"Graduate PLUS loans allowed students to borrow up to the full cost of attendance with the barest of credit requirements. Private loan approval and rates heavily depend on the creditworthiness of the borrower, making it difficult for young law students to secure financing."
"Many borrowers do not realize that shopping around for a student loan rate is highly advantageous, as rate ranges on school lender lists do not provide solid information on where a borrower will fall in that range."
New federal regulations will eliminate the Graduate PLUS loan for new borrowers and cap federal loan amounts for graduate students. This change creates a financial gap for many law students, particularly those without family support or scholarships, forcing them to seek private loans. Private loans are more challenging due to their dependence on borrower creditworthiness, which many young law students may lack. Additionally, financial education on private loan selection is lacking, and borrowers often do not realize the benefits of comparing rates from different lenders.
Read at Above the Law
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