Bar Examination Loans

• The bar loan is a private loan.
• The interest rate and fees associated with the loan may be higher than the federal student loan.
• You do not have to demonstrate “financial need” for a bar loan.
• Any amounts you borrow in a bar loan cannot be included in your federal student loan repayment, federal student loan consolidation, or any federal student loan forgiveness.
• You will be required to make an additional loan payment of at least $50 every month to pay off a bar loan.

Below is a snapshot with basic information about the different bar loans that are currently available to students.  Please contact the lender directly to get more information about the loans including their rates and terms. 

1. Complete and submit the Intent to Apply for a Bar Exam form to the Law School Financial Aid Office.
2. Choose a lender and complete the bar loan application directly with the lender.
3. When you apply directly through the lender online or over the phone, you normally receive a credit decision within a few minutes. If you are approved for credit, the lender will send the Law School Financial Aid Office a request for school certification (if required).
4. When the lender receives all of the required information from both the student and school (if school certification is required), the lender will disburse the funds directly to the student on or around the dates requested by the student.

Generally, if you complete the online application, bar exam loans can take 7-10 days to process. Paper applications can take longer. The Law School Financial Aid Office will determine if you have any remaining eligibility through a federal Stafford loan before certifying your bar loan application. Due to the more favorable interest rate and terms, you should always borrow up to your limit through the federal loan program before you take on any private loan debt.

Good credit is essential to your eligibility for a bar loan. If you are denied for a bar loan based on your credit, you do have the right to appeal directly through the lender. You may be given the option of applying with a cosigner. However, a cosigner does not make up for a borrower’s unacceptable credit history. If your bar loan application is denied by your original lender, you can apply through another lender provided their deadline has not already passed. If you choose to apply for a bar loan through another lender, you will need to complete a separate application for that lender and submit proof of your credit denial from the original lender to the Law School Financial Aid Office. If you anticipate that the credit criteria could be a problem, you should apply for the loan as soon as possible. Doing so will allow you enough time to appeal or apply with another lender.