Law School Loan Options – 5 Loan Programs/Lenders

September 5, 2011

Law School Loan Information

Law school is expensive, we don’t have to tell you twice, but there are many law school loan options that can enable you to afford law school as well as attain the knowledge you need to pass the bar exam and go onto a flourishing career as a lawyer. There are both federal as well as private lenders that you can go through, and being that often times federal doesn’t provide enough private law school loan lenders are an option, although it is suggested that you take advantage of federal loans first because of their lower interst. To get you familiar with what is out there in the form of student loans, we have prepared for you 3 different federal options as well as 2 different private options for you to use to get your law school loan.

Law School Loan Options

Federal Law School Loan Lenders

  1. STAFFORD Law School Loan – This loan option comes in both subsidized (need based) and unsubsidized (non need based) form. Up to 20,500 dollars in is avialable to your per year with unsubsidized, and with subsidized you can get up to 8,500 dollars. They have a fixed interes rate at 6.8 percent, an activation fee of 1 percent and a 6 month grace period.
  2. GRAD Plus Law School Loan – This option is designated for just graduate and professional students and requires an credit check for qualification which can be either you or a cosigner. Fixed interest rates also apply which are at 7.9 percent and has excellent deferment methods.
  3. Federal Perkins Law School Loan – The Perkins loan program offers you law school loans of up to 6,000 a year at a current fixed rate of 5 percent. This loan is fully subsidized and you do not have to pay interest on the loan until you are finished with college. This option provides you a 9 month grace period as well as has no activation fee.

As you may know, in order to be eligible for federal student aid, you must fill out a Free Application for Federal Student Aid (FAFSA) which will determine how much money you are eligible for for you law school loan.

Private Law School Loan Options

If perhaps the federal law school loan options don’t provide enough money for your schooling, you can use these private lenders to get a law school loan as well.

  1. Citi Bank Law School Loan – You can borrow up to the cost of your education minus any other financial aid your are receiving, a possibility of tax deductions for your payments, provides a 9 month grace period and up to 20 years to repay your debt, no activation fee, good credit can mean a lower interest rate. You can also receive .025 percent off your interest by enrolling in their auto debit program. WIth this loan you must either pay interest while in school or let it accumulate and pay it off later.
  2. Access Group Law School Loan – Also known as Law Access Inc, offers student loans for law students studying for the Law Exam as well as getting ready to take it. The offer extended repayment on their loans enabling you to lower your montly payments. They are partnered with the American Bar Association with whom they enable law students to get money for tuition.

 

Category: Law School Loans

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