Bar Examination Loans

Some lenders offer bar exam loans which are designed to assist graduating law students in their efforts to finance bar exam-related expenses. While these loans are not part of your academic year financial aid, they still need to be certified by our financial aid office in order to verify that you are expected to graduate. The loan check will be mailed directly to you. Any documentation you need regarding graduation date, can be obtained through the registrar, William Jackson.

Carefully research interest rates, repayment terms, application deadlines, and fees in order to decide which loan works best for you.

The comparison chart below will help you focus on the important terms of any loan program you review regardless of which lender you choose and allow you to make an informed decision on which program you want to borrow through. Please note that Discover loans, Fifth Third Bank loans and Wells Fargo loans will be certified electronically while the Sallie Mae Bar Study Loan requires schools to complete a paper certification. If you apply for a Sallie Mae Bar loan, you will need to submit your paper application to our office. We will then complete the school section and send it to Sallie Mae via FAX.

To apply and for more detailed and updated information regarding the bar loan programs from these lenders, please click on the links below:

Bar Loan Comparison Chart (2014 terms)
  Discover Bar Exam Loan
800-824-0019
Fifth Third Bank Bar Exam Loan
800-222-7192
Sallie Mae Bar Study Loan
800-984-0190
Wells Fargo Bar Exam Loan
800-378-5526
Borrowing Maximum $16,000 $15,000 $15,000 $12,000
Cumulative Debt Limit $225,000 None None $180,000 (including bar loan)
Origination Fee 0% 0% to 5% depending on credit 0% 3% or 5% depending on credit 0%
Grace Period 9 months from 5/15/2014 9 months from 5/15/2014 9 months from 5/15/2014 6 months from 5/15/2014
Interest Rate

Variable rate range Prime + 0.00% to 4.00% (APRs from 3.25% to 7.25%)

Fixed rate APRs from 6.74%

Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. The Bar Study Loan has interest rates that reward good credit. Interest rates are variable and reset monthly based on the one-month LIBOR Index. 1-Month LIBOR +3.50% to 1-Month LIBOR +11.75% depending on credit rating (3.74% to 12.74%APR)

Variable interest rates as low as 7.46% APR (with discount) to 7.69% APR (without discount)

Fixed interest rates as low as 9.30% APR (with discount) to 9.53% APR (without discount)

Length of Repayment 15 years 15 years 15 years 7 years **This loan is ineligible for LIPP because it has a repayment term of less than 10 years.**
Repayment Incentives 0.25% for electronic debiting Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit. Flexible repayment options are available. Prepay your loan anytime without penalty. Borrowers may apply for a cosigner release after successful completion of their education. 0.25% interest rate reduction when automatic payments are made

0.25% rate reduction for previous Wells Fargo student loan or other qualifying account

0.25% interest rate reduction for enrolling in automatic payments

Eligibility

Enrolled in final year of law program or have graduated within 6 months

U.S. citizen, U.S. permanent resident with a valid Social Security number and U.S. address

Enrolled at least half time in your final year of study at an ABA-accredited law school, or have graduated from one within the last 12 months. Sitting for the bar exam no later than 12 months after graduation. Be a U.S. citizen or a non-citizen permanent resident without conditions and with proper evidence of eligibility, or an international student borrowing with a creditworthy cosigner who is a U.S. citizen or non-citizen permanent resident. Meet current credit and other eligibility criteria.

Enrolled in final year of law program or have graduated within 12 months

Sitting for the bar no later than 12 months after graduation

U.S. citizen, U.S. national, or permanent resident alien without conditions and with proper evidence of eligibility

An international student borrowing with a credit worthy cosigner who is a U.S. citizen or non-citizen permanent.

Current Wells Fargo customer (checking/savings account or prior loan history)

Enrolled in final year of law program or have graduated within 30 days

Have an established, positive credit history

U.S. citizen, U.S. national, or permanent resident alien without conditions and with proper evidence of eligibility