsubsidized loans. These have a lower interest rate and fee than other government loans, so take them out first. But there’s a limit to the amount of direct unsubsidized loans you can borrow.
Graduate PLUS loans. You can borrow up to your cost of attendance, minus other aid received, in graduate PLUS loans. If you max out your unsubsidized loans and still have a gap, PLUS loans can fill it.
Some private lenders, such as Sallie Mae, offer branded “law school loans” or loans for bar exam expenses. These may have features that cater to law students’ specific needs — like deferring payments during a clerkship or fellowship.
However, you can also use any private graduate student loan for law school. Compare rates and features to find the least expensive option if you opt for private loans.
» MORE: How to pay for law school
Which law school student loan is right for you?
Law school costs average almost $67,000 annually, according to data from the American Bar Association. If you’ve exhausted free aid like scholarships to cover those expenses and are torn about which law school loan to borrow, federal loans are a safer bet. Opt for these if:
You have bad credit. Direct unsubsidized loans are not credit-dependent. You will need to pass a credit check to get PLUS loans for law school, but these standards aren't as strict as with private lenders. All eligible federal loan borrowers also receive the same interest rate, regardless of their credit score.
You want flexible repayment options. Law students finish school owing an average of $145,500 in student debt, according to the National Center for Education Statistics. Federal loans offer more repayment options to handle that debt load, such as income-driven repayment plans, and may be eligible for law school loan forgiveness or repayment programs.
Private student loans may make sense — and save you money — if you have excellent credit and don’t think you’ll need or qualify for federal loan benefits.
For example, repaying $145,500 in grad PLUS loans with a 7.54% interest rate would cost $207,618 over 10 years. Opting for private loans with an interest rate of 5% would drop that amount to $185,191. The PLUS loan would also come with an origination fee above 4%; most private lenders don’t charge these fees.
Monthly payments on that much debt would be roughly $1,500 for private loans and $1,565 for PLUS loans. Either might be unaffordable if you choose to be a legal services attorney, public defender or prosecutor, whose median starting salaries range from $48,000 to $58,000, according to the National Association for Law Placement. But with federal loans, income-driven payments at that salary could be closer to $250, and Public Service Loan Forgiveness could erase the balance after 10 years.
Projected starting salaries are higher if you plan to practice in the private sector, with a median of $165,000 according to NALP. Wages rise even more if you join a Big Law firm. Still, opting for federal loans can protect you if you don’t land the job or salary you expect. And if you do, you can always refinance law school loans after graduating to recoup some savings.
How to take out loans for law school
Taking out loans for law school requires only a few steps. If you applied for financial aid as an undergrad, you’ll likely know what to do — though there are a couple of differences.
1. Fill out the FAFSA
You must complete the Free Application for Federal Student Aid, or FAFSA, to receive all types of federal financial aid, including work-study and student loans. Many private scholarships and grants require the FAFSA as well.
When completing the FAFSA, indicate that you’re going to be or already are a graduate student. This means you don’t have to include your parents’ information on the form; it also increases your borrowing limits.
2. Complete other required applications
In addition to the FAFSA, some law schools may make you submit the CSS Profile to receive nonfederal financial aid. Alternatively, your school might require an aid application that’s unique to its program.
Unlike on the FAFSA, you may need to provide your parents’ financial information on these forms to receive institutional scholarships or grants. Double-check the application process with the school’s financial aid office — including when its priority filing deadline is — so you don’t miss out on free money.
3. Work directly with private lenders
You don't need to complete the FAFSA for private student loans. If you've decided a private student loan makes sense for you, apply directly with the lender. The lender will likely require proof of your identity, income and law school you're attending, among other information.
Each lender has its own underwriting standards. Be sure to shop around and compare interest rates. You may need a co-signer to get the best possible deal.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Last updated on August 30, 2023
NerdWallet's Best Law School Loans of December 2023
- Federal Subsidized/Unsubsidized Loan: Best for All borrowers as a first option
- Federal Grad PLUS Loan: Best for Manageable payments post-graduation
- Sallie Mae Undergraduate Student Loan: Best for Private law school loans
- College Ave Law Student Loan: Best for Private law school loans
- Ascent Law Student Loan: Best for Private law school loans
- Earnest Undergraduate Loan: Best for Private law school loans
- Discover Law Student Loan: Best for Private law school loans
- Education Loan Finance Private Student Loan: Best for Private law school loans
- Brazos Private Student Loan: Best for Private law school loans
- Nelnet Bank Private Student Loan: Best for Private law school loans
- MPOWER Private Student Loan: Best for International law students
Frequently asked questions
- What law school loans are available?
You can take out unsubsidized federal student loans, federal PLUS loans and private student loans to pay for law school. You should typically max out federal loans as a first option.
- Can law school loans cover living expenses?
Yes. You can borrow up to your law school’s total cost of attendance in loans. Cost of attendance typically includes money for living expenses such as off-campus housing and transportation.
- Are bar study loans the same as student loans?
Loans for bar exam expenses are more like personal loans than student loans. Bar loans have higher interest rates than student loans, and you usually cannot refinance them with your student loans.
- How much do lawyers owe in student loans?
On average, law students graduate with $145,500 in student loans, including undergraduate debt, according to the most recent data from the National Center for Education Statistics.
