Best Bar Exam Study Loans – For many law students who have graduated, the journey does not come to a close with the commencement ceremony. On the contrary, the next important step is passing the bar examination, which involves dedicated resources and time for studying. This might also require taking time off to study full-time and taking bar review courses.
This kind of commitment can cause financial strain, making bar exam study loans the best option for these aspiring students. In this article, we will be discovering the best bar exam study loans that you can check. Additionally, you will be learning their benefits and features, which will help you when it comes to choosing the right loan that meets your needs and fighting financial difficulties from standing in the way of your dreams or goals.
Best Bar Exam Study Loans
These are the best bar exam study loans, with their unique features and benefits that could help you support your needs:
- Sallie Mae.
- Wells Fargo.
- Discover
- Citizens Bank.
- PNC Solution.
Sallie Mae
Sallie Mae is one of the most popular loan providers in the United States. That offers bar study loans to aspiring lawyers. Furthermore, you can access up to $15,000 to cover your living expenses and bar review courses while studying. Apart from this, if you have completed your post-graduation, you get a grace period of 9 months while settling down, securing employment, and making plans to pay back.
Wells Fargo
This is one of the best bar exam study loans of 2024. Wells Fargo’s bar exam loan is personalized to assist students who just recently graduated from law school to handle the cost of preparing for the bar examination, with living expenses included. Post-graduation comes with a 6-month grace period, and you can access competitive interest rates. What’s more, Wells Fargo’s loan cap is $12,000 with discounts for existing customers (relationship discounts).
Discover
Discover offers a special loan for students interested in taking the bar exam, and they can access amounts of up to $16,000. They offer fixed and variable interest rates, and you do not have to worry about origination fees. Do you want to know something even more interesting? Discover offers rewards to students who get good grades, and there is a payment deferral option, but this is after the results have been released.
Citizens Bank
Another highly recommended bar study exam loan provider that you need to check out is Citizens Bank. They provide a loan amount that can assist with up to $15,000 of the study expenses, and there are no prepayment or origination fees. There is also a 6-month grace period, and borrowers can get competitive variable or fixed interest rates. In addition to this, Citizens Bank is well-known for its easy application process and customer service.
PNC Solution
This loan-providing company helps by offering financial assistance to aspiring law students who need it, especially for bar exam preparations. Applicants can get up to $15,000 and get fixed and variable rate options. What’s more, if you set up an automatic payment method from a PNC checking account, you get an interest rate discount. This is a suitable choice for existing PNC customers.
How to Choose a Good Loan
Several considerations need to be made when choosing the right bar exam study loan. This is to make sure that your needs are met. Here are some important factors to consider:
- Loan terms.
- Interest rates.
- Reputation of a loan-lending company.
- Borrower rewards and benefits.
- Application process.
- Deferment options.
- Grace periods.
- Eligibility requirements.
Looking out for these factors when shopping for a bar exam study loan will help you find the best terms and rates.
Frequently Asked Questions
Should I take out a bar study loan?
Taking out a bar study loan depends on your personal financial needs, existing debt, and career prospects. It can be helpful if you lack funds for preparation and living costs, but consider your ability to repay after the exam.
How many times can you take the bar exam?
Most states allow students to take the bar exam multiple times without any limit. However, check the regulations in your state where you plan to practice to find out more.
What are the alternatives to the bar study loan?
Alternatives to taking out a bar study loan include:
- Applying for scholarships and grants.
- Using personal savings.
- Working part-time.
- Use low-APR credit cards cautiously.
- Seeking financial help from family and friends.
In Conclusion
Choosing the right bar exam study loan can reduce financial worries. It also allows you to focus and pour more energy into passing your bar exam. Before that, it is important to compare the benefits and features of the top loan providers. In the end, you get to find a good loan offer from any lender of your choice and pay it back at the agreed-upon time.