Student Loans For Law School

As a student interested in law school, you've already achieved your goal of obtaining an undergraduate degree and would like to continue your studies with the aspiration of eventually becoming a lawyer. Maybe you've already exhausted federal funds or have a number of loans you borrowed for your undergraduate studies. Where does this leave you as you apply to law schools? Fortunately, there are student loans for law school and continuing studies available. Both federal and alternative loans can be borrowed by law students and go toward tuition, books, travel expenses for internships, and can even cover additional expenses while you take time to study for the Bar exam.

Law school is an expensive pursuit, and realizing such, the federal government and many private institutions have created several ways for you to find the necessary funding for your aspirations. Perkins graduate loans and Stafford graduate loans are always your best resource, with the lowest possible interest rates and no credit check required. In fact, the graduate versions of these loans frequently give out greater sums of money than the undergraduate offerings because graduate school and law school are usually more expensive to pursue. For example, the Perkins Loan can offer up to $8,000 per academic year, as opposed to the $5,500 limit given to undergraduate students. Graduate PLUS loans are also available for use in law school, allowing graduates to take over the responsibility for the loan as opposed to their parents, who are instead only responsible for the undergraduate PLUS loans.

Finally, as a last resort only, you can also look toward private student loans for law school. These usually have higher interest rates and less flexible repayment options, which is something to consider as jobs may not be readily available once you graduate from law school. However, there are also private organizations that can assist you in finding lower interest loans specifically aimed at law students. For example, the Access Group is a nonprofit organization and the largest private provider of student loans for law school, such as the Law Access Loan and the Bar Examination Loan.

To obtain any of these loans, the graduate student must have a satisfactory credit history, but criteria are relaxed greatly in comparison to the terms regulated by private lending institutions for standard personal loans. Be sure to carefully read over all of the terms of any loan before signing it, which is something you'll be used to hearing throughout your time in law school.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.