The Best Way to Get Law School Loans

If you are planning on attending law school, one consideration that you must make is taking out loans to finance your education. A law degree is, generally, an expensive degree to obtain, and there are a variety of options to consider in taking on law school debt. The choices include federal loans and private loans. Federal loans come in three varieties: subsidized, unsubsidized, and Federal GradPlus loans. Private loans can come from banks and other educational lending institutions. Federal loans are the best way to get law school loans because they usually have a lower interest rate, and if the loan is subsidized, then interest will not accrue when in school or during a period of deferment. The terms of private loans are particular to each loan and lending institution.

Instructions

    • 1

      Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is used by the Federal Student Aid Office of the Department of Education, and is used to determine a student's eligibility and financial needs. Financial aid at most law schools is based solely on need, and filling out the FAFSA is a necessary step in getting a law school loan. The FAFSA can be filled out starting January 1 and has a deadline of June 30, in most cases.

    • 2

      Contact your law school's financial aid office. The amount of money that a student may request in financial aid is determined by each law school. You must check with the law school to see how much money you will be allowed to request. The financial aid office of your law school may also have additional information that is specific to the law school that you will need for filling out a loan application.

    • 3

      Apply for financial aid. Find a lender who lends federal student aid and apply. Companies such as Sallie Mae, FedLoan Servicing, and American Education Services are lenders who facilitate federal lending. Links to Sallie Mae, FedLoan Servicing, and American Education Services are located in the Resources section of this article.

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