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
Students Enrolled Prior to Fall 2026*
There are two federally funded student loan options for eligible students, the Direct Unsubsidized Loan and the 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 a student’s educational career. The 2026-27 interest rate is 8.07%.
- 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 2026-27 interest rate is 9.07%.
*Students with a break in enrollment during law school may not be eligible under pre-2026 guidelines. Contact Law Financial Aid for more information.
Students Enrolling in Fall 2026 and after
Beginning in July 2026, eligible students may now borrow from the Direct Unsubsidized Loan program up to $50,000 annually, and up to the aggregate limit of $200,000 (excluding amounts borrowed as an undergraduate). The Grad Plus loan program was eliminated July 1, 2026.
While non-U.S. citizens or ineligible noncitizens may not borrow under the Direct Loan program, they may be eligible for loans through private lenders.
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To apply for federal loans, eligible students must first complete the Free Application for Student Aid (FAFSA). The FAFSA is available each year on October 1 and the UT Austin’s school code is 003658.
While non-U.S. citizens or ineligible noncitizens may not borrow federal student loans, they may however, be eligible for loans through private lenders.
Helpful Hints
- We encourage students to submit their FAFSA by January 15, the priority submission date, even before you receive an admissions decision.
- Students who do not intend to borrow any federal loans should still submit a FAFSA if they wish to be considered for scholarships and grants, which require a FAFSA submission.
The University will notify admitted students of their financial aid award through email when it is ready.
State & Private Loans
Some students may choose to borrow loans from state or private lenders instead of federal loans. State loans provide students and families who are residents of the state with additional funding options to help cover educational expenses when federal aid and scholarships may not meet the full cost of attendance.
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 many protections provided by the Department of Education (e.g., forbearance and deferments), the income-driven repayment plans, or any federal public loan forgiveness programs available to students who borrow federal loans. We encourage students who are considering borrowing private loans to contact our Office of Financial Aid at lawfinaid@law.utexas.edu for financial counseling and guidance.
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College Access Loans are educational loans offered by the state of Texas to students classified by the University as Texas Residents. To be eligible for a College Access Loan, you must be registered for or exempt from Selective Service and must receive a favorable credit evaluation or provide a co–signer with good credit standing. For more information about all eligibility requirements, interest rates, repayment information, and to apply, please visit the Texas Higher Education Coordinating Board.
(Residents of others states may have similar programs available to them. A list of other programs is available from Access Lex. )
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Private loans, also known as alternative loans, are offered by private lenders to help cover education costs that may remain after other financial aid is applied. Because private loans are credit-based, most lenders require a credit check. Interest rates, repayment options and benefits may vary by lender. Before considering a private loan, explore all financial aid options such as grants, scholarships, and federal student loans.
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If you choose to take out a private loan, start your application as early as possible to prevent any delays, and borrow only what is needed to cover your educational expenses. Funding may take several weeks from application to disbursement. If your plans change, you can request to reduce or cancel your loan before the funds are disbursed.
To help you compare private loan options and avoid misinformation, the University has created a private lender list. You will see lenders displayed in a neutral, randomized format through an independent comparison tool. Selecting a lender not included on this list will not delay your certification. UT Austin will automatically review certification requests. If you have questions about specific private loans, contact the lender directly.
Lenders included on the list must meet baseline standards at the time of evaluation, such as:
- No fees.
- Competitive interest rates.
- Deferment and forbearance options for financial hardship.
- Dedicated loan servicing and borrower support.
- Electronic application, certification and disbursement processes.
- Compliance with federal lending regulations.
- Participation in the University’s biennial Request for Information (RFI) process.
This list is not comprehensive and is not an endorsement of any lender or a requirement for borrowing.
Emergency Loans
The University of Texas and the Law School 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 at lawfinaid@law.utexas.edu for more information.