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LAWLOANS Private Loan

If you've reached your federal student loan limit but still need money for law school, or if you aren't eligible for federal funding, apply for the LAWLOANS Private Loan.

Eligibility

  • You must be a U.S. citizen or permanent resident without conditions and with proper evidence of eligibility, or an international borrower applying with a creditworthy U.S. citizen or non-citizen permanent resident.
  • You must have no student loans that are delinquent or in default.
  • You must meet the credit criteria established by the lender.
  • You should apply for Stafford and Grad PLUS loans first and need additional funding.
  • You must attend an ABA-accredited school at least half time.
  • An eligible U.S. cosigner is required for foreign students. In some cases, for U.S. students, an eligible cosigner may be required. Please check with your school for details.

Features

  • More than 80% of applicants are approved for the LAWLOANS Private Loan.
  • The LAWLOANS Private Loan has interest rates that reward good credit.
  • If you have less-than-ideal credit or no credit at all, you can still be eligible for the LAWLOANS Private Loan by applying with a creditworthy cosigner.
  • If you do not have an established credit history, you may want to apply with a creditworthy cosigner because this may increase your chances of approval. Even if you have an established credit history, you may be eligible for a lower interest rate if you apply with a creditworthy cosigner.
  • No payments are required while you are in school.
  • You can manage your account online 24/7.
  • You get life-of-loan servicing from Sallie Mae.
  • You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
  • There is no prepayment penalty.

Loan terms

Loan limits

There is a $150,000 aggregate education loan limit (federal and private) if you have no cosigner. If you have a cosigner, LAWLOANS Private Loans will cover the cost of your education less other aid.

Interest rate

Manage your credit well and you may qualify for a lower interest rate.

Fees

There are no fees for LAWLOANS Private Loan.

Repayment

Standardgraduated, and extended repayment options are available.

Legal

  • Repayment for LAWLOANS Private Loans begins immediately following a nine-month grace period after graduation, leaving school, or falling below half-time status.
  • LAWLOANS is a registered service mark of Sallie Mae, Inc.

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Tip

Sallie Mae encourages you to apply for a federal student loan before applying for the LAWLOANS Private Loan, as federal loans are typically less expensive and offer the broadest array of repayment options.


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