Bar loans are available to students who will graduate from an ABA-accredited law school and are preparing for the bar exam. Students must have a good credit history or a credit worthy co-signer.
Bar loans are considered private/alternative loans and are not part of the federal student loan program. Eligibility requirements will vary by lender. Interested applicants should visit the following sites to determine which lender best suit their needs. Students will apply online on the lender's website. Students should notify the Law School Financial Aid Office once the loan application has been approved for credit.If any questions arise, please contact the lender or the Law School Financial Aid Office.
When searching for bar exam/study loan, students should thoroughly research the loan. Below are some items to keep in mind when comparing the various bar loans to determine which one best suits your needs and repayment ability.
1. What is the eligibility criteria for the bar loan?
2. What is the borrowing limit for the bar loan?
3. What is the interest rate? Is it a fixed or variable rate? How is the interest determined - APR, LIBOR, etc.? How is the interest calculated?
4. Are there any loan fees (origination, disbursement or repayment)? If so, what is the fee amount?
5. How are the funds disbursed? Can you request multiple disbursements?
6. Can I get a lower interest rate or fees with a co-signer? Is there a co-signer release option?
7. Is there a grace period for the bar loan? How long is the grace period?
8. What are the repayment options/repayment plans for the loan? What is the length of repayment? Is there a prepayment penalty?
9. What are the payment options (online, auto-debit, check)? Is there an interest rate reduction by paying via auto-pay?
10. What options are available if I am having difficulty making my payments? Are there are any forbearance/deferment options available?
11. Are there any forgiveness or cancellation options available? Do they offer any forgiveness programs? Are there any cancellations options for the loan (such as total permanent disability or death of the borrower)?
Below is a list of lenders that offer bar exam/bar study loans. Students should look at each one closely and see which bar loan best fits their needs and ability to repay the loan. This is not a comprehensive listing of available bar loans and this listing does not constitute a recommendation of these loans.