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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.
| Loan Information | Federal Direct Unsubsidized Loan | Federal Direct Graduate Plus Loan+ | College Ave Law School Loan | Citizens Student Loan for Law Students | Sallie Mae Law School Loan | Sofi Student Loan for Law |
|---|---|---|---|---|---|---|
| Type | Federal | Federal | Private | Private | Private | Private |
| How to Apply | FAFSA | Application | Lender Website | Lender Website | Lender Website | Lender Website |
| Interest Rate | 7.94% fixed* | 8.94% fixed* | 6.75% – 8.25% fixed** Rate reduction with auto-pay |
3.24% – 13.99% fixed** Rate reduction with auto-pay |
3.14% – 15.52% fixed** Rate reduction with auto-pay |
3.18% – 14.83% fixed** Rate reduction with auto-pay |
| Loan Fees | 1.057% | 4.228% | None | None | None | None |
| Credit-based approval | No | Yes | No | Yes | Yes | Yes |
| Repayment Term | Multiple repayment options are available, including several income-based plans. | Multiple repayment options are available, including several income-based plans. | 5, 8, 10, 15 or 20 years | 5, 10, or 15 years | 10, or 15 years | 5, 7, 10, or 15 years |
| Annual Loan Limit | $20,500 (continuing students); $50,000 (new students starting July 1, 2026) | Up to cost of attendance (school-certified) | Up to cost of attendance ($1,000 minimum) | Up to cost of attendance ($1,000 minimum) | Up to cost of attendance ($1,000 minimum) | Up to cost of attendance ($1,000 minimum) |
| Deferment | Payments deferred while enrolled; additional deferment for continued education, military service, and qualifying volunteer programs | Payments deferred while enrolled; additional deferment for continued education, military service, and qualifying volunteer programs | Payments deferred while enrolled; additional deferment options may apply | Payments deferred while enrolled; military deferment available in 12-month increments (up to 48 months) | Payments deferred while enrolled; additional deferment for education, military, and volunteer service | Payments deferred while enrolled; military deferment available for active duty |
| Forbearance | Up to 36 months (may be used during judicial clerkship) | Up to 36 months (may be used during judicial clerkship) | Up to 12 months (in 3-month increments); additional at lender discretion; up to 12 months for clerkship | Up to 6 months; additional at lender discretion; up to 12 months for clerkship | Up to 12 months (in 2-month increments); additional at lender discretion; up to 12 months for clerkship | Available at lender discretion; up to 12 months for clerkship |
| Eligible for Cornell Law LRAP? | Eligible | Eligible | Eligible (Class of 2029 onward) | Eligible (Class of 2029 onward) | Eligible (Class of 2029 onward) | Eligible (Class of 2029 onward) |
| Eligible for Federal Public Service Loan Forgiveness? | Eligible | Eligible | Not eligible | Not eligible | Not eligible | Not eligible |
Federal Direct Unsubsidized Loan
Type: Federal
How to Apply:
FAFSA
Interest Rate: 7.94% fixed*
Loan Fees: 1.057%
Credit-based approval: No
Repayment Term:
Multiple repayment options are available, including several income-based plans.
Annual Loan Limit:
$20,500 (continuing students); $50,000 (new students starting July 1, 2026)
Deferment:
Payments deferred while enrolled; additional deferment for continued education, military service, and qualifying volunteer programs
Forbearance:
Up to 36 months (may be used during judicial clerkship)
Eligible for Cornell Law LRAP? Eligible
Eligible for Federal Public Service Loan Forgiveness? Eligible
Federal Direct Graduate PLUS Loan+
Type: Federal
How to Apply:
Application
Interest Rate: 8.94% fixed*
Loan Fees: 4.228%
Credit-based approval: Yes
Repayment Term:
Multiple repayment options are available, including several income-based plans.
Annual Loan Limit:
Up to cost of attendance (school-certified)
Deferment:
Payments deferred while enrolled; additional deferment for continued education, military service, and qualifying volunteer programs
Forbearance:
Up to 36 months (may be used during judicial clerkship)
Eligible for Cornell Law LRAP? Eligible
Eligible for Federal Public Service Loan Forgiveness? Eligible
College Ave Law School Loan
Type: Private
How to Apply:
Lender Website
Interest Rate:
6.75% – 8.25% fixed**
Rate reduction with auto-pay
Loan Fees: None
Credit-based approval: No
Repayment Term:
5, 8, 10, 15 or 20 years
Annual Loan Limit:
Up to cost of attendance ($1,000 minimum)
Deferment:
Payments deferred while enrolled; additional deferment options may apply
Forbearance:
Up to 12 months (in 3-month increments); additional at lender discretion; up to 12 months for clerkship
Eligible for Cornell Law LRAP? Eligible (Class of 2029 onward)
Eligible for Federal Public Service Loan Forgiveness? Not eligible
Citizens Student Loan for Law Students
Type: Private
How to Apply:
Lender Website
Interest Rate:
3.24% – 13.99% fixed**
Rate reduction with auto-pay
Loan Fees: None
Credit-based approval: Yes
Repayment Term:
5, 10, or 15 years
Annual Loan Limit:
Up to cost of attendance ($1,000 minimum)
Deferment:
Payments deferred while enrolled; military deferment available in 12-month increments (up to 48 months)
Forbearance:
Up to 6 months; additional at lender discretion; up to 12 months for clerkship
Eligible for Cornell Law LRAP? Eligible (Class of 2029 onward)
Eligible for Federal Public Service Loan Forgiveness? Not eligible
Sallie Mae Law School Loan
Type: Private
How to Apply:
Lender Website
Interest Rate:
3.14% – 15.52% fixed**
Rate reduction with auto-pay
Loan Fees: None
Credit-based approval: Yes
Repayment Term:
10, or 15 years
Annual Loan Limit:
Up to cost of attendance ($1,000 minimum)
Deferment:
Payments deferred while enrolled; additional deferment for education, military, and volunteer service
Forbearance:
Up to 12 months (in 2-month increments); additional at lender discretion; up to 12 months for clerkship
Eligible for Cornell Law LRAP? Eligible (Class of 2029 onward)
Eligible for Federal Public Service Loan Forgiveness? Not eligible
Sofi Student Loan for Law
Type: Private
How to Apply:
Lender Website
Interest Rate:
3.18% – 14.83% fixed**
Rate reduction with auto-pay
Loan Fees: None
Credit-based approval: Yes
Repayment Term:
5, 7, 10, or 15 years
Annual Loan Limit:
Up to cost of attendance ($1,000 minimum)
Deferment:
Payments deferred while enrolled; military deferment available for active duty
Forbearance:
Available at lender discretion; up to 12 months for clerkship
Eligible for Cornell Law LRAP? Eligible (Class of 2029 onward)
Eligible for Federal Public Service Loan Forgiveness? Not eligible
-Information updated 5/11/26
* 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.
+ Starting July 1, 2026, Grad PLUS loans will be eliminated under the One Big Beautiful Bill (OBBB) Act. Students already enrolled and borrowing before June 30, 2026, may continue under the existing Grad PLUS program for the remainder of their program or for up to three years.
Detailed Loan Program Information
For more detailed information about available private loan options, you may wish to use ELMSelect. ELMSelect 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.