Preferred Lender List for Private Education Loans

Academic Year 2026-2027 | Cornell Law School

Important Information for Students and Families

You are not required to use any lender on this list. It is provided for informational purposes only. You may choose any lender, and the university will process your loan certification promptly regardless of your selection.
Consider exhausting federal loan options first, as federal student loans typically offer more favorable terms, borrower protections, and repayment options than private loans.
This is not an endorsement.The university does not endorse any specific lender. Inclusion on this list does not constitute a recommendation.
You will not be penalized for your choice.The university will not delay certification, refuse to certify, or otherwise penalize you based on your lender selection.
Compare your options carefully. Interest rates, fees, and loan terms can vary widely, and you may find more competitive options from lenders not included on this list.

Consider Federal Loans First

Before exploring private education loans, U.S. citizens and eligible non-citizens are strongly encouraged to maximize their eligibility for federal student loans. Federal loans offer several important benefits, including:

Fixed interest rates established by Congress
No credit check required for most federal loan programs
Income-driven repayment plans that adjust payments based on earnings
Loan forgiveness opportunities, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness
Flexible deferment and forbearance options during periods of financial hardship
Loan discharge in cases of death or permanent disability

For additional information about federal student loans, visit StudentAid.gov or contact the Cornell Law School Financial Aid Office.

Preferred Lenders at a Glance

The table below provides a quick comparison of federal loan programs and private lenders included on our preferred lender list.

Lender / Loan Program	Type	Interest Rate	Fees	Annual Loan Limit	Repayment Term
Federal Direct Unsubsidized Loan StudentAid.gov	Federal	7.94% fixed* Set annually by Congress	1.057% origination fee Deducted from disbursement	$20,500 Professional student – current $50,000 Professional student – new after 7/1/26	10-25 years Multiple repayment plans available
Federal Direct Grad PLUS Loan (sunsets July 1, 2026) StudentAid.gov	Federal	8.94% fixed* Set annually by Congress	4.228% origination fee Deducted from disbursement	Up to Cost of Attendance Minus other aid	10-25 years Credit check required
College Ave Law School Loan	Private	2.89% – 14.47% fixed** Rate reduction with auto-pay	No origination fee	Up to Cost of Attendance $1,000 minimum	5, 10, 15 or 20 years Credit-based approval
Citizens Student Loan for Law Students		Private	3.24% – 13.99% fixed** Rate reduction with auto-pay	No origination fee	Up to Cost of Attendance $1,000 minimum	5, 10, or 15 years Credit-based approval
Sallie Mae Law School Loan		Private	3.14% – 15.52% fixed** Rate reduction with auto-pay	No origination fee	Up to Cost of Attendance $1,000 minimum	10, or 15 years Credit-based approval
Sofi Student Loan for Law		Private	3.18% – 14.83% fixed** Rate reduction with auto-pay	No origination fee	Up to Cost of Attendance $1,000 minimum	5, 7, 10, or 15 years Credit-based approval

* Federal loan rates shown are for loans disbursed between July 1, 2025, and June 30, 2026. Rates are subject to change annually.

** Private loan rates vary based on creditworthiness and are subject to change. Rates shown are representative examples and may not reflect your actual rate.

Detailed Loan Program Information

For more detailed information about available private loan options, you may wish to use FastChoice. FastChoice is a free, unbiased online platform that helps students and families compare private student loan options through the following features:

Loan Comparison Tool: Compare private student loans from multiple lenders based on interest rates, repayment terms, and eligibility requirements. No registration or personal information is required to browse or compare options.
School-Specific Listings: Select your school, college, and academic program to view loan options curated or recommended by Cornell.
Real-Time Data: Loan information is updated directly by lenders, ensuring access to the most current rates and terms.
Apply Directly with Your Preferred Lender: Once you identify a loan that meets your needs, you can apply directly with the lender through the platform.

How to Apply for Private Education Loans

Complete the FAFSA to determine your eligibility for federal financial aid.
Review your financial aid offer and calculate how much additional funding you may need.
Research and compare lenders, paying close attention to interest rates, fees, repayment terms, and borrower benefits.
Apply directly with your selected lender. Most applications are completed online.
Complete the Private Education Loan Self-Certification Form, which is required by federal law and provided by your lender.
Await credit approval, which may take anywhere from several days to a few weeks.
Review and sign your promissory note. Carefully read and understand all terms before signing.
University certification: Once the lender approves your loan, the university will certify the approved loan amount.
Loan disbursement: Funds are typically sent directly to the university and applied to your student account.

Important: The private loan process can take approximately 3–6 weeks from application to disbursement. Applying early helps ensure funds are available by the tuition due date.

How Were These Lenders Selected?

The lenders included on this Preferred Lender List were selected through a formal Request for Information (RFI) process. The RFI was distributed through targeted outreach to private lenders to encourage broad participation from both local and national institutions.

All RFI responses were evaluated based on the following criteria:

Competitive interest rates and fees: Assessment of fixed and variable interest rates, origination fees, and overall borrowing costs.
Borrower benefits: Availability of features such as interest rate reductions, cosigner release options, and flexible repayment terms.
Deferment and forbearance options: Provisions available during periods of financial hardship or continued enrollment.
Customer service quality: Evaluation of borrower support, responsiveness, and effectiveness in resolving complaints.
Responsible lending practices: Clear, transparent disclosures and borrower-focused policies.
Regulatory compliance: Adherence to all applicable federal and state regulations, including New York State SLATE Act requirements.

Lenders were selected solely in the best interests of student borrowers and without consideration of any financial benefit to Cornell University. This list is reviewed and updated at least annually.

Important Disclosures and Reminders

Credit-based approval: Private student loans are approved based on creditworthiness. Your interest rate and eligibility depend on your credit history and income, or that of your cosigner.
Immediate interest accrual: Unlike subsidized federal loans, interest on private loans begins accruing as soon as the funds are disbursed.
Limited borrower protections: Private loans typically do not offer income-driven repayment plans, loan forgiveness programs, or the same deferment and forbearance options available with federal loans.
Bankruptcy restrictions: Private education loans are generally not dischargeable in bankruptcy.
Compare lenders carefully: Interest rates, fees, and repayment terms can vary widely. Reviewing multiple loan offers can help you find more favorable terms.
Borrow conservatively: Only borrow what you need, as these loans must be repaid with interest. Minimizing borrowing can reduce long-term costs.
Right to cancel: Federal law provides a three-day right to cancel after receiving the final loan disclosure.
Review loan documents thoroughly: Be sure you fully understand your repayment responsibilities before signing any promissory note.

Additional Resources

Federal Student Aid: StudentAid.gov
Federal vs. Private Loans Comparison: StudentAid.gov Comparison
Cornell Student Loan Code of Conduct: View Code of Conduct

Questions?

Cornell Law School
Financial Aid Office
Email: law.financialaid@cornell.edu
Phone: (607) 255-5141
Office Hours: M-Th 8:00 am-4:30 pm, F 8:00 am-4:00 pm
Location: 115 Myron Taylor Hall

Our team is available to help you explore your borrowing options and make informed financial decisions. Don’t hesitate to reach out if you have any questions.