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How to Pay for Law School
Ways to Pay for Law School
Figuring out how to pay for law school can be as stressful as taking the Bar. Ok, maybe not that stressful. You’re likely well aware that the decision to attend law school typically comes with a big tuition bill as well. Fortunately, we’re here to inform you on the financial options available for students who plan to obtain a law degree. In this article, you will find a great deal of information on scholarships and grants available to law school students, including student loan options, and the more affordable law programs out there. Whether you’re a prospective, current, or graduating student, this page is a helpful resource to help you pay for law school.
Best Private Student Loans for Law School
- Variable Rates: 1.13% APR - 11.23% APR. Fixed Rates: 3.50% APR - 12.60% APR. Lowest rates shown include the auto debit discount.1
- Choose from multiple repayment options, including no payments while in school1
- No origination fee or prepayment penalty2
- Cover up to 100% of your school-certified college expenses like tuition, fees, books, housing, meals, travel, and even a laptop for the entire school year3
- The only undergraduate student loan that offers 4 months of Chegg® study help 4
This loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating 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 to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1Interest 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. Payments may be required during the grace/separation period depending on the repayment option selected. 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 assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The 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. It may be suspended during forbearance or deferment, if available for the loan.
2Although 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.
3Loan 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. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
4This promotional benefit is provided at no cost to borrowers with undergraduate or parent loans with a first disbursement between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.
Information advertised valid as of 8/25/2021
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.
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.
Sallie Mae loans are made by Sallie Mae Bank.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2021 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.
- Competitive fixed and variable APRs starting at 0.99%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
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.
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. 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 8/9/2021. 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.
- Competitive fixed & variable rates starting at 3.99% APR1
- Flexible 5, 10, or 15-year terms
- Award-winning customer service every step of the way
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate (ACH discount) by agreeing to automatic payment withdrawals once in repayment, which is reflected in the APR shown for Full Principal and Interest Repayment Plan loans. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 0.99 as of April 25, 2017.
Under the Full Deferment Repayment Plan option, interest and principal may be deferred while a borrower is enrolled in school on at least a half time basis, and for an additional six month grace period (up to a maximum of 60 consecutive months) following (i) graduation, (ii) termination of enrollment, or (iii) if a borrower ceases enrollment on at least a half-time basis, at which time interest is capitalized and a 60-month repayment period (5-year term), a 120-month repayment period (10-year term) or a 180-month repayment period (15-year term) begins. There are three other Repayment Plan options available, an Interest Only Repayment plan, in which principal will be deferred and payments made on interest only during the same period described above after which payments will increase to full principal and interest payments, a Flat Repayment plan, in which payments of $25 will be made during the same period described above after which payments will increase to full principal and interest payments, and a Full Principal and Interest Repayment plan, in which payments will begin immediately after disbursement. A borrower's actual APR may vary depending on the repayment option selected by the borrower. The dollar amount of the origination fee is based on the amount borrowed and will be added to the outstanding loan balance upon disbursement. Loans are not offered or endorsed by the educational institution that you are attending. CommonBond is not affiliated with any educational institution.
For more information, visit https://commonbond.co/disclaimers#note3.
Recommendation
Best for Private Loans for Law School
Interest Rates
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
- Variable Rates: Starting variable rates range from 0.99% APR - 11.33% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 2.99% APR to 10.90% 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*
*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)
- Variable rates as low as 1.96% APR1; Fixed rates as low as 3.69% APR1
- Rates include 0.50% automated payment discount1, 2
- Displayed rates are for well-qualified applicants who choose the immediate repayment option at a 5-year term1
- 5, 10 or 15-year repayment terms available (rates may vary)1
- No application fees or origination fees.
- An easy student loan application with a preliminary decision in minutes.
- Cosigner Release option available.3
- Get the money you need for tuition, room and board, books and other expenses.
Important Disclosures
PNC Solution Loans are subject to credit approval. Certain restrictions and conditions apply. PNC reserves the right to modify or discontinue the terms of these program at any time. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.
1 Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments and may vary by repayment term and other factors (refer to additional details below). Rates are for the immediate repayment option, effective as of June 29, 2021 and are subject to change at any time.
Fixed APRs: APRs range 3.69%-9.69% for a 5-year, 4.19%-10.19% for a 10-year and 4.69%-10.69% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and cosigner, if any.
Variable APRs: APRs range from 1.96%-7.96% for a 5-year, 2.46%-8.46% for a 10-year and 2.96 %-8.96% for a 15-year term. Variable rates are based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the “Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the immediately preceding calendar month. The Prime index is currently 3.25%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.
The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the automated payment feature.
Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 4.19% APR to 10.19% APR for 10 years means you would make 120 payments that may range from $102.33 to $133.76. The monthly payment per $10,000 borrowed at a variable-rate range of 2.46% APR to 8.46% APR for 10 years means you would make 120 payments that may range from $94.18 to $124.20. For the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. Estimated loan payment examples assume 30 days to first payment and are for the immediate repayment option. Payments vary for other rates, loan amounts and repayment terms.
2 Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Borrower must be making scheduled payments that include both principal and interest. Interest-only payments do not qualify for the 0.50% interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.
3 Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of interruption within that 48-month timeframe. To qualify, the borrower must submit a request, meet the consecutive timely payment requirements, provide proof of income and pass a credit check.
4 Repayment Options: Three repayment options are available - Immediate repayment of principal & interest, interest-only payments while in school and full deferment of principal & interest until six months after graduating or ceasing to be enrolled at least half-time in school. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
Loan Types: PNC offers Student Loans for Undergraduates, Graduates, Health Professions, Residency and Bar Study.
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:
- Find the grant
- Complete grant application
- You are either approved or denied
IF APPROVED
- Receive funds
- 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:
- 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.
- 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.
- 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, 2021 through June 30, 2022 is 5.28% for 2021-2022. The loan fees for loans first disbursed on or after Oct. 1, 2020 through Sept. 30, 2021 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, 2021 through June 30, 2022 is 6.28% for 2021-2022. The loan fees for loans first disbursed on or after Oct. 1, 2020 through Sept. 30, 2021 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.
- Am I looking to attend a private or public law school?
- Are there reputable schools within my state of residence I’d be willing to attend?
- Could I get residency in my law school’s state before finishing my degree?
- Are the possibilities greater with one school over another, despite the costs?
- 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; |
| 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.
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