10 Student Loans for Law School for 2023

The typical law student leaves law school with student loan debt totaling more than $140,000. Private student loans provide both fixed-rate and variable-rate student loans, in contrast to federal student loans. Your interest rate on a private student loan might be lower than that of a federal student loan. Listed below are the top 10 Student Loans for Law School for 2023

Top 10 Student Loans for Law Students for  2023

If you’re picking student loans for law school, federal loans should come first. Once you’ve borrowed the maximum amount permitted by federal student loan rules, look for the finest private law school loans. Though generally lower than those for federal loans, interest rates for private student loans are nonetheless higher.

1. Custom Choice

Private student loans from Custom Choice offer competitive interest rates and a no-fee structure for law school. Students/parents never pay late fees, origination fees, or prepayment penalties. Graduate students can take advantage of a Graduate Reward that lowers their loan’s principal balance by 2% when they graduate.

Key Elements:

• Fixed rates (APR): 4.18% to 12.89%
• Variable rates (APR): 3.65% to 12.46%
• Loan amounts: $1,000 –100% of the total cost of attendance.
• Repayment term:  7, 10, or 15 years
• Rate reduction: 0.25% discount for automatic payments
• Type of degree: Undergraduate and graduate
• Grace period: 12 months

Pros

• No fees, including origination or late fees
• After providing proof of graduation, get a 2% principal reduction.
• 25% off the interest rate when you sign up for autopay

Cons

• Requirements for income and credit are not clearly stated

2. SoFi

SoFi offers a wide range of installment loans that include home loans, credit card consolidation loans, and student loans for students pursuing business and law degrees.  It also gives borrowers access to an online tool that helps them figure out how and when they should ask for a raise.

Key Elements:

• Fixed rates (APR): 23%–11.26% (with autopay)
• Variable rates (APR): 87%–11.66% (with autopay)
• Type of degree: Undergraduate and graduate
• Loan amounts: $1,000 – 100% of the school-certified cost of attendance
• Repayment terms: 5, 7, 10, or 15 years
• Rate reduction: Discount of 0.25% off the interest rate for automatic payments.
• In-school repayment: Deferred or full, interest-only, flat $25.
• Grace period: 6 months

Pros

• Unemployment protection
• Generous choices for payback
• No fees

Cons

• $5,000 minimum loan

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3. Rhode Island Student Loan Authority

The Rhode Island Student Loan Authority provides loans to students all over the nation. For graduate students, it offers two different loan types, each with a fixed interest rate. It is simple to compare RISLA loans with other loan types you qualify for because everyone who meets the requirements for each loan type receives the same rate. Students who take out a university finance loan in the UK can expect to see their repayments capped at 15% of their income for a 25-year period. One of the few private lenders, RISLA, offers an income-based repayment plan for those struggling to pay back their loans.

Key Elements:

•  Fixed rates (APR): 5.99% to 6.94%
• Variable rates (APR): N/A
• Loan amounts: $1,500 to $45,000 per year
• Repayment term: 10 or 15 years
• Type of degree: Undergraduate and graduate
• Grace period: 12 months

Pons

• Low rates of interest
• There is a repayment program based on income.
• If you finish an acceptable internship, you can get $2,000 in loan forgiveness.

Cons

• International students have no options
• There are no varying interest rates offered.

4. College Ave

College Ave is a reliable all-around private loan product for law school. Borrowers have access to a nine-month grace period, which is three months longer than the average lender’s grace period. In addition to the typical five, ten, and fifteen-year terms, borrowers have the option of a term of eight years.

Key Elements:

•  Fixed rates (APR): 4.24% – 12.98%
• Variable rates (APR): 3.99% – 12.98%
• Loan amounts: $1,000 – $150,000
• Estimated minimum credit score: Undisclosed
• Repayment term: 5, 8, 10, 15, or 20 years
• Rate reduction: 0.25% discount for automatic payments
• Type of degree: Undergraduate and graduate
• In-school repayment: Full principle and interest payments, $25 monthly installments, interest-only payments, and deferred payments
• Grace period: 36 months

Pros

• Available long (36-month) grace period
• Release of co-signer after 24 consecutive on-time payments

Cons

•   To be eligible, international students must have a Social Security number. 
•  Charges late fees

 5. Earnest

Students can skip one monthly payment each year with Earnest’s fee-free private loan option, which has no origination fees and no late fees. Graduate students have a nine-month grace period before they are required to start making payments after graduation. More so, there is no co-signer release program in place at Earnest.

Key Elements:

• Fixed rates (APR): 4.49% to 13.95%
• Variable rates (APR): 4.49% to 11.99%
• Estimated minimum credit score:650
• Type of degree: Undergraduate and graduate
• Loan amounts: $1,000 – 100% of the total cost of attendance
• Repayment terms: 5, 7, 10, 12, or 15 years
• Rate reduction: Discount of 0.25% off the interest rate for automatic payments
• In-school repayment: Deferred payments, $25 recurring installments, interest-only payments, and total principal and interest payments are all options.
• Grace period: 9 months

Pros

• Reasonably priced minimum interest rates
•  Permits you to omit one payment each

Cons

• Relatively high financial threshold
• Unavailable co-signer release

6. Sallie Mae

Law students at Sallie Mae are able to apply for loans even if they are only enrolled in school part-time. Borrowers have access to a few hardship repayment plans, such as a rate cut or a year of interest-only payments. Furthermore, there is only one loan term available to borrowers, and it is a lengthy one: 20 years. However, there is no fee for paying off the loan early.

Key Elements:

• Fixed rates (APR):50% to 14.83%
• Variable rates (APR): 00% to 15.33%
• Loan term: 10 to 20 years
• Estimated minimum credit score:600
• Type of degree: Undergraduate and graduate
• Loan amounts: $1,000 – 100% of the total cost of attendance.
• Max. Loan amount: no maximum for medical students
• Grace period: 36 months

Pros 

• Release of the co-signer is possible after 12 timely monthly payments.
• Available long (36-month) grace period

Cons

• A single loan term

 7. Citizens Bank

There are several locations where Citizens Bank offers student loans. Citizens Bank offers just a six-month grace period. An extra 0.25% loyalty discount will be given for enrolling in autopay if the student loan borrower or their co-signer already has a Citizens Bank account.

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Key Elements:

• Fixed rates (APR): 99% to 8.96%
• Variable rates (APR): 49% to 8.86%
• Loan term: 5, 10, or 15 years
• Estimated minimum credit score: Not disclosed
• Rate reduction: Discount of 0.25% off the interest rate for automatic payment
• Type of degree: Undergraduate and graduate
• Max. Loan amount:  $1,000 – 100% of the total cost of attendance
• Grace period: 6 months

Pros

• International students who have a cosigner who is a citizen of the United States
• There is an additional 0.25 percent loyalty discount on the interest rate.

Cons

• no estimate of the interest rate and soft credit check

8. Discover

Discover doesn’t charge any fees for its private student loans. There is only one loan term, and co-signer release is not an option. Paying off a student loan earlier than the standard 20-year repayment period could save you a sizable sum in interest.

Key Elements:

• Fixed rates (APR): 5.99% to 10.99%
• Variable rates (APR): 5.49% to 10.34%
• Estimated minimum credit score: 750
• Rate reduction: Discount of 0.35% off the interest rate for automatic payment
• Type of degree: Undergraduate and graduate
• In-school repayment: Interest-only repayments.
• Minimum loan: $1,000
• Grace period: 9 months

Pros

• Discounts for those in the medical field
• Deferral of medical residency
• Prizes for academic success

Cons

• Limited options for loan terms

9. Ascent

Ascent offers borrowers a wide variety of payment cancellation and postponement options. Graduated repayment plans are helpful for recent graduates who are just starting out in their careers. Borrowers can also pause payments for up to three months at a time, for a total of 24 months.

Key Elements:

• Fixed rates (APR): 5.44% to 16.43%
• Variable rates (APR): 5.98% to 15.32%
• Loan amounts: $2,001 – $200,000
• Repayment terms: 7, 10, 12, or 15 years
• Estimated minimum credit score:540
• Type of degree: Undergraduate and graduate
• Rate reduction: Discount of 0.25% off the interest rate for automatic payments.
• In-school repayment: Interest-only repayments, $25 monthly payments, and
  Deferred payments
• Grace period: 36 months

Pros

• 1% cashback following graduation
• Option for a 48-month residency delay
• Release of co-signer after 24 consecutive on-time payments

Cons

•   max interest rates that are high

10. Credible

Credible allows users to compare prequalified rates for a range of loan products. Student and personal loans, mortgages, credit cards, and refinancing are all offered on the site. To test out your options, enter your information once on its own and once with a co-signer.

• Fixed rates (APR): Vary
• Variable rates (APR): Vary
• Loan amounts: Vary
• Type of degree: Undergraduate and graduate

Pros

• Doesn’t affect credit
• Free to use
• Co-signed loans available

Cons

• Not a direct lender
• May miss out on loan benefits

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• How to obtain a loan application for a private law school 

1. Fill out the FAFSA: The Free Application for Federal Student Aid should be your first step if you need to pay for law school. Your eligibility for federal student loans and other financial aid will be determined by your school. Some financial aid is distributed on a first-come, first-served basis so fill out the FAFSA as soon as possible.

2. Take out federal student loans: After you submit the FAFSA, you can choose which financial aid assistance you want to accept. Your school will send you a financial aid award letter outlining the federal student loans and other financial aid for which you are eligible.

3. Use private student loans to fill the gaps: Private student loans can fill any remaining financial gaps after you’ve exhausted your federal options. Private lenders include banks and credit unions, as well as online lenders. Remember to compare as many lenders as you can if you decide to take out a private loan in order to find the best loan for you.

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