Student Loans

Borrowing loans to pay for your legal education is a very important decision and the primary financial support for many students. Our goal is to educate students on the many factors involved in healthy borrowing, understand the different types of loans available, and to help students develop strategies to minimize overall indebtedness. Combined with our affordable tuition and Cost of Attendance, the investment in a Texas Law degree is why we are consistently viewed as the best return on investment.

Federal Loans

Texas Law participates in the William D. Ford Federal Direct Loan Program, which are loans made by the U.S. Department of Education. Direct Loans for graduate and professional students are all unsubsidized, which means that interest accrues when the loan is disbursed.

There are two federally guaranteed student loan options, the Direct Unsubsidized Loan and the Federal Direct Graduate PLUS Loan.

  • Direct Unsubsidized Loan is not based on financial need. Students may borrow an annual maximum of $20,500 and up to the maximum aggregate of $138,500 during the course of the students’ educational career. The 2022-23 interest rate is set at 6.54%.
  • Federal Direct Graduate PLUS Loan is based on a borrower’s credit worthiness. Eligible students may borrow up to the Cost of Attendance less any other financial assistance. The 2022-23 interest rate is set at 7.54%.

To apply for federal loans, eligible students must complete the Free Application for Student Aid (FAFSA). Non-U.S. citizens or ineligible noncitizens may not borrow under the Direct Loan program; however, they may be eligible for loans through private lenders. The FAFSA is available each year on October 1 and the UT Austin’s school code is 003658.

We encourage students to submit their FAFSA by January 15, the priority submission date. Students who do not intend to borrow any federal loans should still submit a FAFSA if they wish to be considered for need-based grants, which require a FAFSA submission.

Private Loans

Some students may choose to borrow loans from private lenders in lieu of federal loans. Private loans require an established credit record (or an eligible cosigner) and are in general, more expensive (e.g., variable interest rates and/or additional fees). Moreover, students who borrow private loans do not benefit from the income-based repayment plans or any current public loan forgiveness programs available to students who borrow federal loans. We encourage students who are considering borrowing private loans to contact our financial aid staff for more information. 

Emergency Loans

The University of Texas and Texas Law have programs that may assist already enrolled students who experience gap in funding before/inter academic terms and in emergency financial situations. Students who are experiencing financial difficulties should contact our Office of Financial Aid for guidance.