The exchange, available on the AccessLex website, compiles loan product information from eight private lenders and 13 state-based lending authorities, allowing prospective and current law students to compare interest rates, repayment terms, borrowing limits, and hardship protections in a single location. The resource was developed in direct response to feedback from financial aid administrators at law schools across the country, who sought a vetted, centralized tool they could confidently share with students.
The launch comes as federal policy changes have placed new limits on the availability of federal loans for graduate and professional students — a shift that AccessLex officials say will force more law students to seek private financing to cover the gap between federal aid and the full cost of attendance. That gap can be substantial. Law school tuition at many private institutions now exceeds $60,000 per year, and total costs including living expenses can push the three-year price tag well past $250,000 at some schools.
"Our role has always been to reduce friction and uncertainty around how students pay for law school," said Chris Chapman, AccessLex president and CEO. "The AccessLex Private Loan Exchange reflects our commitment to providing objective, consistently sourced information that helps borrowers compare options with confidence and make informed decisions about financing their legal education."
The directory spans a wide range of lenders and loan products. Among the private lenders included are Ascent, Citizens Bank, College Ave, Earnest, ELFI, Nelnet Bank, Sallie Mae, and SoFi. State-based lenders from 13 states are also represented, including lending authorities in New Jersey, Pennsylvania, Massachusetts, Rhode Island, and elsewhere — many of which offer rates and terms that may be more favorable than those available from national private lenders.
Fixed interest rates among lenders listed in the exchange range from as low as 2.69% APR to as high as 15.99% APR, depending on the lender, the borrower's creditworthiness, and the repayment plan selected. Aggregate borrowing limits vary widely as well — from $99,999 at ELFI to $500,000 at College Ave — reflecting the significant differences across lenders in how much a student may ultimately be permitted to borrow.
Several lenders listed in the exchange offer accommodations designed specifically for law school borrowers, including extended deferment periods for judicial clerkships and fellowships, grace periods of up to nine months following graduation, co-signer release options, and hardship forbearance protections in the event of unemployment, disability, or other financial difficulty. Two lenders — College Ave and Sallie Mae — also offer bar study loans to help graduates cover expenses during the period between graduation and bar exam results.
AccessLex said that the directory is intended for informational purposes only and does not constitute a preferred lender list, an endorsement of any participating lender, or a record of past lending activity. The organization encouraged students to use the exchange alongside — not instead of — direct financial counseling. The resource directs students to AccessLex's existing suite of financial education services, including one-on-one appointments with Accredited Financial Counselors who can help borrowers assess their overall financing strategy before taking on private debt.
The launch of the exchange reflects broader anxieties across the legal education sector about the financial accessibility of law school in an era of constrained federal aid. Advocates and financial aid professionals have long warned that heavier reliance on private loans — which typically lack the income-driven repayment protections and forgiveness options available under federal programs — could deter lower-income students from pursuing legal careers or leave graduates financially vulnerable, particularly those entering public interest or government work where salaries tend to be lower.
AccessLex was founded more than 40 years ago and currently partners with nearly 200 ABA-approved, nonprofit and state-affiliated law schools. The organization focuses on access, affordability, and financial literacy in legal education, and member schools have long relied on AccessLex for resources and guidance that support student financial success. The Private Loan Exchange represents an expansion of that support, giving schools a visible, reliable tool to point students toward as private borrowing becomes an increasingly common part of financing a legal education.
