Best loan options beyond Stafford for law school? Need private loans in student's name only

Congrats on your son's law school acceptance! Yes, most law students use a combination of federal loans and private loans. For the federal portion, he should qualify for Direct Unsubsidized loans ($20,500/year) and Direct Grad PLUS loans that can cover up to the full cost of attendance minus other aid. The Grad PLUS requires a credit check but it's not as stringent as private loans. The big advantage of federal loans (including Grad PLUS) is they qualify for income-driven repayment plans and Public Service Loan Forgiveness if he goes into public interest law. Private loans don't have these protections. My daughter is in her second year of law school and we decided the federal route was safer despite slightly higher interest rates.

my cousin did law school last year he got those stafford loans but they werent enough so he did the grad plus thing. most of his friends did the same thing. private loans are WAY WORSE interest rates like crazy high compared to federal. tell ur son to avoid SoFi and Discover they were awful when my cousin looked into them

I'm a 3L at a private law school, and I can tell you most of us use the Grad PLUS loans to cover everything beyond the Stafford (which is actually called Direct Unsubsidized loan now). The Grad PLUS loans will cover up to the full cost of attendance and only require that you don't have adverse credit history - it's NOT based on credit score. Here's the application sequence: 1. FAFSA (which he's done) 2. Accept the Direct Unsubsidized loan when aid package comes 3. Apply for Grad PLUS for the remaining amount One warning though - loans disburse at the beginning of each semester, not before. So if his school requires deposits before then, you might need to front that money temporarily.

Private loans should be the ABSOLUTE LAST RESORT for law school. The federal Grad PLUS program exists specifically to fill this gap, and they offer much better protections than private loans. The "adverse credit" requirement is basically just making sure you haven't defaulted on other federal loans or had major delinquencies in the past 2 years. Law school debt is no joke - the average graduate has $160,000+ in loans. Income-driven repayment plans only exist for federal loans, and if the economy tanks when he graduates (as it did for my cohort in 2009), he'll be grateful for that safety net. Ask your son to check if his school has a financial aid calculator on their website that breaks down all these options. Most law schools do.

trust me u DONT want private loans!!!! my brother got them for med school and hes STUCK with 7.8% interest that never goes down! fed loans have that income based thing where u only pay what u can afford each month. private loans will DESTROY your sons future if he has trouble finding a high paying job right away

I've been trying to reach Federal Student Aid about my son's Grad PLUS loan application for weeks - kept getting busy signals or disconnected. Finally used Claimyr.com and got through to a human in 15 minutes! They connected me directly to an agent who explained everything about the Grad PLUS loan process and credit requirements. They have a video demo at https://youtu.be/TbC8dZQWYNQ that shows exactly how it works. Seriously saved me hours of frustration and my son's application is now being processed.

Coming from someone who graduated law school in 2018 with $210,000 in debt, I strongly advise your son to: 1. Use federal loans exclusively if possible (Direct Unsubsidized + Grad PLUS) 2. Apply for EVERY SCHOLARSHIP possible, even the small ones add up 3. Work during summers (and possibly part-time during school if allowed) 4. Live like a broke student, not like a lawyer-to-be I made the mistake of taking some private loans for living expenses in my 3L year and those are the ones I can't consolidate or get on income-based plans. Biggest financial regret. Also, the REAL cost of law school isn't just tuition + room/board. Bar prep courses, bar exam fees, moving expenses for jobs, and living costs during bar study can add $10-15K that no one talks about!

One other option to consider: some law schools offer loan repayment assistance programs (LRAPs) for graduates who go into public interest work. If your son is considering public interest law, government, or non-profit work, he should specifically ask the financial aid office about LRAP options. These can help significantly with federal loan repayment. Also, regarding the deposit timing issue you mentioned - many schools will work with you on this if you explain the situation. They might allow a smaller initial deposit or a payment plan for the deposit amount. It's worth asking!

Current law student here again - just to clarify something important: There are NO Stafford Loans anymore for graduate students. The program was renamed years ago. What he qualifies for is: 1. Direct Unsubsidized Loans (up to $20,500/year) 2. Grad PLUS Loans (up to the remaining cost of attendance) Both become available to apply for once the school processes his FAFSA and generates a financial aid package. Some schools do this earlier than others, but typically you can complete the process by early summer. The reason for the June timeline is probably related to the award year cycle. For environmental law specifically, look into the school's clinic options and summer funding for environmental internships. My school has specific grants for students working in that field.

To address your original question about it being "in his name only" - ALL graduate student federal loans are in the student's name only. Parents are not co-signers or responsible parties for Direct Unsubsidized or Grad PLUS loans. The only parent loan option is Parent PLUS, but that's for undergrads only. This is different from private loans, which often require co-signers for students with limited credit history. The federal route should give you exactly what you're looking for - full responsibility on your son without impacting your retirement plans.