There are many expenses associated with the Bar Exam. The exam registration fee, preparation classes, and living expenses all add up to a large sum of money that you might not have.
Many student loan providers offer private Bar study loans. Following are some products that have worked well for Penn State Dickinson students. You should examine the information that follows to help select the best loan product for your needs. Please keep in mind that these are only a few suggestions. You are welcome to borrow from any lender you choose.
Please note that terms offered by individual lenders are subject to change. Please check directly with the lender to verify these details.
Access Group Bar Exam Loan |
Key
LawAchiever BarLoan |
THE
Bar Preparation Loan |
Nellie
Mae B & B Excel Loan |
|
|
Maximum Loan Amount |
$20,000 | $15,000 | $15,000 | $10,000 |
|
Minimum Loan Amount |
$1,000 | $500 | $50 | $500 |
| Interest Rate |
3-month LIBOR + 2.55%, 4.35%, or 7.65%, dependant upon credit rating at time of application, varies quarterly | 3-month LIBOR + 2.65% during in-school periods. During repayment 3-month LIBOR + 3.0%, 3.4%, or 4.1%, dependant upon length of repayment term, varies quarterly | 3-month LIBOR + 2.75% or 3.75% dependent upon credit rating at time of application, varies quarterly | Prime + 2.5% if you choose monthly variable rate. Prime + 2.5% if you choose annually variable rate |
| Fees Added at Disbursement |
None | None | None | 2% if
using co-borrower 5% without co-borrower |
| Fees
Added to Principal at Repayment |
None | None | None | 2% |
| When Repayment Begins |
9 months after graduation, withdrawal or drop to less than half-time enrollment | 9 months after graduation, withdrawal or drop to less than half-time enrollment | 9 months after graduation, withdrawal or drop to less than half-time enrollment | 6 months after graduation, withdrawal or drop to less than half-time enrollment |
| Standard Repayment Term |
20 years | Option for 10 years, 15 years, or 25 years | 20 years | up to 30 years, depending on balance |
| Loan Servicer |
Access Group | American Education Services (AES) | Great Lakes Higher Education Corporation | Sallie Mae |
| How
to Apply |
Apply online at http://www.accessgroup.org or call 1-800-282-1550 | Apply online at http://www.key.com/law or call 1-800-KEY-LEND | Apply online at http://www.northstar.org or call 1-888-843-3095 | Downloand an application or apply online at http://www.nelliemae.com |
Interest Rates as of March 4, 2008:
3-Month LIBOR = 3.01%
PRIME = 6.0%
Source = Bloomberg.com
