What is a Bar Exam Loan?

A bar exam loan can help with expenses leading up to and including taking a bar exam to become a licensed lawyer. These expenses include more than just the registration fee, though this is a substantial part of the expense. The loan may also cover the cost of study materials or living expenses while you spend time studying for the bar.

When to Take a Bar Exam Loan

A bar exam loan will have relatively low interest rates and relatively low limits. This, in addition to the fact it can often be consolidated with law student loans, makes the financing attractive for many students. However, adding to debt right after the expense of law school can be detrimental to many young professionals.

When to Elect another Financing Option

You may elect to pay for a number of expenses associated with the bar exam loan on a credit card. This can offer you more flexible terms. Students who have been promised jobs at a law firm upon graduation may ask their future employer to cover the cost of the bar exam. This is particularly possible if the student plans on taking the bar exam in a separate state and needs to travel to sit for the test.

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