Loans

Education loans are to be used for tuition, fees, and living expenses while in school, and must be repaid, with interest. They generally have relatively low-interest rates and have deferment and repayment provisions that allow students flexibility when it comes time to repay the loans. Students can use these education loans to meet their tuition and living expenses by borrowing up to the cost of attendance, minus any financial aid (scholarships and grants) they receive during an academic year. At Fordham Law School, students can apply for federal loans and private loans.

Current students can visit LawNET’s financial aid resources page to learn more.

Federal education loans are provided by the government, and have fixed interest rates, flexible repayment options, deferment/forbearance, loan forgiveness, and cancellation benefits. There are origination fees associated with all federal loans.

All Federal loans are borrowed directly from the Federal government through the U.S. Department of Education. Eligibility for federal aid is determined by the information you provide in the Free Application for Federal Student Aid (studentaid.gov). To borrow a federal education loan, you must:

  • Be enrolled at least half-time in an eligible degree program;
  • Be a U.S. citizen, permanent resident, or eligible non-citizen;
  • Not be in default on a federal student loan;
  • Maintain satisfactory academic progress by the end of each academic year.

 

Updates to Federal Student Aid Under the One Big Beautiful Bill

Important disclaimer: The information contained on this page is provided by Fordham Law financial aid staff to inform students of the changing landscape of federal student loan programs.  The Department of Education has yet to implement regulations that will affect the implementation of the new law.  It is not yet finalized, and we are expecting an NPRM to be published in November. Students should refer to studentaid.gov for more information.

With the passage of the One Big Beautiful Bill Act (Pub. Law 119-21), several federal loan programs are being modified or eliminated. Current Fordham Law students should visit the Financial Aid page on LawNet for details, as loan eligibility may vary depending on prior borrowing history. 

For incoming law students beginning in 2026 or later, the Federal Direct Graduate PLUS Loan will no longer be available. You may still be eligible for the Federal Direct Unsubsidized Loan, with the following limits annually:

  • JD (Full-Time): $50,000
  • JD (Part-Time):  Proration of Loans; Further guidance from the U.S. Department of Education is anticipated.  It is expected that the $50,000 limit will be reduced to the percentage of full-time enrollment (# credits divided by 12).
  • MSL (Full-Time): $20,500
  • MSL (Part-Time/Online): Proration of Loans; Further guidance from the U.S. Department of Education is anticipated. It is expected that the $20,500 limit will be reduced to the percentage of full-time enrollment (# credits divided by 12).
  • LL.M. (Full-Time): $20,500
  • LL.M. (Part-Time/Online): Proration of Loans; Further guidance from the U.S. Department of Education is anticipated. It is expected that the $50,000 limit will be reduced to the percentage of full-time enrollment (# credits divided by 12).

 

Please consider these changes carefully, as they may affect your financial planning for law school. In addition, the law introduces new lifetime borrowing limits for federal student loans (excluding Parent PLUS Loans), effective July 1, 2026:

  • Aggregate Caps: $100,000 for M.S.L. and LL.M.  students; $200,000 for J.D. students

  • Overall Lifetime Limit (Undergraduate and Graduate): $257,500

Private education loans may be available to students who have very good credit. We do not recommend or endorse the use of private loans but recognize this is an option for you. Private loans differ from federal loans in several significant ways:

  • Private loans are not federally guaranteed and are not regulated or monitored by the U.S. Department of Education.
  • Interest rates can be variable, usually with no cap (the rate can go up or down at any time after you borrow).
  • Processing fees may be higher than for federal loans.
  • Private loans are issued only to students who have good credit.
  • Creditworthy co-signers may be required if the student has bad credit.
  • Private loans can be more expensive.
  • Repayment periods may be longer, resulting in higher interest costs.
  • Private loans have no deferment option, but lenders may offer forbearance.
  • Private loan forgiveness in the event of death or disability varies with the lender.
  • They may not be consolidated with Federal loans.
  • Private loans are not eligible for Federal Public Service Loan Forgiveness.

We recommend you maximize your eligibility for the Federal Direct Unsubsidized loan before considering a private loan. Due to the elimination of the Federal Direct Graduate PLUS loan, students may want to borrow from private lenders. We suggest using ELM Select as a research tool to help compare lenders. The lenders displayed on ELM Select and listed below have been carefully vetted and used by Fordham students in the past. You are not limited to these lenders, and you may choose any lender you wish.

Commonly Used Lenders

Lender for International Students Who Do Not Have a US Co-Signer 

 

Bar Study Loans

Bar study loans are private, credit-based student loans designed to assist students and recent graduates with the costs of preparing for and taking the bar exam.  Bar study loans may be a useful option if you do not have the finances necessary to cover your bar exam costs and your living expenses while you study for the bar.  Unlike educational loans borrowed during the academic year, the lender will determine the amount offered. Generally, students may be eligible to borrow up to $15,000; however, the lender sets the maximum based on creditworthiness and total indebtedness.  The interest rates and terms are determined by the lender. With a bar study loan, you will have a separate repayment obligation with the lender.

 

Fordham Law’s Office of Financial Aid does not encourage or discourage borrowing. However, we are committed to equipping you with the information and support you need to make sound financial decisions. The information above reflects the most current guidance available but is subject to change. We will continue to keep you informed as additional guidance becomes available.