Private bar study loans can be a helpful option if you don't have the financial resources necessary to cover your bar study and bar exam expenses. Unlike educational loans you may have borrowed previously, bar loans are quite flexible. The amount you are allowed to borrow is not limited by a school designated cost of attendance, so you can borrow any amount up to the maximum set by your lender. Additionally, bar loan funds are disbursed directly to the borrower rather than being delivered through the school.
You should keep in mind, however, that all bar loans are private loans. They are not federally guaranteed, so you must be able to pass the lender's credit check. Additionally, bar loans cannot be included in a federal student loan consolidation, so you will have a separate repayment obligation for your bar loan.
During the current credit crunch only a few student loan providers are offering bar study loans. Several of these are listed below. You should examine the information offered directly from the lenders to choose the best loan product for your needs. The University of San Diego does not recommend or endorse any private lender and there may be other lenders in addition to those listed. You are welcome to borrow from any lender you choose.
Discover Bar Exam Loan
Borrowers may request up to $16,000 with a 20-year repayment term. Apply online or call 1-(800)-STUDENT or 1-(800) 788--3368 to apply by telephone. Must have aggregate loan debt below $180,000 including bar loan.
Fifth Third Bank Bar Study Loan
Borrowers may request amounts up to $15,000 with a 15-year repayment term. Apply online.
PNC Solution Loan for Bar Study
Borrowers may request up to $15,000 with a 15-year repayment term. Apply online or call 1 (800) 762-1001 for more information.
Sallie Mae Bar Study Loan
Borrowers may request amounts up to $15,000 with a 15-year repayment term. Apply online or call 1 (800) 984-0190 to apply by telephone.
Wells Fargo Bar Exam Loan
Borrowers may request up to $12,000 with a 15-year repayment term. Apply online or call 1 (800) 378-5526 for more information. Must have aggregate loan debt below $180,000 including bar loan.