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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 2018 GRADUATES
 2018 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 None $225,000 $180,000 (including bar loan) None $180,000 (including bar loan)
Fees 0% 0% 0% 0% 0%
Grace Period 6 months from disbursement date 6 months from 5/11/2018 9 months from 5/11/2018 9 months from 5/11/2018 6 months from 5/11/2018
Interest Rate Variable rate: as low as Prime + 1%

Hybrid rate: Fixed rate for the first 5 years as low as 5.50%

Variable rate:  4.58% – 11.53%

Fixed rate: 6.49% – 12.99%

Variable rate: 5.12% – 10.12% (3-Month LIBOR + 3.49% to 3-Month LIBOR + 8.49%)

Fixed rate: from 6.49% -11.24%

Variable rate: 4.65% – 11.32% Variable rate:         9.99% – 10.21%

Fixed rate: 10.66% – 10.89%

Length of Repayment  10 year 15 years 20 years 15 years 7 years
Repayment Incentives 0.25% off your rate with automated payments from your checking or savings account 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 payments

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 rate reduction for prior Wells Fargo student loan or qualified checking 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. citizenship not required. Anyone with a valid U.S. SSN and U.S. address is eligible

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 6 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

An international student with a  cosigner who is a U.S. citizen or  permanent resident.

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. permanent resident

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.

 

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

U.S. citizen, U.S. national, or permanent resident alien 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 2/15/2018.