Re: loans, debts
I imagine it was supposed to be "law" school.
Genereally, we don't refer to law school or med school as "grad school." There's a distinction we make between graduate degrees and professional degrees. (At least, there is in the world of student loans, where there is a higher degree of certainty that a loan to attend law school or med school will be paid back. With lower risk comes better loan terms.)
I'm not a teacher, but I write for a living. Please don't ask me about 2nd conditionals, but I'm a safe bet for what reads well in (American) English.