Loans for Law Students
For Law Students we offer Federal Stafford Loans and Federal Grad PLUS Loans as low-cost ways to pay for law school. These loans allow you to postpone payments - so you can focus on studying while you are in school.
Stafford Loans
Our Stafford Loans are the most cost-friendly Federal student loans available to law students. They offer:
- Fixed interest rate of 6.8%
- A 0.25% interest rate discount for auto-debit monthly payments
- No payments for up to 6 months after graduation
- No credit check or co-signer needed
 For more on Stafford Loans
Apply Now
Grad PLUS Loans
Grad PLUS loans are intended specifically for graduate students to help cover remaining college costs that are not covered with a Stafford loan. They offer:
- Fixed interest rate of 8.5%
- A 0.25% interest rate discount for auto-debit monthly payments
- No payments required while in school
For more on Grad PLUS Loans
Apply Now
Stafford Loans
Stafford Loan Borrowing Limits
The maximum amount of Stafford loan money law students may borrow (as determined by the Federal government) is $20,500 annually and $138,500 in total - including Stafford loans borrowed as an undergraduate student.
Stafford Loan Interest Rate
The Stafford Loan interest rate (as set by the Federal government) for law students is 6.8% FIXED.
Stafford Loan Fees
Stafford Loan fees (as set by the Federal government) for the 2008 – 2009 academic school year are:
- 1.0% default fee
- 1.0% origination fee
Stafford Loan fees (as set by the Federal government) for the 2009 – 2010 academic school year are:
- 1.0% default fee
- 0.5% origination fee
Stafford Loan Repayment Options
Federal Stafford loans do not have to be repaid immediately. Law students have the option to postpone making payments until 6 months after graduation or their enrollment status drops below half-time (whichever comes first). Law students can also choose to make interest-only payments while in school. Once in repayment, law students can choose from the following repayment options:
- Standard Repayment: Monthly payments include both principal and interest and are fixed over the life of the loan (a maximum of 10 years). This plan has the highest monthly payment amount, but the lowest total interest cost. Estimate your monthly payments under this plan using the Great Lakes Account Payment Plan Estimator tool.
- Graduated Repayment: This repayment option allows law students to have a lower monthly payment for the first few years and then an increased monthly payment thereafter. For example:
- For the first 2 years monthly payments will be interest-only.
- For the next 3 years payments will be slightly higher and include interest and some of the principal.
- For the remaining life of the loan payments will be made on a standard repayment plan.
Estimate your monthly payments under this plan using the Great Lakes Account Payment Plan Estimator tool.
- Income Sensitive Repayment: Your monthly payment amount is tied to a fixed percentage of your gross monthly income. Your payments must be greater than or equal to the interest that accrues. You must reapply every year (up to 5 years) and payments are adjusted annually to reflect changes in your income.
- New! Income Based Repayment: This new repayment plan will be available beginning July 1, 2009 for all Stafford loan borrowers. It will cap your monthly payments at 15% of the difference between your adjusted gross income and 150% of the applicable poverty level, taking into consideration your income, family size, and your total amount borrowed. As with the Income Sensitive Repayment plan, your monthly payment amount is adjusted annually based on changes in your income and family size. Unlike the Income Sensitive Repayment plan, there is no minimum monthly payment amount, and therefore, the minimum monthly payment amount can be lower than the monthly interest charges. The maximum repayment term is 25 years. After 25 years, any remaining debt will be forgiven.
- Extended Repayment: If you have an outstanding balance of principal and interest in FFELP loans totaling more than $30,000, then you may qualify to extend your repayment term up to 25 years. Estimate your monthly payments under this plan using the Great Lakes Account Payment Plan Estimator tool.
To learn more about Stafford loans:
Stafford Loan Basics Stafford Loan Eligibility
Applying for a Stafford Loan Stafford Loan Repayment
Grad PLUS Loans
Grad PLUS Loan Borrowing Limits
Law Students can borrow up to 100% of the cost of attendance with Federal Grad PLUS loans. The estimated cost of attendance includes tuition, room and board, books, transportation and other expenses, minus any other financial aid received.
Grad PLUS Loan Interest Rate
The Grad PLUS Loan interest rate (as set by the Federal government) is 8.5% FIXED.
Grad PLUS Loan Fees
Grad PLUS Loan fees (as set by the Federal government) are:
- 1.0% default fee
- 3.0% origination fee
Grad PLUS Loan Repayment Options
Federal Grad PLUS loans do not have to be repaid immediately. Law students have the option to postpone making payments until after graduation or their enrollment status drops below half-time (whichever comes first). Law students can also choose to make interest-only payments while in school. Once in repayment, law students can choose from the following repayment options:
- Standard Repayment: Monthly payments include both principal and interest and are fixed over the life of the loan (a maximum of 10 years). This plan has the highest monthly payment amount, but the lowest total interest cost. Estimate your monthly payments under this plan using the Great Lakes Account Payment Plan Estimator tool.
- Graduated Repayment: This repayment option allows law students to have a lower monthly payment for the first few years and then an increased monthly payment thereafter. For example:
- For the first 2 years monthly payments will be interest-only.
- For the next 3 years payments will be slightly higher and include interest and some of the principal.
- For the remaining life of the loan payments will be made on a standard repayment plan.
Estimate your monthly payments under this plan using the Great Lakes Account Payment Plan Estimator tool.
- Income Sensitive Repayment: Your monthly payment amount is tied to a fixed percentage of your gross monthly income. Your payments must be greater than or equal to the interest that accrues. You must reapply every year (up to 5 years) and payments are adjusted annually to reflect changes in your income.
- New! Income Based Repayment: This new repayment plan will be available beginning July 1, 2009 for all Grad PLUS loan borrowers. It will cap your monthly payments at 15% of the difference between your adjusted gross income and 150% of the applicable poverty level, taking into consideration your income, family size, and your total amount borrowed. As with the Income Sensitive Repayment plan, your monthly payment amount is adjusted annually based on changes in your income and family size. Unlike the Income Sensitive Repayment plan, there is no minimum monthly payment amount, and therefore, the minimum monthly payment amount can be lower than the monthly interest charges. The maximum repayment term is 25 years. After 25 years, any remaining debt will be forgiven.
- Extended Repayment: If you have an outstanding balance of principal and interest in FFELP loans totaling more than $30,000, you may qualify to extend your repayment term up to 25 years. Estimate your monthly payments under this plan using the Great Lakes Account Payment Plan Estimator tool.
To learn more about Grad PLUS loans:
Grad PLUS Loan Basics Grad PLUS Loan Eligibility
Applying for a Grad PLUS Loan Grad PLUS Loan Repayment |