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Private Loans

Private Loans

Many lenders offer private educational loans to law students. These loans differ from federal loans in several significant ways:

  • Private loans are not federally guaranteed.

  • Private loan interest rates and fees are not subsidized.

  • They are only issued to students who have an “absence of bad credit.”

  • Creditworthy co-signers may be required if you have bad credit.

  • Since there is no guarantee or subsidization, they are usually more expensive.

  • Private loans may have a longer repayment period.

  • Private loans are not eligible for deferments, but lenders may offer forbearance.

  • Private loans are not forgiven in the event of death or disability.

  • Private loans may not be consolidated with federal loans.

  • Some private loans may be used for less than half-time study.