8 Best Law School Loans of July 2020

Key facts

Pros

• 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 compared with private lenders.

Cons

• You pay an origination fee.

Qualifications

• 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 4.53%, while grad students get higher 6.08% rate.

Available Term Lengths

Disclaimer

Key facts

Pros

• More flexible repayment options for struggling borrowers compared with private lenders.

• All borrowers who attend a school authorized to receive federal aid can qualify.

Cons

• 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.

Qualifications

• 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.

Available Term Lengths

Disclaimer

Key facts

Pros

• Forbearance of 24 months is longer than many lenders.

• You can make biweekly payments via autopay.

• For co-signed option, multiple in-school repayment options are available, including interest-only, flat-fee and deferred.

• For non-co-signed future-income based option, no co-signer or credit history is required.

Cons

• Fewer repayment term lengths than other lenders for fixed-rate loans.

• Non-co-signed future income-based option is available only to college juniors, seniors and graduate students.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose for co-signed option. For non-co-signed future income-based option, Ascent emphasizes future earnings over income or credit score.

• Minimum income: $24,000 for the co-signed and non-co-signed credit-based option. Income is not considered for the non-co-signed future income-based option.

• Loan amounts: For co-signed option, $1,000 minimum to $200,000 over the lifetime of a borrower. The amount for each loan period cannot exceed the total cost of attendance. For non-co-signed option, $1,000 to $20,000.

• Non-co-signed future income-based borrowers must also meet satisfactory academic performance requirements with a 2.9 GPA or higher.

Available Term Lengths

Disclaimer

Key facts

Pros

• One of the few lenders to provide loans to part-time students.

• Borrowers can access online tutoring and free credit score tracking.

• Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.

Cons

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

• Information not available on minimum qualifying credit scores or income.

Qualifications

• 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.

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Twelve-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.

Cons

• You must be at least halfway through your repayment term before you can request a co-signer release.

Qualifications

• 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.

Available Term Lengths

Disclaimer

Key facts

Pros

• Option to skip one payment every 12 months.

• No late fees.

• Nine-month grace period is longer than most lenders offer.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Loans aren't available in Alaska, Connecticut, Hawaii, Illinois, Nevada, New Hampshire, Texas and Virginia.

Qualifications

• Typical credit score of approved borrowers: 758.

• Minimum income: $35,000.

• Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

Disclaimer

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Multiple in-school repayment options available, including interest-only and flat-fee, and deferred for undergrad and grad students.

• Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

• Must be a U.S. citizen.

Qualifications

• Typical credit score of approved borrowers or co-signers: 700+.

• Minimum income: No minimum.

• Loan amounts: $5,000 minimum.

Available Term Lengths

Disclaimer

Key facts

Pros

• Offers a hard-to-find option: non-co-signed student loans for international and DACA students.

• Borrowers are assigned a dedicated student loan advisor.

• Forbearance of 24 months is longer than many lenders offer, and borrowers can access national disaster forbearance as well.

Cons

• Payment required while in school and during the grace period.

• Offers only one repayment term: 10 years.

Qualifications

• MPOWER considers future income potential but does not factor in credit scores.

• Loan amounts: Minimum $2,001. Maximum loan is $50,000, limited to $25,000 per academic period.

Available Term Lengths

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