Best Law School Student Loans in 2024. Select Your School to Get Started!
- Apply in as little as 3 minutes and get an instant credit decision
- Multiple repayment options from deferred to immediate principal and interest
- Choice of how long you take to repay the loan – 5, 8, 10, or 15 years3
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
2. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 12/14/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.
College Ave Highlights
- 0.25% interest rate reduction when you make required payments by automatic debit2
- Borrow up to 100% of your cost of attendance (minimum $1,000)1
- Cover all types of learning, whether you're studying online or on campus.
- Chegg Study - Get 4 months of study help included with your Undergraduate Loan.3
- Consider adding a cosigner: Student are nearly 4X more likely to be approved with a cosigner5 and it may help you get a better rate.
Borrow Responsibly
We encourage students and families to start with savings, grants,
scholarships, and
federal student loans to pay for college. Students and families should
evaluate all
anticipated monthly loan payments, and how much the student expects to earn
in
the future, before considering a private student loan.
This information is for undergraduate students attending participating
degree-
granting schools. Borrowers must be U.S. citizens or U.S. permanent
residents if the
school is located outside of the United States. Non-U.S. citizen borrowers
who reside
in the U.S. are eligible with a creditworthy cosigner (who must be a U.S.
citizen or
U.S. permanent resident) and are required to provide an unexpired
government-
issued photo ID to verify identity. Applications are subject to a requested
minimum
loan amount of $1,000. Current credit and other eligibility criteria apply.
1. Interest is charged starting at disbursement, during school and the separation/grace period, and until the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to UnpaidFees and costs, then to Unpaid Interest, and then to Current Principal.
3. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit Chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
4. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
5. Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12 month period from October 1, 2018 through September 30, 2019.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS,
SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information valid as of 12/28/2020.
Smart Option Student Loans® are made by Sallie Mae Bank.
Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
©2020 Sallie Mae Bank. All rights reserved.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not
sponsored
by or agencies of the United States of America.
Sallie Mae Highlights
- Lowest rates shown include Auto Debit discount.1
- Choose from multiple repayment options, including no payments while in school.1
- Ability to make payments while in school.
- Zero fees – No application fee. No origination fee. No late fees
- Get up to 100% of college costs covered including tuition, housing, books and more2
- Apply in 15 minutes or less - it's fast and easy
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only (https://www.discover.com/student-loans/interestonly) repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest and highest interest rates offered on the Discover Undergraduate Loan. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.
Discover Highlights
- Get a 0.25% interest rate reduction while enrolled in automatic payments1
- Skip a payment once per year (once repayment period restarted)**
- Check your eligibility in just 2 minutes
- 9 month grace period (3 months more than most lenders)***
* Auto Pay discount: If you make monthly payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. Not all borrowers will qualify for our lowest rates, and your rate will be based on creditworthiness at time of application.
** Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count towards the forbearance limits outlined in your loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
*** Not available for borrowers who choose Earnest’s Principal and Interest Repayment plan while in school.
Earnest Highlights
- Flexible repayment options
- Covers up to 100% of the school’s certified cost of attendance
- No fees for origination, disbursement, prepayment, or late payment
- Fast application and decision-making process
- Prequalify in minutes with no impact to your credit score4
- For a limited time get 0.50% interest rate reduction on new loans3
- 0.25% interest rate reduction after making 36 consecutive on-time payments4
Before applying for a private student loan, Citizens and Cognition Financial
recommend comparing all
financial aid alternatives including grants, scholarships, and both federal
and private student loans.
The Union Federal® Private Student Loan is made by Citizens (“Lender”). All
loans are subject to
individual approval and adherence to Lender’s underwriting guidelines.
Program restrictions and other
terms and conditions apply. LENDER AND COGNITION FINANCIAL CORPORATION EACH
RESERVES THE
RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT
NOTICE. TERMS,
CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.
Interest rates and APRs (Annual Percentage Rates) depend upon (1) the
student’s and cosigner’s (if
applicable) credit histories, (2) the repayment option and repayment term
selected, (3) the expected
number of years in deferment, (4) the requested loan amount and (5) other
information provided on the
online loan application. If approved, applicants will be notified of the
rate applicable to your loan. Rates and
terms are effective for applications received on or after 3/01/21. The
variable interest rate for each
calendar month is calculated by adding the One-month London Interbank
Offered Rate (“LIBOR”), or a
replacement index if the Lender, in their sole discretion, deems LIBOR to be
substantially altered or if LIBOR
is no longer based on newly reported rates from its reporting banks, plus a
fixed margin assigned to each
loan. The LIBOR is published in the “Money Rates” section of The Wall Street
Journal (Eastern Edition). The
LIBOR index is captured on the 25th day of the immediately preceding
calendar month (or if the 25th is not a
business day. The current LIBOR index is 0.11% on 3/01/21. The variable
interest rate will increase or
decrease if the LIBOR index changes or if a new index is chosen. The
applicable index or margin for variable
rate loans may change over time and result in a different APR than shown.
The fixed rate assigned to a loan
will never change except as required by law or if you request and qualify
for the on-time payment and auto
pay discounts.
APRs assume a $10,000 loan with one disbursement. The high variable rate APR
assumes a 7-year term with the Full
Deferment option, a 19 month deferment period, and a six-month grace period
before entering repayment.
The high fixed rate APR assumes a 15-year term with the Full Deferment
option, a 31 month deferment
period, and a six-month grace period before entering repayment. The low APRs
assume a 7-year term, no
deferment and payments beginning 30-60 days after the disbursement via auto
pay from a bank
account. See footnote 5 for auto pay details.
In order to provide you with a range of rates you prequalify for, Citizens
will perform a soft credit
inquiry, as authorized by you. Soft credit inquiries do not affect your
credit score. If you prequalify, the rates
and loan options offered to you are estimates only. Once you choose your
loan options and submit your
application, Citizens will perform a hard credit inquiry. Loan approval,
options, and final rates depend
on the verification of information provided on your application, and
information obtained from the hard
credit inquiry (and any cosigner’s hard credit inquiry).
The 0.25% interest rate reduction will automatically be applied if the first
36 consecutive monthly
payments during the repayment term are received by the Servicer within 10
calendar days after their due date. Payments made prior to the start of the
repayment term do not count toward the number of required
monthly payments.
Earn a 0.25% interest rate reduction for making automatic payments of
principal and interest from a bank
account (“auto pay discount”) by completing the direct debit form provided
by the Servicer. The auto pay discount will be applied
after the Servicer validates your bank account information and will continue
until (1) three automatic
deductions are returned for insufficient funds during the life of the loan
(after which the discount cannot be
reinstated) or (2) automatic deduction of payments is canceled. The auto pay
discount is not available when
reduced payments are being made or when the loan is in a deferment or
forbearance, even if payments are
being made.
Any applicant who applies for a loan the month of, the month prior to, or the
month after the student’s
graduation date, as stated on the application or certified by the school,
will only be offered the Immediate
Repayment option. The 15-year term and the Flat Payment Repayment option are
only available on loans of
$5,000 or more.
Union Federal is a registered trademark of Cognition Financial Corporation.
Union Federal Private Student
Loans are not offered in connection with any lender other than Citizens. or
the federal
government. Cognition Financial Corporation is not an affiliate of Citizens
Bank, N.A.
Citizens is a brand name of Citizens Bank, N.A. (NMLS ID# 433960). Member FDIC.
Union Federal Highlights
- Available to international students applying with an eligible cosigner who is a U.S. citizen or permanent resident alien
- Past Due Balance option is now extended to 12 months8
- 0.25% interest rate reduction for customers who elect auto pay6
- Multiple repayment terms and repayment options to choose from7
- Adding a cosigner with good financial standing makes approval 4x more likely
- Past Due Balance option is now extended to 12 months8
- 2.00% principal reduction with proof of graduation6
Before applying for a private student loan, Citizens and Cognition Financial
recommend comparing all
financial aid alternatives including grants, scholarships, and both federal
and private student loans.
The Custom Choice Loan® is made by Citizens (“Lender”). All loans are subject
to individual approval and
adherence to Lender’s underwriting guidelines. Program restrictions and
other terms and conditions apply.
LENDER AND COGNITION FINANCIAL CORPORATION EACH RESERVES THE RIGHT TO MODIFY
OR DISCONTINUE
PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND
RATES ARE SUBJECT TO
CHANGE AT ANY TIME WITHOUT NOTICE.
1. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the
student’s and cosigner’s (if applicable) credit histories, (2) the repayment
option and repayment term selected, (3) the expected number of years in
deferment, (4) the requested loan amount and (5) other information provided
on the online loan application. If approved, applicants will be notified of
the rate applicable to your loan. Rates and terms are effective for
applications received on or after 3/01/21. The variable interest rate for
each calendar month is
calculated by adding the One-month London Interbank Offered Rate (“LIBOR”),
or a replacement index if the Lender, in their sole discretion, deems LIBOR
to be substantially altered or if LIBOR is no longer based on newly reported
rates from its reporting banks, plus a fixed margin assigned to each loan.
The LIBOR is published in the “Money Rates” section of The Wall Street
Journal (Eastern Edition). The LIBOR index is captured on the 25th day of
the immediately preceding calendar month (or if the 25th is not a business
day. The current LIBOR index is 0.11% on 3/01/21. The variable interest rate
will increase or decrease if the LIBOR index changes or if a new index is
chosen. The applicable index or margin for variable rate loans may change
over time and result in a different APR than shown. The fixed rate assigned
to a loan will never change except as required by law or if you request and
qualify for the auto pay discount.
2. APRs assume a $10,000 loan with one disbursement. The high variable rate APR assumes a 7-year term with the Full Deferment option, a 19 month deferment period, and a six-month grace period before entering repayment. The high fixed rate APR assumes a 15-year term with the Full Deferment option, a 31 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, no deferment and payments beginning 30-60 days after the disbursement via auto pay from a bank account. See footnote 5 for auto pay details.
3. In order to provide you with a range of rates you prequalify for, Citizens will perform a soft credit inquiry, as authorized by you. Soft credit inquiries do not affect your credit score. If you prequalify, the rates and loan options offered to you are estimates only. Once you choose your loan options and submit your application, Citizens will perform a hard credit inquiry. Loan approval, options, and final rates depend on the verification of information provided on your application, and information obtained from the hard credit inquiry (and any cosigner’s hard credit inquiry).
4. Earn a 0.25% interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is canceled. The auto pay discount is not available when reduced payments are being made or when the loan is in a deferment or forbearance, even if payments are being made.
5. The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
6. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The 15-year term and the Flat Payment Repayment option are only available on loans of $5,000 or more.
Custom Choice Loan<sup>®</sup>is a service mark used under license.
Citizens is a brand name of Citizens Bank, N.A. (NMLS ID# 433960). Member FDIC.
Custom Choice Highlights
- Multiple repayment terms and repayment options to choose from7
- 0.25% interest rate reduction for customers who elect auto pay5
- Prequalify in minutes4
- For a limited time get 0.50% interest rate reduction on new loans3
How do I choose the right private student loan?
Do your homework
Check out our Guide to Student Loans below to learn more about financing college expenses.
Have a cosigner
A cosigner is almost always required to get approved for a private student loan – and to get the best rate.
Apply directly with the lender
Apply with each lender to find out the exact rate you will be eligible for.
Guide to Student Loans
-
What’s the difference between Federal Student Loans and Private Student Loans?
Federal Student Loans are education loans made directly by the Department of Education of the U.S. Federal Government. (In fact, they’re officially called “Federal Direct Student Loans”). Federal Student Loans are very widely available, with few eligibility requirements. A co-signer is not required (or possible) for a Federal Student Loan. These loans also have competitive fixed interest rates and very flexible deferment and repayment provisions. The amount that undergraduate students can borrow is limited to a set amount based on year in school.
Private Student Loans are loans made by private lenders. Private Student Loans have relatively stringent credit and income requirements. A co-signer with strong credit is usually required to qualify. Most Private Student Loan lenders offer fixed rate and variable rate versions. Interest rates vary, depending on the credit and income profiles of the borrower and co-signer.
-
Which is better – Federal or Private Student Loans?
It almost always makes sense to borrow through the Federal Student Loan program first before turning to Private Student Loans. The reason is that Federal Student Loans have competitive interest rates, but especially because Federal Student Loans have extremely flexible deferment and repayment provisions. Private Student Loans might be a good option if a student needs to borrow more than is available through the Federal Student Loan program.
-
How much should I borrow?
As little as you possibly can. Students should always – always – exhaust every resource for paying college costs before turning to student loans. But if, as is often the case, you need to borrow for college, keep track of what your total loan principal and the future monthly payment will be. This can be confusing because many students borrow through multiple loan programs over multiple years. However, it is very important to end up with a total borrowed amount that is manageable, especially during the first several years out of college, when a graduate’s income will be low. Some experts suggest keeping total student loan payments within 10-12% of gross monthly income. Of course, it’s impossible to fully predict what the future graduate’s income will be, but it is worth consulting with the financial aid office and career services office at your school to come up with an estimate.
-
Do I need a co-signer for Private Student Loans?
Almost definitely, yes. Private Student Loans are made based on credit and income analysis of the borrower(s). If a student borrower has no credit history and no sizable income – which is usually the case – the student will not be approved for the loan. Overall, Private Student Loans have roughly a 95% co-signer rate.
-
How do I pick the right Private Student Loan?
Most Private Student Loans have similarities to each other: things like choice of fixed or variable rate, option to defer some or all of the payments while enrolled in school, and repayment lengths.
The main differences to look out for in making your choice are:
- Cost of Borrowing – The most important thing to shop for is a low (if not “lowest”) cost of borrowing. You usually have to apply for the loan – or fill out part of the application – to find out the actual interest rate (and the effective APR) you will receive. Note that most lenders offer a way to get a price quote without incurring a full credit check. This means that checking your rate won’t impact your credit score. Caution though: some lenders don’t enable this. A rate check process with no credit impact (via what’s called a “soft pull” of your credit) usually involves answering 10-12 bits of information on the borrower and co-signer. If you need to complete a full application to find out, check carefully before applying as part of a rate check.
- Borrower Benefits – Most lenders offer rate reductions for setting up auto debit of payments, but some lenders offer interesting benefits that go further, such as a one-time graduation credit, or a credit for getting good grades. Another one to look out for is a “loyalty discount,” offered to borrowers who have other financial accounts with the lender.
- Co-signer Release – some loans offer the feature of “releasing” a co-signer after a certain number of ontime payments (typically two or three years’ worth) AND the borrower passing a credit / income test on their own. Many co-signers appreciate this feature, for obvious reasons.
- Variations on Repayment Length – most lenders have 5, 7, and 10 year repayment lengths as options. A couple allow 15 or 20 years, and some even allow to pick any length (in years) from 5 to 15. That added flexibility can help you select a repayment that solves for a monthly payment that works best for you. (But note that longer repayment terms, while bringing a lower monthly payment, will mean a higher total cost of borrowing because you’re paying interest for a longer period of time.)
- Something Special – once in a while, a lender offers an unusual benefit. Examples include sessions with financial planners, an annual skipped payment, or homework help services.
In addition, you can also research Better Business Bureau reviews of each lender, as well as third party consumer reviews provided via some services like Trust Pilot.