Entry into a graduate law program comes after a student completes his or her four-year undergraduate degree and chooses to continue their studies to become a lawyer. Tuition for law school can be expensive, but luckily, there are many financial aid opportunities for students. One option is taking out a student loan to front the cost of your tuition. Private institutions and the U.S. federal government both offer loan programs to make students' educational pursuit a reality.
Federal Loans for Law School
Stafford Graduate Loan: This fixed-rate loan is available to graduate students enrolled in a college at least part-time. There are two types of Stafford Graduate Loans, the Unsubsidized and Subsidized Loan programs. Based on financial need, the Subsidized Stafford Loan does not charge interest before you begin repayment or during deferment. The U.S. government subsidizes the interest during those times. The Unsubsidized Loan is not based on financial standing and charges interest from the time the loan is enacted. Both types of Stafford Graduate Loans are federally issued.
Perkins Graduate Loan: This loan is fixed rate and based on financial need. Graduate students applying for this loan essentially owe money to the goverment. Students can borrow a maximum of $6,000 a year with this particular loan at an interest rate of around 8 percent.
Graduate PLUS Loan: Avaiable to law student parents and guardians, this type of loan is also government issued and granted based on the co-signer's financial standing. With this type of loan, the parent or guardian is responsible for loan repayment.
Private Law School Loans
There are private loans available to students pursuing a degree in the legal field. An example is the Sallie Mae Bar Study Loan, a loan option for law students who are in law programs to prepare for the Bar exam. The Bar Study Loan allows students to finance course fees, bar exam deposits and fees, and living expenses.
For additional reading on law school loans, visit Gradloans.com and SallieMae.com.