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We hope the comparison chart below will help you focus on the important terms associated with each program and assist you in making an informed decision. Lenders can change their programs without notice, therefore it is important to contact the lender directly for the most accurate and up to date information.

Please note that BarBri is offering a Bar Loan. Be certain to compare this loan to the other bar loan options. Keep in mind that the BarBri loan is NOT eligible for LIPP assistance since it has a three year repayment term which makes it ineligible for LIPP assistance. It is not listed on the chart below because most students who take bar loans do not have the ability to repay the loan within three years.

BAR LOAN COMPARISON CHART FOR FEBRUARY, MARCH AND MAY 2017 GRADUATES
 2017 terms Harvard Credit Union Post Grad Transition Loan PNC Solution Loan for Bar Study Discover Bar Exam Loan Sallie Mae Bar Study Loan Wells Fargo Bar Exam Loan
Borrowing Maximum $15,000 $15,000 $16,000 $15,000 $12,000
Cumulative Debt Limit $225,000 $225,000 $200,000 (including bar loan) None $180,000 (including bar loan)
Fees 0% 0% 0% 0% 0%
Grace Period 6 months from 5/12/2017, or six months after disbursement; whichever is later. 6 months from 5/12/2017 9 months from 5/12/2017 9 months from 5/12/2017 6 months from 5/12/2017
Interest Rate Variable rate: Prime + 1.0-4.50% depending on credit

Hybrid rate: Fixed rate for the first 5 years at 5.50-9.00% depending on credit, then remaining 5 years Variable rate at Prime + 1.0-4.50%

Variable rate:  3.86% – 10.81% depending on credit rating

Fixed rate:  6.49% – 12.99% depending on credit rating

Variable rate as low as 3-month LIBOR + 3.74%       – 8.49% depending on credit rating

Fixed rate from 6.49% -11.24% depending on credit rating

Variable rate 1-month LIBOR + 3.00% – 9.75% depending on credit rating Variable rate:         Prime + 4.74%

Fixed rate: 10.99%

Length of Repayment  10 year 15 years 15 years 15 years 15 years
Repayment Incentives 0.25% off your rate with automated payments from your checking or savings account Get 0.50% off your rate with automated payments from your checking or savings account

A co-signer release option is available after the initial 48 consecutive on-time monthly payments2

0.25% off your rate with automated payments from your checking or savings account 0.25% off your rate with automated payments from your checking or savings account 0.25- 0.50% rate reduction for various and  previous Wells Fargo student loan or other qualifying account

0.25% off your rate with automated payments from your checking or savings account

*Eligibility Enrolled in final year of law program or have graduated within 6 months

U.S. citizen, U.S. permanent resident, and non-US citizens with a valid Social Security number and U.S. address and enough credit history to have generated a credit score

Credit Union Membership Required ($5 minimum deposit)

Enrolled in final year of law program or have graduated within 6 months

Sitting for the bar no later than 12 months after graduation

U.S. citizens or permanent residents

Have lived in the U.S. for the previous two years

 

Enrolled in final year of law program or have graduated within 6 months

U.S. citizen, U.S. permanent resident with a valid Social Security number and U.S. address

Enrolled in final year of law program or have graduated within 12 months

Sitting for the bar no later than 12 months after graduation

U.S. citizen, U.S. national, or permanent resident alien without conditions and with proper evidence of eligibility

An international student borrowing with a credit worthy cosigner who is a U.S. citizen or  permanent resident and present U.S. Citizenship and Immigrations Service (USCIS) documents.

Current Wells Fargo customer (checking/savings account or prior loan history)

Sitting for the bar no later than 12 months after graduation

Enrolled in final year of law program or have graduated within 30 days

U.S. citizen, U.S. national, or permanent resident alien without conditions and with proper evidence of eligibility

*International students who need bar loan funding and do not qualify for any of these loans may request assistance through our office by contacting sfs@law.harvard.edu.

This information is updated as of 1/31/2017