You can apply only once for the money you need for the entire school year. Funds will be sent for each term as requested by your school.
Sallie Mae® Law School Loan
coverage
of all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop.footnote 2
of students
who've been approved for a Law School Loan with a cosigner were approved again when they returned with a cosigner the following year.footnote 3
months of deferment
during your clerkship or fellowship.footnote 4
interest-only payments
for eligible borrowers after the grace period for repayment flexibility.footnote 5
month grace period
to support you during your law career.footnote 6
Choose the law school loan option that works for you
Fixed rate: 3.59% - 14.47% APRfootnote 1
Lowest rate shown includes the auto debit discount. Get predictable monthly payments with a rate that doesn't change over time.
Variable rate: 5.54% - 14.97% APRfootnote 1
Lowest rate shown includes the auto debit discount. Your interest rate can rise or fall as the market index changes, so your Law School Loan payments may vary over time.
Pay later
Deferred repayment option: Make no payments while you're in school and in grace (nine months after leaving school).footnote 1 With this Law School Loan repayment option, you'll likely pay more for your total student loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period.
Pay a little and save
Fixed repayment option: Pay $25 every month.footnote 7 Choose the Fixed Repayment Option and receive an interest rate that is .25 percentage points lower than the Deferred Repayment Option.footnote 1 While your total loan cost will typically be less than with our deferred repayment option, unpaid interest will be added to your principal amount at the end of your grace period.
Pay interest and save even more
Interest repayment option: Pay your Law School Loan interest every month you're in school and in grace. Choose the Interest Repayment Option and receive an interest rate that is .50 percentage points lower than the Deferred Repayment Option.footnote 1 Your total loan cost will likely be lower than with the other repayment options, but your Law School Loan payments will likely be larger while you're in school and in grace.
Benefit from these features
- Returning customers can save time with a streamlined application.footnote 3
- Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.footnote 8
- Pay no origination fee or penalty for paying off your Law School Loan before its due date.footnote 9
- You can apply to release your cosigner after you graduate, make 12 on-time, principal and interest payments and meet certain credit requirements.footnote 10
- You can pay for up to all your school-certified law school costsfootnote 2 with a single, established lender.
The Law School Loan vs the Federal Direct Grad PLUS Loan
After exploring federal student loans, you may find the Sallie Mae Law School Loan to be a good alternative to the Federal Direct Grad PLUS Loan, and if you're highly qualified, you may receive a lower interest rate.footnote 11
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Sallie Mae Law School Loan
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Direct Grad PLUS Loanfootnote 12 |
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No origination fee |
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Available for less than half-time enrollment |
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Offers variable interest rates |
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Offers fixed interest rates |
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9-month grace period |
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Deferred repayment option |
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Interest and fixed repayment options |
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Rate reduction for auto debit enrollment |
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Get the help you need during law school and beyond
A deferment may help you postpone or reduce your Law School Loan payments during your clerkship or fellowship. It's available in increments of 12 months, up to a total of 48 months.footnote 4
Find out about a clerkship or fellowship deferment
Our Bar Study Loan can help you pay for bar study-related expenses that aren't covered by federal student loan programs, such as bar exam course fees and deposits.
Easily apply in 3 steps
Provide some basic info
Give some details about yourself and your school.
Choose your options
After you're approved, pick the repayment option and interest rate type that will suit your budget and timeframe.
Accept your loan
Review, sign and accept your loan documentation. We'll take care of the rest with your school.