Home » Financial Assistance » Loans » Student Loans For Law School
Student Loans For Law School
Entry into a graduate law university comes after a student completes his or her four-year undergraduate degree and chooses to continue to become a lawyer. Law school is very costly so most students need to take out a student loan to help cover their expenses. Many law students have depleted their federal fund loans and often have numerous loans out. Luckily, there are law school student loans available for students continuing studies, law school and the time spent by students preparing for their bar exam, with both alternative or private and federal loans obtainable for this. Two sites with student loan information include StudentFInanceDomain.com and SallieMae.com.
Private institutions and the federal government both realize that law school is a very costly educational pursuit. Because of this, they offer several types of student loans for individuals attending law school. With no credit check needed and generally the lowest interest rates possible, the number one student loan resources are a Stafford Graduate Loan and Perkins Graduate Loan. These graduate law school student loans often offer students larger loans than student undergraduate loans. The reason for this is that graduate and law school are most costly for students to pursue. An example of this is the Perkins loan and Graduate PLUS loans available for law students. They provide the Graduate PLUS loans directly to the law school graduate student usually without a co-signer, parent or guardian. The loan amount can cover the student's entire school costs. With the undergraduate PLUS loans, it was the parents responsibility for the loan. Students must reapply for the Perkins graduate law school student loans must annually. These are available for students that are financially disadvantaged. As long as the graduate law student remains enrolled in school half the time, they defer the loan repayment but as soon as a student graduates or goes less than half the time, after a grace period of ninety days, the student begins repaying their loan.
There are private law school student loans such as Sallie Mae, which have the LAWLOANS specifically for assisting law school students along with the Bar Study Loan to help students financially, as they study preparing for the bar exam. To be eligible for a LAWLOANS Bar Study Loan, students can apply for this loan if they graduated from law school within the last year or enrolled in their final year of study at least half the time at a law school ABA-accredited. Students must be a permanent non-citizen resident with proper eligibility evidence without condition or must be a U.S. citizen. After graduating from law school, a student must sit for the bar exam within twelve months. Nellie Mae is a subsidiary owned by Sallie Mae that can provide law students with a similar loan called the Law EXCEL program. A nonprofit organization, the Access Group is the biggest provider of private law school student loans and offers the Bar Examination Loan and the Law Access Loan. In order for a graduate student to obtain this loan, he or she must have an acceptable credit history.
Resources: