Bar Examination Scholarships & Loans
Bar Examination Scholarships
Each year various sections of the New Mexico State Bar Association provide scholarships to graduating third year law students to aid in their preparation for the bar exam. These scholarships are provided directly to the students and are meant to help defray the costs of taking and studying for the exam. For information on which sections of the State Bar and other Bar Associations offer these opportunities for UNM School of Law students as well as requirements, please visit the New Mexico Board of Bar Examiners Resources for Examinees website.
M & A Gross Indian Self Determination Fund for Bar Preparation Assistance Scholarship
M & A Gross Indian Self Determination Fund for Bar Preparation Assistance Scholarship was established by Michael "Mike" P. Gross, a Santa Fe Attorney and his wife Andrea Gross. This scholarship provides a $1,500 award to two 3L students in their final semester, who will be taking the New Mexico Bar Exam for the first time.
A preference is given to students with financial need and/or interested in pursuing practice in the area of Indian Law.
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.
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.
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
| Discover Bar Exam Loan 800-788-3368 | Sallie Mae Bar Study Loan 800-984-0190 | Wells Fargo Bar Exam Loan 800-378-5526 | |
| Borrowing Maximum | $16,000 | $15,000 | $12,000 |
| Cumulative Debt Limit | $225,000 | None | $180,000 (including bar loan) |
| Origination Fee | 0% | 0% | 0% |
| Grace Period | 9 months after graduation | 9 months after graduation | 6 months after graduation |
| Interest Rate | Variable Rates: 5.12% APR - 9.87% APR (3-Month LIBOR + 3.74% to 3-Month LIBOR + 8.49%) Fixed Rates: 6.99% APR - 11.49% APR | 5.36% - 12.06% APR- starting variable interest rate | Variable interest rates range from 10.66% APR (with discount) to 10.89% APR (without discount). Fixed interest rates range from 10.66% APR (with discounts) to 10.89% APR (without discount). |
| Length of Repayment | 20 years | 15 years | 7 years |
| Repayment Incentives | 0.25% interest rate reduction for automatic debit payments | 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 An international student borrowing with a credit worthy cosigner who is a U.S. citizen or non-citizen permanent. | 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. | 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 |
