The Bar Study Loan helps you finance expenses associated with the bar exam, so you can concentrate on your studies. You can finance bar exam costs not covered by federal student loan programs, such as bar review course fees, bar exam deposits and fees, and living expenses.
- Competitive variable interest rates
- Convenience of 24/7 online account management
- Generous loan limits: Students can borrow from $1,000 up to $15,000
- No repayment fee or prepayment penalty
- Students may apply for cosigner release after successful completion of their education and making 12 consecutive on-time principal and interest payments1
- You're in control: All disbursements are made directly to you
- Rates are variable and range from LIBOR + 3.50% (APR: 3.74%) to LIBOR + 11.75% (APR: 12.74%)2
- 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit3
- Students can borrow from $1,000 up to $15,000
- Disbursement fees 0.00% to 5.00%4
- Standard Repayment: Full principal and interest payments for up to 15 years4
- No payments required until nine months after graduation2
- You may apply for a Bar Study Loan if you are enrolled at least half time in your final year of study at an ABA-accredited law school, or have graduated from one within the last 12 months.
- You must be sitting for the bar exam no later than 12 months after graduation.
- You must be a U.S. citizen or a permanent resident or a foreign borrower applying with a creditworthy cosigner who is a U.S. citizen or permanent resident and present U.S. Citizenship and Immigrations Service (USCIS) documents.
- You must meet current credit and other eligibility criteria.
Bar Study Loans are funded by Fifth Third Bank. All loans are subject to credit review and approval.
Bar Study Loans are intended to cover expenses not included in your school's cost of attendance.
1 Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, provide proof of income and pass a credit check when the release request is processed.
2 Variable rates may increase after consummation. Interest is charged while you are in school and during the 9 month grace period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.
3 Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only if the recurring payment is successfully deducted from the designated account and is suspended during forbearances and certain deferments. For multi-party loans, only one party may enroll in auto debit.
4 This informational repayment example uses typical loan terms available for the Bar Study Loan and has a $15,000.00 loan with one disbursement, a 5% disbursement fee, a 9-month grace period, and a 10.17% APR: 179 payments of $176.01 and one payment of $191.98, for a total paid of $31,697.77. Variable rates may increase after consummation.
Information advertised valid as of 8/25/2014.
Bar Study Loan is a service mark of Sallie Mae Bank or its subsidiaries. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. © 2014 Sallie Mae, Bank. All rights reserved.
FIFTH THIRD BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK www.53studentloans.com CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.