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

Standard, graduated, 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.