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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.

*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.

BAR LOAN COMPARISON CHART FOR FEBRUARY, MARCH AND MAY 2021 GRADUATES
Harvard Credit Union Bar Loan PNC Solution Loan for Bar Study Discover Bar Exam Loan Sallie Mae Bar Study Loan Citizens Bank Bar Exam Loan 
Borrowing Maximum $15,000 $15,000 $16,000 $15,000 $16,000
Cumulative Debt Limit None $225,000 $180,000 (including bar loan) None $225,000 (including bar loan)
Fees 0% 0% 0% 0% 0%
Grace Period 6 months from 5/14/2021 6 months from disbursement 6 months from 5/14/2021 9 months from 5/14/2021 6 months from 5/14/2021
Interest Rate 5 or 10 year fixed rate: 4.50%  – 7.25% Variable rate:  1.98% – 7.13% depending on credit and years of repayment (rates include the 0.50% discount for automatic payments)

Fixed rate: 4.19% – 9.34%  depending on credit and years of repayment (rates include the 0.50% discount for automatic payments)

Variable rate:    6.24% APR – 11.74% APR  (rates include the 0.25% discount for automatic payments)

Fixed rate: from 6.99% – 12.49%   (rates include the 0.25% discount for automatic payments)

Variable rate:  3.02% APR to 9.86% APR  (rate include the 0.25% discount for automatic payments)

Fixed rate: 5.75% – 12.68%

Variable rate:       4.46% to 9.54% APR

Fixed rate: 7.38% to  12.81% APR

Length of Repayment 5 or 10 years 5, 10 or 15 years 20 years 15 years 5, 10 or 15 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

  • Death and disability loan forgiveness
  • Borrowers and cosigners can view their quarterly FICO® Score for free by logging into their Sallie Mae® 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.

Must be a U.S. citizen or permanent resident, or have a U.S. citizen cosigner

International students can apply with a creditworthy U.S. citizen or permanent resident cosigner

Borrowers must have graduated in the last six months OR be enrolled at least half-time in a degree granting program at an eligible law school AND within six months of graduation

This information in the chart above was last updated as of 2/24/2021. Students should always check rates, terms and conditions on the lenders’ websites.  This site is not updated after initial post.