Best Private Student Loans for Law School 2026

Law school is one of the largest educational investments a student can make. The average annual tuition at a private law school is roughly $53,000, and total costs including living expenses can exceed $230,000 over three years. Until now, federal Grad PLUS loans covered the difference between Direct Unsubsidized Loans and the full cost of attendance, but that option is going away.

Starting July 1, 2026, the One Big Beautiful Bill Act eliminates Grad PLUS loans for new borrowers and caps federal borrowing for professional students at $50,000 per year and $200,000 over a lifetime. For students at higher-cost programs or in expensive metro areas, private student loans will become a necessary part of the funding plan. This guide compares five lenders that offer law-school-specific or graduate loan products to help you find the right fit.

Why will law students need private loans after 2026?

Under the current system, law students can borrow up to $20,500 per year in Federal Direct Unsubsidized Loans and then use Grad PLUS loans to cover the remaining cost of attendance. Grad PLUS loans have no fixed dollar cap, making them a reliable backstop for students at any price point.

That changes on July 1, 2026. New borrowers will be limited to $50,000 per year and $200,000 in total federal loans for professional degree programs like law. That $200,000 cap is part of a broader $257,500 universal federal loan limit that includes any undergraduate borrowing. Students who took on significant federal debt during undergrad may hit this ceiling before fully using their professional allocation.

At many law schools, especially top-ranked programs in high-cost cities, total three-year costs exceed $250,000. The gap between federal loan limits and actual costs can be $50,000 or more, making private loans a practical and necessary tool for many JD students.

Students who are already enrolled in law school and have existing federal loans may be able to continue borrowing under the old limits for up to three academic years or until graduation, whichever comes first. New students starting in fall 2026 will not have this option.

What should you compare when choosing a law school loan?

Before borrowing, compare offers from multiple lenders. The APR (annual percentage rate) is the best starting point because it reflects both the interest rate and any fees. Most private student loan lenders do not charge origination fees, but you should confirm this before applying.

For law students, bar exam financing is a key consideration. Some lenders offer separate bar study loans to cover bar prep courses, exam fees, and living expenses during the study period. If you know you will need bar exam funding, factor that into your lender comparison.

Repayment term length, cosigner requirements, and cosigner release policies are also important. Law graduates pursuing public interest careers should pay special attention to whether their private loans affect eligibility for Public Service Loan Forgiveness (PSLF) on their federal loans. Only federal loans qualify for PSLF, so keeping federal and private debt separate matters for long-term planning.

The table below summarizes key features across all five lenders covered in this article.

Sallie Mae Law School Loans

Sallie Mae offers a dedicated law school loan for JD students, separate from its general graduate product. It stands out for its 9-month grace period after leaving school (longer than the standard 6-month grace most lenders offer) and up to 48 months of clerkship and fellowship deferment in 12-month increments. Cosigner release is available after just 12 on-time payments, one of the shortest timelines in the market.

Sallie Mae also offers a separate bar study loan to cover bar prep courses, exam fees, and living expenses during the study period. This is applied for separately from your law school loan.

• Fixed and variable interest rates available, with an autopay rate discount
• 9-month grace period, plus up to 48 months of clerkship/fellowship deferment
• No origination fees (late fees do apply)
• 10 to 15-year repayment terms
• Can apply with or without a cosigner
• Approves borrowers enrolled less than half-time
• No soft-pull prequalification; applying triggers a hard credit inquiry

College Ave Law School Loans

College Ave offers a dedicated law school loan with repayment terms of five, eight, 10, 15, or 20 years, giving more control over the balance between monthly payments and total interest costs. Law students receive a 9-month grace period before repayment begins, plus up to 12 months of clerkship deferment. College Ave also offers a separate bar study loan for students who need dedicated funding for bar prep. One downside to be aware of: College Ave capitalizes unpaid interest monthly, meaning you will pay interest on interest during any period when you are not covering accrued interest.

• Fixed and variable interest rates available
• 9-month grace period, plus up to 12 months of clerkship deferment
• No origination fees
• Five repayment term options (5, 8, 10, 15, or 20 years)
• Cosigner release available after half of the repayment term has passed
• Apply online; cosigner applies separately

Earnest Law School Loans

Earnest positions itself as a flexible option for law students, offering a nine-month grace period after graduation (longer than most lenders) and the ability to skip one payment per year at no cost. The lender does not charge late fees or origination fees, and borrowers can opt for biweekly payments instead of monthly, which can reduce total interest over the life of the loan. Earnest requires a minimum credit score of 650 and covers up to 100% of the cost of attendance. One notable limitation: Earnest does not offer cosigner release, so your cosigner remains on the loan until it is paid off or refinanced.

• Deferment available during clerkship and fellowship
• No late fees or origination fees
• Can apply with or without a cosigner (no cosigner release)
• Skip one payment per year
• Biweekly payment option available
• Partial forbearance option (not just full forbearance)
• Nine-month grace period after graduation

SoFi Law School Loans

SoFi offers a graduate student loan that covers JD students and provides up to 100% of the cost of attendance. Borrowers can choose from four in-school repayment options (deferred, interest-only, $25 monthly flat payment, or immediate repayment), each of which may affect the interest rate offered. SoFi offers up to 12 months of law clerkship deferment, which is shorter than some competitors. SoFi also provides member benefits like financial planning tools and career coaching.

• Fixed and variable interest rates available
• Up to 12 months of clerkship deferment
• No origination fees or late fees
• Repayment terms from five to 15 years
• Can apply with or without a cosigner
• Member benefits including financial planning access

Ascent Student Loans

Ascent offers graduate student loans that cover law school students. The lender is notable for offering no-cosigner loan options for students who may not have a creditworthy cosigner available. Law students can defer payments for up to nine months after graduation, and Ascent provides flexible in-school repayment choices.

• Fixed and variable rates with no origination fees
• Up to 9 months of deferment after graduation
• No-cosigner options available
• Flexible in-school repayment choices
• 1% cash back graduation reward

How do you apply for private law school loans?

Start by maxing out your federal loan eligibility. Log in to your account at StudentAid.gov to check your remaining federal borrowing capacity and confirm how much of the $200,000 professional cap you have left.

Next, prequalify with multiple lenders. Most lenders offer prequalification with a soft credit check, which lets you compare estimated rates and terms without affecting your credit score. Note that Sallie Mae does not offer soft-pull prequalification; applying with them triggers a hard credit inquiry. Always compare the APR rather than just the interest rate, since APR includes fees and gives a more accurate picture of total costs.

Coordinate with your school’s financial aid office before finalizing any loan. They will need to certify your enrollment and borrowing eligibility before the lender disburses funds. Borrow only what you need to cover the gap between federal aid and your actual expenses.

Bottom Line

Law school financing is changing significantly in 2026, but the approach remains straightforward. Exhaust your federal loan options first, then calculate the gap between your federal borrowing limit and your actual cost of attendance. Compare private loan offers from multiple lenders, paying close attention to clerkship deferment terms, cosigner policies, and whether you will need a separate bar study loan.

Private loans are not a last resort. For most law students borrowing after July 2026, they will be a standard part of the financing plan. Prequalifying with several lenders takes minutes and can save you thousands over the repayment period. If you are considering a career in public service, keep your federal and private debt separate so your federal loans remain eligible for PSLF.

Frequently Asked Questions