Private Bar Study or Exam Loans
- Students who will be taking the bar examination may apply for bar study or exam loans either during their final academic year of law school or within 12 months following graduation. Students may apply for only ONE bar examination loan.
- Students applying during their final academic year must graduate that same academic year. Students applying following graduation must have applied to take the next regularly scheduled bar examination.
- Bar study or exam funds are available for expenses incurred for and associated with preparing for the bar exam, including cost of living.
- Eligibility requirements are listed at each lender's web site.
- In most cases, bar study or exam loans are not federally guaranteed loans and cannot be consolidated with federal loans upon graduation.
- Bar study or exam loans are not covered by any of the protections or rights of federal loans.
- Bar study or exam loans are private loans between student and lender. A credit check is required and, dependent upon credit history, the addition of a cosigner may be necessary. With all the lenders, applying with a creditworthy cosigner may increase the likelihood of your application being approved and may assist in your obtaining a lower interest rate. Ask each lender if they have a "release of cosigner," the terms, and if they are subject to change.
- Funds are disbursed directly to the student by the lender.
- The interest rate can vary from the LIBOR plus points to PRIME plus points. Each lender's web site offers examples of the current rates.
- SCHOOL CERTIFICATION is available only after credit has been approved and signatures and paperwork have been received for applicant and cosigners. When the application process is complete, please contact the financial aid office at financialaid@law.arizona.edu to inform us that your application is ready to be certified.
LENDERS
| Citibank Bar Loan | Wells Fargo Bar Exam Loan | Sallie Mae Bar Study Loan | |
| Borrowing Maximum | $15,000 | $12,000 | $15,000 |
| Origination Fee | 0% | 0% | 0 or 5% depending on credit |
| Guarantee Fee | 0% | 0% | 0% |
| Grace Period | 9 months | 6 months | 9 months |
| Interest Rate | LIBOR + 4.75 -8.5% depending on credit rating | Prime + 4.50% (if Prime goes below 0% your rate will not be lower than 3.25% which is the contractual floor index rate) | LIBOR +5% to 13% depending on credit rating and co-signer |
| Length of Repayment | 20 years |
15 years |
15 years |
| Repayment Incentives |
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Information updated as of January 2012
Updated: 04/12/2012