A majority of law students finance part of their legal education through a combination of federal and private educational loans. Private educational loan are available from private lenders for students whose cost of attendance has not been met through other federal loans. The terms and conditions for private educational loans may vary.
Private educational loans differ from federal loan programs in several important ways: Annual and total loan limits are higher through private educational loan programs. Interest rates are higher as well. These loans are also based on the credit worthiness of the borrower. Interest rates, fees, and other provisions are subject to change by the lender. Students are advised to compare and research the private educational loan programs listed below before choosing a specific loan program.
It is essential that students maintain a strong and clean credit record. All students should review their credit report prior to and during law school to see if there are any problems or errors that need to be addressed. Private lenders view past and current delinquencies by potential borrowers as credit risks and may be reluctant to approve student loan requests. Students are strongly encouraged to review their credit report at least six months prior to the start of the academic year. All credit decisions are made by the lender and do not involve the Law School. Northwestern Law is unable to make up student funding shortfalls caused by private loan rejection.