HLS maintains the below Preferred Lender List for private education loans. Loans on the list below are available to U.S. citizens and legal permanent residents enrolled in any HLS degree program (J.D., LL.M., and S.J.D.). J.D. students with further questions about the Preferred Lender List should contact J.D. Student Financial Services, and LL.M and S.J.D. students should contact the Graduate Program Financial Aid Office.
Harvard Law students have many options available to them to help finance the cost of attendance. Students should explore any grant and scholarship funds before considering loans, because grants do not need to be repaid. Students attending HLS may apply for any student loan and any student loan program. Students are not required to borrow from private education lenders on the Preferred Lender List; it is possible that students could obtain better rates or terms from lenders not on this list. U.S. citizens and legal permanent residents may qualify for federal student loans up to the full cost of attendance and the terms and conditions of these federal loans may be more favorable than the terms and conditions of private education loans. Basic information regarding federal student loans is presented below for comparison purposes; additional information is available from the U.S. Department of Education. Harvard University also maintains a separate list of credit-based lenders. Students will suffer no penalty for their choice of lender.
We strongly recommend that students review the “How Do I Choose A Loan Program?” page and “Learn more about Student Loans” page before applying for a loan.
For information on how to accept, reduce or cancel any of the loans that are already listed on your Budget and eligibility page of the SFS self-service portal, go to Step 3 and follow the steps outlined in “Review your loan options and take action to secure your loans” section.
Preferred Lenders at a Glance for the 2025-26 Academic Year
This is a quick guide to the highlights of each private education loan program for lenders Harvard Law School has chosen to include on its Preferred Lender List. HLS has also included comparable information for Federal Direct unsubsidized loans and Federal Direct Grad PLUS loans. A more complete summary of loan program details including additional important information can be reviewed by downloading the Full Program Details PDF. Although we have attempted to provide accurate information, borrowers should review and verify the exact terms, conditions, qualifications, and disclosures associated with any loan product with the lender.
HLS also provides a decision rationale for the Preferred Lender List highlighting key reasons why each private lender — College Ave and Harvard FCU — was chosen (namely through their both offering — via risk share agreement — low, fixed interest rates not tied to credit which are available both to domestic and international borrowers up to the full HLS cost of attendance, with strong borrower benefits as summarized below and described at length in the Full Program Details.) While HLS considers these lender options most favorable, there is no requirement to borrow from any lender on this list.
| Loan Information | Federal Direct Unsubsidized Loan | Federal Direct GradPlus Loan | College Ave Student Loans | Harvard Federal Credit Union (Harvard FCU) |
|---|---|---|---|---|
| Type | Federal | Federal | Private | Private |
| How to Apply | This loan is automatically included in your provisional Eligibility Notice - if qualified | Application Instructions | Lender Website | Lender Website |
| Interest Rate for 10 Year Loan Term | 7.94% Fixed | 8.94% Fixed |
7.34%
Fixed Immediate rate reduction for setting up automatic billing (7.02% APR) -- from the point of disbursement |
7.75%
Fixed This is the interest rate for a 10 year repayment term; see the Repayment Term section below for rates if you select either the 5 year or 15 year term Rate reduction of 0.25% for automatic billing setup starts after graduation, from the point of loan repayment |
| Loan Fees | 1.057% | 4.228% | None | None |
| Estimated Repayment Cost per $10,000 Disbursed* for 10 Year Loan Term, No Cosigner | $18,559 | $20,513 | $17,605 | $18,122 |
| Repayment Term | Multiple repayment options available, including a number of income-based plans; view full program details below for more information | Multiple repayment options available, including a number of income-based plans; view full program details below for more information | 10 year repayment term. No penalty for early repayment. |
10 year, 5 year, or 15 year repayment terms available, selected up front, no penalty for early repayment 7.50% fixed rate for all borrowers selecting a 5 year repayment term 8.00% fixed rate for all borrowers selecting a 15 year repayment term. Harvard FCU permits borrowers to switch from a 5 year term to a 10 year term in order to qualify the loan for LIPP assistance. There is a fee associated with this switch, see Full Program Details for more. |
| Annual Loan Limit | $20,500 (if more than limit desired, may borrow through a second loan program) | School-approved cost of attendance |
School approved cost of
attendance for J.D. Program students For LLM/SJD student loan limits, contact the HLS Graduate Program $1,000 minimum loan amount |
$121,250 for J.D. Program students For LLM/SJD student loan limits, contact the HLS Graduate Program $1,000 minimum loan amount |
| Deferment |
Principal and interest payments
deferred while student is in school Additional deferment for continued education, military service, service in various volunteer programs, VISTA, Peace Corps Borrowers who file for bankruptcy may still be required to pay back the loan |
Principal and interest payments
deferred while student is in school Additional deferment for continued education, military service, service in various volunteer programs, VISTA, Peace Corps Borrowers who file for bankruptcy may still be required to pay back the loan |
Principal and interest payments
deferred while student is attending Harvard, or other eligible institution,
at least half-time. No time limit. 9-month grace period following in-school deferment. Additional deferment of up to 12 months for judicial clerkship available. Interest accrues during any deferment Borrowers who file for bankruptcy may still be required to pay back the loan |
Principal and interest payments
deferred while student is attending Harvard at least half-time, or for 48
months, whichever is less Borrower may be eligible for up to 36 months of in-school deferment after the initial enrollment period. 9 month grace period following in-school deferment Interest accrues during any deferment. Borrowers who file for bankruptcy may still be required to pay back the loan |
| Forbearance | Up to 36 months during the life of the loan; can be used during a judicial clerkship | Up to 36 months during the life of the loan; can be used during a judicial clerkship | For borrowers who experience difficulty making payments, forbearance may be granted for up to 12 months (applied in 3 month increments). Additional forbearance may be available at lender’s discretion. | Judicial Clerkship Forbearance available for up to 12 months. Hardship forbearance of up to 12 months during the life of the loan, granted and reviewed every 6 months. Additional forbearance may be available at lender’s discretion. |
| Eligible for J.D. LIPP Assistance? |
Yes, for a minimum loan term of
10 years and subject to each J.D. borrower’s LIPP
eligible borrowing limit |
Yes, for a minimum loan term of
10 years and subject to each J.D. borrower’s LIPP
eligible borrowing limit |
Yes, for a minimum loan term of
10 years and subject to each J.D. borrower’s LIPP
eligible borrowing limit |
Yes, for a minimum loan term of
10 years and subject to each J.D. borrower’s LIPP
eligible borrowing limit |
| Eligible for Federal Public Service Loan Forgiveness? | Eligible for HLS PSLF-Based Plan | Eligible for HLS PSLF-Based Plan | Not eligible for HLS PSLF-Based Plan | Not eligible for HLS PSLF-Based Plan |
* This estimated repayment cost was calculated by HLS Student Financial Services based on a single disbursed amount of $10,000 repaid over a 10-year term, with loan fees added to the amount borrowed, and interest accrued during a 40-month in-school deferment and grace period capitalized (added to the outstanding principal) when repayment begins. Because lenders may use different assumptions about deferment and disbursement, these estimates may differ from repayment cost estimates provided by the lenders under Truth in Lending Act (TILA) requirements.
In addition to the federal and private loan programs listed above, some students qualify for Harvard Law School Loans. There is no application for HLS loans other than your application for need-based financial aid. Eligibility for these funds is limited and determined in the following way:
J.D. students who are eligible for HLS grant assistance also qualify for an HLS loan. Students should review the terms of this loan below and compare them to the options listed on this preferred lender list in order to make an informed decision before taking any action to accept or decline the loan via your SFS portal. (See Step 3 of the overall financial aid process for more on this.)
The HLS loan is available as an additional loan for LL.M. students with U.S. federal loans and for other students in limited situations. For eligible students, the HLS loan will be included in the student’s financial aid award letter.
| Loan Information | Harvard Law School Subsidized Loan |
| Type | Institutional |
| How to Apply |
This loan is automatically included in your provisional Eligibility Notice - if qualified This loan is typically offered to J.D. students who qualify for HLS Grant assistance, J.D. or S.J.D. students who qualify for SPIF, and in exceptional cases as reviewed and determined by the J.D. Financial Aid Committee. LL.M. students from certain countries with need-based financial aid may qualify for an HLS Loan. The Graduate Program will inform students of their eligibility. |
| Interest Rate for 10 Year Loan Term |
5.00% Fixed Other rates range from 5 to 7% depending on varying needs as determined by the Financial Aid Committee |
| Loan Fees | None |
| Estimated Repayment Cost per $10,000 Disbursed for 10 Year Loan Term | $12,728 |
| Estimated Repayment Cost per $15,000 Disbursed for 10 Year Loan Term | $19,091.79 |
| Repayment Term | 10 year repayment period ($50 minimum monthly payment,) no cumulative debt limit |
| Annual Loan Limit |
The Financial Aid Committee and Graduate Program determine loan limits for J.D. and LL.M. students, respectively. The typical limit for eligible J.D. students is $15,000, barring exceptional, circumstantial approval of additional loan funds or specific budget increases for education-related technology, professional attire, or clinical travel For LL.M student loan limits, contact the HLS Graduate Program The typical limit for eligible J.D. and S.J.D. students who qualify for Summer Public Interest Funding (SPIF) is $1,300. The $1,300 SPIF Loan is separate from the limits noted above. |
| Deferment |
Principal and interest payments deferred while student is in school 6 month grace period following in-school deferment Interest is subsidized/does not accrue prior to separation from HLS Borrowers who file for bankruptcy may still be required to pay back the loan |
| Forbearance | At lender’s discretion in cases of financial hardship, may be granted for up to 12 months (in either 3 or 6-month increments); can be used during a judicial clerkship; additional forbearance may be available at lender’s discretion |
| Eligible for J.D. LIPP Assistance? | Yes, for a minimum loan term of 10 years and subject to each J.D. borrower’s LIPP eligible borrowing limit |
| Eligible for HLS PSLF-Based Plan? | Not eligible for HLS PSLF-Based Plan |
Other Important Information regarding our Lender Selection Process
The private lenders on the Preferred Lender List are not affiliated with each other or with Harvard University. The private lenders on the list were selected through a Request for Information (RFI) process conducted in February 2025. The RFI was posted on the Massachusetts Association of Student Financial Aid Administrators (MASFAA) listserv which includes both local and national lenders. A committee including members of Harvard Law School Student Financial Services and members of the Harvard Central Financial Administration evaluated the RFI responses. In choosing the lenders and loan products for the Preferred Lender List, proposals were evaluated based on competitiveness of interest rates and fees, borrower benefits, deferment and forbearance provisions, and customer service. You can view the RFI request and a description of the 2025-26 Preferred Lender List Selection Process.
The Higher Education Opportunity Act of 2008 (HEOA) requires institutions participating in the federal student loan programs develop, publish and enforce a code of conduct with respect to student loans. Harvard University is committed to the highest standard of ethics and conduct. Financial aid staff are bound to the conflict of interest and commitment policies applicable to Harvard employees. Additionally, to comply with the HEOA, Harvard has adopted the federally mandated Code of Conduct to address specific legislative concerns relating to educational loan programs.
Lenders of private education loans are required to collect from all borrowers a completed and signed Private Education Loan Applicant Self-Certification Form prior to disbursing the loan. Individual lenders should have copies of this form on their websites and typically have implemented their own procedures for collecting the form as part of the loan application process. We recommend contacting your lender directly if you have specific questions about the process for submitting this form.