5 Best Law School Loans of January 2020

If free financial aid won’t cover all your law school costs, opt for federal student loans before private loans.

Summary of Best Law School Loans of January 2020

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
Federal Grad PLUS Loan NerdWallet rating Check Rate on Department of Education's website	7.08 - 7.08%	N/A	None	Check Rate on Department of Education's website
Sallie Mae Private Student Loan NerdWallet rating Check Rate on Sallie Mae's website	4.74 - 11.35%	2.75 - 10.22%	Does not disclose	Check Rate on Sallie Mae's website
College Ave Private Student Loan NerdWallet rating Check Rate on College Ave's website	4.54 - 11.98%	2.84 - 10.97%	Mid-600s	Check Rate on College Ave's website
Citizens One Private Student Loan NerdWallet rating Check Rate on Citizens Bank's website	4.40 - 12.19%	2.83 - 11.16%	Does not disclose	Check Rate on Citizens Bank's website
Earnest Private Student Loan NerdWallet rating Check Rate on Earnest's website	4.49 - 12.78%	2.79 - 11.44%	650	Check Rate on Earnest's website

Lender	Fixed APR	Variable APR	Min. Credit Score	Learn More
Federal Grad PLUS Loan NerdWallet rating Check Rate on Department of Education's website	7.08 - 7.08%	N/A	None	Check Rate on Department of Education's website
Sallie Mae Private Student Loan NerdWallet rating Check Rate on Sallie Mae's website	4.74 - 11.35%	2.75 - 10.22%	Does not disclose	Check Rate on Sallie Mae's website
College Ave Private Student Loan NerdWallet rating Check Rate on College Ave's website	4.54 - 11.98%	2.84 - 10.97%	Mid-600s	Check Rate on College Ave's website
Citizens One Private Student Loan NerdWallet rating Check Rate on Citizens Bank's website	4.40 - 12.19%	2.83 - 11.16%	Does not disclose	Check Rate on Citizens Bank's website
Earnest Private Student Loan NerdWallet rating Check Rate on Earnest's website	4.49 - 12.78%	2.79 - 11.44%	650	Check Rate on Earnest's website

Our pick for

All borrowers as a first option

Programs like income-driven repayment and Public Service Loan Forgiveness make federal student loans best for those who plan to go into public interest law or government — or who want to keep their options open.

Check Rate

on Department of Education's website

Federal Grad PLUS Loan

5.0

NerdWallet rating

Fixed APR

7.08 - 7.08%

Variable APR

N/A

Min. Credit Score

None

Check Rate

on Department of Education's website

Variable APR

N/A

Key facts

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.

Pros

More flexible repayment options for struggling borrowers compared with private lenders.
All borrowers who attend a school authorized to receive federal aid 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

10 to 25 years once repayment begins, depending on the repayment plan.

Disclaimer

Read Full Review

Our picks for

Private law school loans

These lenders offer loans with features designed to meet law students’ specific needs, like longer grace periods and deferments during clerkships or fellowships.

Check Rate

on Sallie Mae's website

Sallie Mae Private Student Loan

4.5

NerdWallet rating

Fixed APR

4.74 - 11.35%

Variable APR

2.75 - 10.22%

Min. Credit Score

Does not disclose

Check Rate

on Sallie Mae's website

Variable APR

2.75 - 10.22%

Key facts

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.

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 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

5 to 15 years

Disclaimer

Lowest rates shown include the auto debit discount: Fixed 4.74% - 11.35% APR and Variable 2.75% - 10.22% APR. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You're charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan's Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs are valid as of 11/25/2019 and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Additional information regarding the auto debit discount: Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan. Loan amounts: $1000 up to 100% of the school certified expenses: Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Repayment term of 5 to 15 years: This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. It works out to 51 payments of $25.00, 119 payments of $156.04 and one payment of $118.97, for a Total Loan Cost of $19,962.73.

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Check Rate

on College Ave's website

College Ave Private Student Loan

5.0

NerdWallet rating

Fixed APR

4.54 - 11.98%

Variable APR

2.84 - 10.97%

Min. Credit Score

Mid-600s

Check Rate

on College Ave's website

Variable APR

2.84 - 10.97%

Key facts

Rating and details displayed are for College Ave's private student loan. College Ave’s law school loan offers a 12-month deferment during a clerkship.

Pros

You can see if you’ll qualify and what rate you’ll get without a hard credit check.
International students can qualify with a co-signer.
More flexible repayment options than other lenders.

Cons

No formal forbearance options.

Qualifications

Typical credit score of approved borrowers: Mid-700s.
Minimum income: $35,000 per year.
Loan amounts: $1,000 to $80,000.

Available Term Lengths

5, 8, 10 or 15 years

Disclaimer

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 11/4/2019. Variable interest rates may increase after consummation.

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Check Rate

on Citizens Bank's website

Citizens One Private Student Loan

4.0

NerdWallet rating

Fixed APR

4.40 - 12.19%

Variable APR

2.83 - 11.16%

Min. Credit Score

Does not disclose

Check Rate

on Citizens Bank's website

Variable APR

2.83 - 11.16%

Key facts

Rating and details displayed are for Citizen One's private student loan. Citizens One provides students seeking law degrees with higher aggregate loan limits than they do for students in general graduate school programs — $225,000 vs. $150,000.

Pros

International students can qualify with a co-signer.
Loyalty discount for existing Citizens Bank customers.

Cons

You must be pursuing a bachelor’s degree or higher.
You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

Typical credit score of approved borrowers: Does not disclose.
Minimum income: Did not disclose.
Loan amounts: $1,000 to $100,000

Available Term Lengths

5, 10 or 15 years

Disclaimer

Student Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of January 1, 2020, the one-month LIBOR rate is 1.80%. Variable interest rates range from 2.83%-11.16% (2.83%-11.01% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens One is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

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Our pick for

Graduate program loans

Law students can pay for school with graduate student loans. While these don’t tailor features to law students, they may offer better rates or overall features than loans that do.

Check Rate

on Earnest's website

Earnest Private Student Loan

4.5

NerdWallet rating

Fixed APR

4.49 - 12.78%

Variable APR

2.79 - 11.44%

Min. Credit Score

650

Check Rate

on Earnest's website

Variable APR

2.79 - 11.44%

Key facts

An option for borrowers who want flexible repayment.

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: Did not disclose.
Minimum income: $35,000.
Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer

Read Full Review

Types of law school loans

Law students may be eligible for two types of federal student loans: direct unsubsidized loans and grad PLUS loans. Direct unsubsidized loans have a lower interest rate and fee, so take out those first. But there’s a limit to the amount of direct unsubsidized loans you can take, so you might need some grad PLUS loans too.

Some private lenders offer branded “law school loans” or loans for bar exam expenses. These have features that cater to law students’ specific needs — like deferring payments during a clerkship or fellowship. However, you can also use private graduate student loans 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 loan is right for you?

If you’ve exhausted free aid like scholarships and are torn about which law school loan to borrow, take out federal loans.

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, Public Service Loan Forgiveness and loan repayment assistance programs, known as LRAPs.

» MORE: Law school loan forgiveness and repayment programs

Private student loans may make sense — and save you money — if you don’t think you’ll need or qualify for those options.

For example, repaying $145,500 in grad PLUS loans with a 7.08% interest rate would cost $203,446 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 a 4.236% origination fee; most private lenders don’t charge an origination fee.

Monthly payments on that much debt would be roughly $1,500 for private loans and $1,700 for PLUS loans. Either amount 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 would be $244, 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 $155,000 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.

Last updated on October 28, 2019

To recap our selections...

NerdWallet's Best Law School Loans of January 2020

Federal Grad PLUS Loan: Best for All borrowers as a first option
Sallie Mae Private Student Loan: Best for Private law school loans
College Ave Private Student Loan: Best for Private law school loans
Citizens One Private Student Loan: Best for Private law school loans
Earnest Private Student Loan: Best for Graduate program loans

Best of

5 Best Law School Loans of January 2020

Summary of Best Law School Loans of January 2020

Federal Grad PLUS Loan

Sallie Mae Private Student Loan

College Ave Private Student Loan

Citizens One Private Student Loan

Earnest Private Student Loan

Types of law school loans

Which law school loan is right for you?

NerdWallet's Best Law School Loans of January 2020

Further reading.

How to Pay for Law School

Law School Loan Forgiveness and Repayment Programs

Average Student Loan Debt for Law School Graduates