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Home Student Loans Graduate Student Loans How to Pay for Law School
  • Contents
  • Ways to Pay for Law School
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How to Pay for Law School

Photo of Elaine Rubin
By Elaine Rubin
Updated on November 8, 2023
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Ways to Pay for Law School

Paying for law school can be a stressful journey, though perhaps not as nerve-racking as the Bar exam. As you weigh the decision to pursue a law degree, it's crucial to consider the significant tuition costs. But don't worry, we're here to ease your worries by providing information on financial options for law school students. In this article, you'll find a wealth of information on scholarships, grants, student loans, and affordable law programs. Whether you're a prospective, current, or graduating student, this page will serve as a valuable resource to help you fund your law school education.

Best Private Student Loans for Law School

College Ave Student Loans

Recommendation
Best for Private Loans
Repayment Terms

5, 8, 10 or 15 years2

Interest Rates

Variable rates as low as: 5.59% APR1

Fixed rates as low as: 4.49% APR1

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.49%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision
  • Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

2This 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.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 12/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

10-15 Years6

(undergraduate)

Interest Rates

Variable Rates: 6.37% APR - 16.70% APR1

Fixed Rates: 4.50% APR - 15.49% APR1

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 6.37% APR - 16.70% APR. Fixed Rates: 4.50% APR - 15.49% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 3x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount 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. It may be suspended during forbearance or deferment.

2In 2022, instant credit decisions were provided to 97.8% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on the percentage of borrowers who were approved for an undergraduate loan with a cosigner compared to the percentage of borrowers who were approved for an undergraduate loan without a cosigner from October 1, 2021 through September 30, 2022. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 08/25/2023.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

5 , 7 , 10 and 15 years

Interest Rates

Variable: 4.98% APR - 12.79%APR1

Fixed: 4.48% APR – 12.29% APR1

Apply Now More Info
Sallie Mae Private Student Loans
  • Prequalification: Prequalify to estimate your rate without affecting your credit score
  • Online Application Process: Submit online application in minutes
  • Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
  • No Fees: No application fees, origination fees, or prepayment penalties
  • Low Rates: Fixed rates from 4.48% to 12.29% and variable rates from 4.98% - 12.79% 
  • Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process

*Education Loan Finance is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 04-01-2023. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.

 

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Repayment Terms

5, 7, 10, 12 and 15 years

Interest Rates

Variable rates as low as: 6.16% APR1

Fixed rates as low as: 4.53% APR1

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 6.16% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 12/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Interest Rates

Variable rates as low as: 5.99% APR (with autopay)*

Fixed rates as low as: 4.44% APR (with autopay)*

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 5.99% APR to 14.83% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.44% APR to 14.83% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.44% to 13.80% annual percentage rate ("APR") (with autopay), variable rates from 5.99% to 14.30% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.99% to 13.60% APR (with autopay), variable rates from 5.99% to 14.10% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 14.83% APR (with autopay), variable rates from 6.32% to 14.83% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 11/15/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Earnest Private Student Loan

Recommendation
Best for Private Loans
Repayment Terms

5, 7, 10,15 or 20 years

Interest Rates

Graduate Rates

Fixed: 4.42% - 14.30% APR1

Variable: 5.89% - 15.97% APR1 

Undergraduate Rates

Fixed: 4.42% - 15.90% APR1

Variable: 5.62% - 16.20% APR1 

Apply Now More Info
Earnest Private Student Loan
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2
  • Apply over the phone with the Client Happiness Team
    • Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
    • Mention us when you call in to start your application

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.67% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.35% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 10/30/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

Can You Get Scholarships for Law School?

Yes, scholarships for law school are definitely available even if you’ve heard they may be harder to come by. Always check in with the financial aid office to see if they have any available information regarding grants and scholarships for law students. The law school price tag makes scholarships so much more enticing, and it makes sense because scholarships, like grants, do not have to be paid back. Check out our list of prominent law school scholarships below:

American Bar Association Legal Opportunity Scholarship

This scholarship for first-year law students awards 10-20 diverse law students $15,000 in aid over their three years in law school. These scholarships can help cover living expenses while also decreasing the amount of federal student aid you may need. 

Arent Fox Diversity Scholarship

Law firm Arent Fox offers a $20,000 scholarship and salaried position to diverse second-year law students. The first $10,000 is paid during the second-year summer, and the other $10,000 is paid once the student returns to the firm as an associate ensuing graduation. Locations are in Boston, DC, Los Angeles, New York City, and San Francisco.

MALDEF Law School Scholarship Program

The Mexican American Legal Defense and Educational Fund (MALDEF) provides $2,000 scholarships to law students seeking to advance the civil rights of the Latino community in the U.S. Each year, 5-15 law school scholarships have been awarded.

MCCA Lloyd M. Johnson, Jr. Scholarship Program

This diversity scholarship program is open to women and diverse students interested in corporate law. $10,000 scholarships are awarded to recipients for their first year of law school. A scholarship like this can help cover living expenses not covered by federal student aid. 

Sidney B. Williams, Jr. Scholar Program

The Foundation for Advancement of Diversity in IP Law provides a $10,000 per year tuition grant to select scholars of the Sidney B. Williams, Jr. Scholar Program for up to three (3) years. Financial need, merit, and interest in intellectual property law are considered.

Are There Grants for Law School?

Grants that help pay for law school are typically awarded for law school based on financial need. And, like scholarships, they do not (generally) need to be paid back. Grants may be used to lighten the burden of paying for law school, which is why it’s worth exploring your options.

Here's the catch: searching for grants for law school can be a challenge. This is because most grants helping to pay for law school are sponsored by the law schools themselves. This means that your best bet for keeping your law school debt as low as possible is  going to come from reaching out to your schools of interest. Contacting the school's financial aid office is typically a good place to start. 

Applying for Grants

When looking at your options for federal student aid, keep in mind that there are many different grants available; sometimes, there are grants specific to those attending law school.  Check with your school’s financial aid office and see what information they have regarding available grants.

The Grant Application Process

When applying for grants, there are many similarities to applying for private and federal loans and many differences. The process typically goes something like this:

  1. Find the grant
  2. Complete grant application
  3. You are either approved or denied

IF APPROVED

  1. Receive funds
  2. Use funds to pay for school, housing, etc.

How to Reach Out to Financial Aid Offices

It is important to remember that there are resources available through your school’s financial aid office. Financial aid offices can sometimes be tricky to work with, depending on the school that you are applying to/currently enrolled in. Here are some tips we have when reaching out to your school’s financial aid office:

  1. Write down your questions in advance

Depending on the time of year, the financial aid office can be very busy, and whether you seek help covering your law school costs in person or over the phone or email, it is valuable to your time to prepare.

  1. Sometimes a well-worded email is all it takes

If the financial aid office is very busy, but you have important questions, try sending an email instead. Put enough information in the email that the financial aid office worker can get the scope of your situation and help you with what you need.

  1. Always ask about available grants and scholarships

Keep in mind that the people helping you at the financial aid office are employed to assist students through the process. Many of them have information regarding available scholarships and/or /grants that could help you cover living expenses, existing student loan debt, or upcoming law school expenses.

Best Student Loans for Law School

Depending on where you decide to attend law school, your tuition costs could fall somewhere $100,000 and $200,000 to cover three (3) years of study. In addition to that, tuition doesn’t include other expenses such as housing, food, supplies, etc. With so many costs to account for, it’s quite evident that most aspiring lawyers should weigh their loan options before making any decisions on how they should pay for law school. Next, we break down the differences between federal student loans and private loans for law school.

Federal Loans for Law School

If you would like to use federal student aid loans for your law school education, you will have your choice between the Federal Direct Unsubsidized Loan and the Federal Direct PLUS Loan for Graduate Students, better known as Grad PLUS. We break these down below:

Federal Direct Unsubsidized Loan

This federal student aid loan permits law students pursuing a law degree to borrow up to a total of $20,500 each academic year, and the aggregate borrowing limit is $138,000. Your lender for this loan, as with all federal loans, is the U.S. Department of Education. Interest rates are fixed, and interest rates and loan fees vary from year to year as determined by the government. The interest rate for loans first disbursed on or after July 1, 2023 through June 30, 2024 is 7.05% for 2023 - 2024. The loan fees for loans first disbursed on or after Oct. 1, 2023 through Sept. 30, 2024 is 1.057%.

Federal Direct PLUS Loan for Graduate Students

With this federal student aid loan, law students may borrow up to the cost of attendance (COA) minus other aid. Interest rates on federal loans are fixed, and interest rates and loan fees vary from year to year as set by Congress. One important difference here is that borrowers must not have adverse credit history, as defined by the U.S. Department of Education. A cosigner, or endorser, may be required to secure the loan. The interest rate for federal loans first disbursed on or after July 1, 2023 through June 30, 2024 is 8.05% for 2023 - 2024. The loan fees for loans first disbursed on or after Oct. 1, 2023 through Sept. 30, 2024 is 4.228%.

Some additional perks about both of these federal loans include:

  • The ability to use income-driven repayment plans
  • Options to postpone payments, if needed (i.e. deferment or forbearance)
  • Consolidating through the Federal Direct Consolidation Loan program
  • Potential forgiveness through the PSLF program, also known as Public Service Loan Forgiveness.

To apply for federal loans, make sure you (1) complete the FAFSA, (2) wait for your financial aid award letter from your school which will include your federal student loan eligibility, and then (3) choose to accept or reduce your loan amounts.

Private Loans for Law School

The truth is that federal loans may not cover all of your costs, and private student loans might be necessary to cover the difference. If you find that private loans are the option of choice for you to help pay for a law degree, we’ve got you covered. We work with many lenders who offer loans you might benefit from. Visit our lenders page to see if any of the options work to help you pay for law school. You’ll find flexible repayment options with different loan terms and even income share agreements (ISAs), which prevent you from paying more than you can afford.

Furthermore, private loans come with their own perks.

  • You may borrow up to the cost of attendance (COA) minus any other aid you receive while enrolled in school
  • Several lenders offer zero origination fees, and many have lower interest rates than federal programs
  • You may use a cosigner to help you qualify or to potentially lower your interest rate. To determine if you're eligible for a private student loan, apply with a reputable lender. You can usually get pre-qualified in a matter of minutes.

Note: Remember Public Service Loan Forgiveness? If your goal is to take advantage of the PSLF program after law school, it's important to know that private loans cannot be forgiven by the federal government. That is only for Federal Direct Loans. So if you took out Federal Direct Loans AND private loans, you could still benefit from the PSLF program.

How Much Does Law School Cost?

According to AccessLex Institute® (AccessLex), the average cost of tuition and fees for a full-time law school student at a private law school was $49,370 in 2019. Full-time public law school students on average paid less than their private law school counterparts. In addition, for public law school students, costs widen for students who are non-residents. Full-time public non-residents averaged $41,780 for tuition and fees, whereas students who were residents at public law schools averaged $27,710.

Here are some questions that you might want to ask if the price to pay for law school is a major factor for you.

  1. Am I looking to attend a private or public law school?
  2. Are there reputable schools within my state of residence I’d be willing to attend?
  3. Could I get residency in my law school’s state before finishing my degree?
  4. Are the possibilities greater with one school over another, despite the costs?
  5. Are there grants available for students at schools I’m interested in?

Most Affordable Law Schools

grants, it is possible that tuition and fees might not be a good indicator of your out-of-pocket costs. U.S. News & World Report put together a list of the top 10 law schools that provide the most tuition assistance, and we want to break it down for you.

The percentages represent the amount of grant recipients who received funds covering more than half of tuition during the 2018-2019 school year. For grant recipients at these law schools, paying less than half of the expected tuition is common.

Most Affordable Law Schools 2018-2019

College % of grant recipients with funds
covering more than 50% of tuition
Tuition and fees per year
 Pennsylvania State University - Carlisle (Dickinson)  93.2%  $50,582*
 Pennsylvania State University - University Park 90% $50,984*
 Belmont University 88.2% $44,470
University of Nevada - Las Vegas 85.6% $27, 023 in-state;
$39, 923 out-of-state
 George Mason University 84.7%

$25,254 in-state;
$40,740 out-of-state

University of Nebraska - Lincoln 81.3% $16,078 in-state;
$36,918 out-0f-state
University of Illinois - Urbana-Champaign  80.6% $38,118 in-state;
$48,118 out-of-state
Washington University in St. Louis 79.3% $57,445
 Villanova University 78% $46,535
Liberty University 77.8% $36,862

Source: U.S. News and World Report, for illustration purposes only
*This number represents the tuition and fees per year for in-state and out-of-state law students

How to Pay for Bar Exam Expenses

Bar exams are not cheap, and preparing for it isn’t cheap either. Most people won’t have sufficient funds put away to account for bar exam expenses, but there is financial help available for aspiring lawyers. Bar loans exist to help law school students getting ready for the big test cover the cost of the exam, exam prep, and even living expenses.

Note: You can cover the cost of your bar exam expenses with a private student loan lender or a Federal Grad PLUS Loan; however, you will have to meet more conditions with the federal loan, and you may not be able to cover as many expenses.

Refinance Law School Loans

If you're looking to refinance your law school loans, you've come to the right place. We work with some of the best lenders in the industry to provide you with competitive rates and flexible repayment options. We encourage you to check out our lenders and see if any of their offerings work for you.

Also, if you're considering consolidating, we recommend that you check out, "Should I Consolidate My Student Loans?" Refinancing and consolidating aren't exactly the same thing, and we educate you on the differences between the two, pros and cons of each, and more.

What to Read Next

Best Private Student Loans for December 2023

Bar Exam Loans

MBA Loans

How to Pay for Medical School

Medical Residency and Relocation Loans

How to Pay for Pharmacy School

Student Loans for Graduate School

 

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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

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PrivateStudentLoans.com recommends you consider all financial aid alternatives including grants, scholarships and federal loans (Federal Stafford, Federal Parent PLUS, Federal Grad PLUS) prior to applying for private student loans.