Bar Exam Loans
Bar exam preparation and review requires a significant amount of time devote to study, many times creating pressure following graduation. A bar exam loan may help relieve some of the stress of financial concerns between commencement and employment.
NOTE: Information about loans and providers is made available as a courtesy. Washburn University School of Law does not endorse any specific lender or loan program.
Two popular loan programs are Law Loans (1-800-984-0190, a Sallie Mae program) and Access Group (www.accessgroup.org). Other programs may be found by searching "bar exam loans" on the internet.
Important points to remember:
- The terms and conditions for bar exam loans vary, and you should compare programs. Generally, the loan limit is $1,000 (minimum) to $11,000 (maximum).
- Eligibility determinations are independent of prior loan disbursements. In other words, even if you borrowed the maximum for law school, you could still be elligible for a bar exam loan.
- The loans are not based on need. However, a bad credit rating could have an impact on eligibility. In some cases, a co-signer will be necessary.
- The interest rates are tied to the Prime. As of February 2005, rates are around 5-7%.
- You may apply for the loans six to twelve months prior to graduation, again depending upon the program. Some programs require you to be approved no later than six months after your actual graduation date.
- There is usually a nine month grace period for repayment which starts at graduation. Most programs allow up to twenty years to repay with no penalty for early pay-off.
- You may apply on-line or by telephone with a determination of eligibility given as quickly as five minutes but usually within forty-eight hours.
- The Financial Aid office at Morgan Hall may be able to answer your questions.
