11 Best Law School Loans of February 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.
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 |
---|---|---|---|---|---|
![]() Federal Subsidized/Unsubsidized Loan | Best for All borrowers as a first option | None | 4.99- | N/A | Read review |
![]() Federal Grad PLUS Loan | Best for Manageable payments post-graduation | None | 7.54- | N/A | Read review |
![]() Sallie Mae Private Student Loan Check rate on Sallie Mae's website | Best for Private law school loans | Mid- | 4.50- | 5.37- | Check rate on Sallie Mae's website |
Ascent Law Student Loan Check rate on Ascent's website | Best for Private law school loans | Varies | 5.62- | 6.75- | Check rate on Ascent's website |
College Ave Law Student Loan Check rate on College Ave's website | Best for Private law school loans | Mid- | 4.49- | 4.49- | Check rate on College Ave's website |
Earnest Private Student Loan Check rate on Earnest's website | Best for Private law school loans | 650 | 4.79- | 4.79- | Check rate on Earnest's website |
![]() Discover Undergraduate and Graduate Student Loans Check rate on Discover's website | Best for Private law school loans | Does not disclose | 5.49- | 5.87- | Check rate on Discover's website |
Education Loan Finance Private Student Loan Check rate on Education Loan Finance's website | Best for Private law school loans | 680 | 3.98- | 3.98- | Check rate on Education Loan Finance's website |
![]() Brazos Private Student Loan Check rate on Brazos' website | Best for Private law school loans | 680 | 2.84- | 4.09- | Check rate on Brazos' website |
Nelnet Bank Private Student Loan | Best for Private law school loans | 680 | 4.49- | 4.74- | Read review |
![]() MPOWER Private Student Loan Check rate on MPOWER's website | Best for International law students | N/A | 13.72- | N/A | Check rate on MPOWER'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

Min. credit score
NoneFixed APR
4.99-Variable APR
N/AOur 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.
Federal Grad PLUS Loan

Min. credit score
NoneFixed APR
7.54-Variable APR
N/AOur pick for
Private law school loans

on Sallie Mae's website
Sallie Mae Private Student Loan

Min. credit score
Mid-Fixed APR
4.50-Variable APR
5.37-on Sallie Mae's website
on Ascent's website
Ascent Law Student Loan
Min. credit score
VariesFixed APR
5.62-Variable APR
6.75-on Ascent's website
on College Ave's website
College Ave Law Student Loan
Min. credit score
Mid-Fixed APR
4.49-Variable APR
4.49-on College Ave's website
on Earnest's website
Earnest Private Student Loan
Min. credit score
650Fixed APR
4.79-Variable APR
4.79-on Earnest's website

on Discover's website
Discover Undergraduate and Graduate Student Loans

Min. credit score
Does not discloseFixed APR
5.49-Variable APR
5.87-on Discover's website
on Education Loan Finance's website
Education Loan Finance Private Student Loan
Min. credit score
680Fixed APR
3.98-Variable APR
3.98-on Education Loan Finance's website

on Brazos' website
Brazos Private Student Loan

Min. credit score
680Fixed APR
2.84-Variable APR
4.09-on Brazos' website
Nelnet Bank Private Student Loan
Min. credit score
680Fixed APR
4.49-Variable APR
4.74-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.

on MPOWER's website
MPOWER Private Student Loan

Min. credit score
N/AFixed APR
13.72-Variable APR
N/Aon MPOWER's website
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 December 20, 2022
To recap our selections...
NerdWallet's Best Law School Loans of February 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 Private Student Loan: Best for Private law school loans
- Ascent Law Student Loan: Best for Private law school loans
- College Ave Law Student Loan: Best for Private law school loans
- Earnest Private Student Loan: Best for Private law school loans
- Discover Undergraduate and Graduate Student Loans: 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
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.
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.
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.
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.