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When deciding how much student loan debt to take on to pay for law school, you’ll need to consider the cost of tuition, fees, books, room and board, and other education-related expenses. Law students can expect to borrow around $137,500 over their academic career, though the exact amount likely will be higher or lower depending on the institution and the borrower’s financial situation.
Key Takeaways
- Covering a year of law school can require taking on tens of thousands of dollars in student loan debt.
- How much you decide to borrow should be based on a careful assessment of your financial needs and potential future earnings.
- Current and future law students can apply for federal and/or private student loans to help finance their education.
Understanding Law School Costs
Law school can cost a small fortune, so prospective students typically have to go into debt in order to afford it. In the 2024 American Bar Association Young Lawyers Division Student Loan Survey, 85% of respondents reported taking out student loans to pay for either law school or their previous education, while 21% obtained private loans solely to cover bar exam preparation.
The median amount borrowed equaled $112,500 for just Juris Doctorate (JD) loans and $137,500 in all loans at graduation, while the median bar loan amount was $7,500. Meanwhile, according to LawHub.org, the average cost of tuition for a private law school in 2024 was $57,927. For a public institution, residents and non-residents could expect to pay $31,542 and $44,859, respectively.
Determining How Much to Borrow
In order to calculate the exact amount you’ll have to borrow for law school, you’ll first need to calculate the total annual cost. Start by reviewing your chosen school’s published cost of attendance, which includes tuition and fees, books and supplies, room and board, and transportation, as well as personal expenses. The majority of this information should be available through each school’s financial aid office and/or the American Bar Association’s (ABA) Standard 509 Disclosure.
Next, subtract any additional financial resources available to you each year, including personal savings, family contributions, grants, or scholarships. The remaining amount is roughly how much you’ll need for one year of law school. Multiply that sum by the number of years required for your program to get the approximate total you’ll have to borrow.
Borrowers can get federal and/or private student loans to fund their education. Federal loans typically have more favorable terms, but the amount you can take out is limited. It’s often possible to borrow more from a private lender, but these loans typically come with higher interest rates and fewer protections than their federal counterparts.
Important
Following the passage of the One Big Beautiful Bill Act, there’s now an annual cap of $50,000 on federal student loans for professional students.
The Bottom Line
Law school can be a worthwhile investment, but the high cost of attendance can make it seem otherwise. Having a clear understanding of what you’ll need to pay and exploring all of your financial aid options are crucial steps for determining how much student loan debt you should take on. Be sure to borrow only what you need and consider how your future income as a lawyer will support your loan repayment.
