LAWLOANS Private Student Loan
- Student must be a creditworthy US citizen, permanent resident, or an international student borrowing with a co-borrower who is a creditworthy US citizen, or permanent resident
- Student must be enrolled at least half time at an ABA-approved law school
- Student must meet the credit criteria established by Nellie Mae
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
With two credit-approved borrowers (student borrower and co-borrower):
| Borrower Credit |
Disbursement Fee |
Repayment Fee |
Interest Rate |
| Excellent |
0% |
0% |
Prime plus 0.50% |
| Good |
0% |
3% |
Prime plus 2.5% |
| Fair |
0% |
3% |
Prime plus 5.5% |
With one credit-approved borrower (either student borrower or co-borrower):
| Borrower Credit |
Disbursement Fee |
Repayment Fee |
Interest Rate |
| Excellent |
0% |
3% |
Prime plus 1% |
| Good* |
0% |
5% |
Prime plus 2.5% |
| Fair* |
0% |
5% |
Prime plus 6% |
* Borrowers who fall into the fair and good credit tiers will be required to apply with a creditworthy co-borrower.
Annual Percentage Rate*
- 7.92% with two credit-approved borrowers where one has excellent credit
- 13.39% with one credit-approved borrower who has fair credit
Cumulative Education Debt Limit
- No limit with co-borrower
- $150,000 without co-borrower
Repayment Terms
- Repayment terms for the LAWLOANS Private Student Loan depend on loan balance: loan balances of less than $20,000 have 15 years for repayment; loan balances of $20,000 - $39,999 have 20 years for repayment; loan balances of more than $40,000 have 30 years for repayment
- Borrowers may select standard repayment or graduated repayment
- There is a $50 minimum monthly payment
- Repayment begins 9 months after leaving school or dropping below half time
- 5.82% with two credit-approved borrowers and where one has excellent credit
- 11.40% with one credit-approved borrower who has fair credit
* The annual percentage rate (APR) is calculated on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 7.92% assumes a constant interest rate of 8.25%**, $10,000 loan with two disbursements (September 1 and January 2), 0% disbursement and repayment fee, deferral of principal and interest for 51 months and a 15-year repayment term. The APR example of 13.39% assumes a constant interest rate of 13.75%**, $10,000 loan with two disbursements (September 1 and January 2), 0% disbursement and a 5% repayment fee, deferral of principal and interest for 51 months and a 15-year repayment term.
**Prime Rate as of April 2006 is 7.75%.