The Eligibility Requirements of a Bar Exam Loan

In order to get a bar exam loan, a student must meet certain requirements. The student must be attending a law school as an accredited Title IV or other approved institution. The loan is credit based, so the student may use a cosigner to get approval for the loan. Students must be U.S. citizens or permanent residents to be eligible to apply. 

How Much Can Be Borrowed for a Bar Exam Loan?

Depending on the credit score of the borrowers, a minimum of $1,000 and a maximum of $20,000 can be borrowed. The better the credit, the higher the limit. After the signed application is received, a check is sent to you for the amount you borrowed to cover the expenses.

How to Apply for a Bar Exam Loan

Many different lenders offer bar exam loans. Contact the lender of your choice to determine how to apply for a bar exam loan. Most of the time the pre-approval process can be completed within a few minutes over the phone. A lender may require an in person application, or may allow an application to be completed online. Personal identifying information such as your name, address, phone number, and employment history with social security number will be required to process the application since a credit check is required to approve the loan.

What Interest Rate is Typical for a Bar Exam Loan?

The interest rate changes monthly and is set using the LIBOR index, and based on your credit history. The worse your credit is, the higher your interest rate will be because of the increased risk to the lender. The better your credit is, the lower your interest rate will be because you are not as much of a risk to the lender.

Are there any fees associated with the loan?

An origination fee is charged and the amount of the fee will vary based on credit score and loan amount. The lender will be able to provide more specific figures after the loan application has been processed.

What are the Repayment Terms of a Bar Exam Loan?

The bar exam loan can be repaid over a maximum period of 20 years. 

Can the Bar Exam Loan be Deferred Until After Graduation?

Yes, a bar exam loan can be deferred until after graduation in most cases. Though the option to begin repayment before hand is available, a deferment of up to nine months after graduation is available to help ensure people get started on the right foot. For more information on specific deferment periods, contact the lender directly. Some lenders will only defer the principle balance and require interest payments to be made the entire time. It is important to be clear on the terms and conditions of the loan immediately before signing any binding paperwork to keep your credit score in good standing.

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