Law School Loans

Since 1985, average law school tuition has more than tripled. A year of tuition at a public law school is now over $20,000 a year, and average tuition at private law schools is around $30,000 a year. In order to attend law school these day, unless you’re independently wealthy, you’re probably going to have to take out a law school loan. There are plenty of laws school loans available.

Federal Student Loans

The first place you should start is with federal student loans. The federal government is the biggest source of loans to those pursing a legal career.

The Stafford loan program makes available up to $18,500 per year in low interest, long term loans. The government will even subsidize the interest payments while you’re still in school. Do not worry if you’ve already taken out some Stafford loans for your undergraduate degree. You can borrow up to $138,500 total under the Stafford program, undergraduate and graduate combined. If this isn’t enough, there are several sources of private loans to help you bridge the gap.

Private Loans

Sallie Mae, the world’s largest student loan company, has a program called LAWLOAN. LAWLOAN allows you borrow up to the total cost of your education, minus whatever other aid you’ve received.

Nellie Mae, a division of Sallie Mae, has a similar program called Excel Loan. While the interest rates on these private loans is going to be a bit higher than on federal law school loans, they’re still much lower than a typical consumer loan, and can definitely play a role in your total financial aid package.

Loan Forgiveness

Governments and even law schools are offering to forgive the student loans of graduates who agree to serve several years in a public service job or government job after they graduate.

Do not hesitate to take out a law school loan. It can be one of the best investments you ever make.