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The Best Law School Student Loans
Updated On September 5, 2023
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
Law school is a considerable investment – both in time and money. So, when it comes to law school student loans, you will need to understand your options beyond student loans from the federal government. For law school, you can borrow both federal student loans and private student loans.
Federal student loans are available through the federal government. If you borrow a federal student loan, you'll get a fixed interest rate and have access to certain benefits such as income-driven repayment plans, forbearance and deferment. Plus, you can apply for student loan forgiveness through several different programs.
However, most student loan borrowers can't fund their law school education entirely with federal student loans. Why? The federal government limits the amount of federal student loans that you can borrow. Therefore, you'll likely need to explore alternative sources to fund your law school education. For example, scholarships, grants and private student loans are all potential options to pay for law school.
The average law school student graduates law school with over $140,000 in student loans. However, the good news is that there are several private student loan lenders who can offer competitive rates for your law school loans. In contrast to federal student loans, private student loans offer both fixed-rate and variable-rate student loans. If you have a strong credit score, your interest rate on a private student loan could be lower than your interest rate on a federal student loan.
If you are applying to law school or already have been admitted, congratulations! Getting into law school is a major accomplishment. However, if you haven't started law school yet, it's never too early to start planning for your student loans.
These are our top picks for student loans for law school. When you choose student loans for law school, you should borrow federal student loans first. To apply, you can complete the Free Application For Federal Student Aid (FAFSA).
Once you borrow the maximum amount of federal student loans, then you should find the best private student loans for you. For private student loans, you'll work with a private lender. Typically, private student loans have lower interest rates than federal student loans.
Where should you start? Comparing student loans is easier than you may think. Here are some important steps:
- Evaluate each lender.
- Compare interest rates.
- Choose a fixed or variable interest rate.
- Understand student loan terms.
- Check your new interest rate with no impact to your credit.
- Apply to multiple lenders.
It's helpful to apply to multiple lenders. Why? Applying to multiple lenders is a smart way to maximize your chances for approval. Plus, you can compare interest rates and loan terms. Then, you should choose the interest rate and student loan payment terms that work best for you.
Also, make sure to check your interest rate for free. Most lenders will do a soft credit check, which takes a few minutes and has no impact to your credit score. Checking your new interest rates with several lenders can help you decide which lenders are best for you before you apply.
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