 Private and Bar Exam Loans
Private loans help to fill the gap between the total cost of attendance and the combined amount of all other scholarships, grants, and federal institutional aid. Borrowers must qualify for private loans, with each lender determining its own borrower eligibility.
Bar loans are designed to help students pay for bar preparatory classes and living expenses while studying for the bar. Generally these can be borrowed during the student’s final year of study or up to six months after graduation.
Interest Rates and feesRates, fees, and terms will vary among lenders (based on market indicators), but they will generally cost more to borrow than the Stafford or Perkins Loans. Borrowers are encouraged to compare the rates and terms of several lenders before completing an application.
Lenders require credit checks and may offer better rates to students with good credit or with cosigners. Students with questionable or bad credit may not be able to borrow this type of loan.
When considering which lender to use, interview potential lenders and ask about:
- Fees charged up front and upon repayment
- The interest rate: Is it variable? Is there a rate cap (maximum rate)?
- Repayment incentives
- If principle and/or interest can be deferred, and for how long
- How often the interest is capitalized
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