Bar Exam Loan Information

Student studying at desk with textbook and notebook

Some lenders offer bar exam loans which are designed to assist graduating law students in their efforts to finance bar exam-related expenses such as exam fees, bar application fees and summer living expenses. While these loans are not part of your academic year financial aid, most lenders require Student Financial Services certify the loan in order to verify your expected graduation date and record the loan in our system for potential LIPP eligibility. We will certify only one bar loan application per student.

Loan Requirements and Information

  • Requirements

    Some bar loan programs have requirements that you must meet prior to applying for a bar loan. The Harvard Federal Credit Union requires you to be a member and other lenders may require you to have a prior banking or borrowing relationship. The lender will review your application according to your creditworthiness after you have met their minimum requirement.

  • Certifications and Deposits

    We will begin to certify bar exam loans in mid-January. If the lender allows us to list multiple disbursement dates on the certification form, your loan will be certified as follows: $3,000 disbursed soon after our certification, and the balance on May 1, 2025. Students who apply to the Harvard Federal Credit Union please note that the full amount of the loan will be processed in one disbursement since Harvard FCU bar loans are not school-certified.

    Lenders will either mail a check directly to you at the address you list on your application, or, in the case of the Harvard Federal Credit Union, the funds will be direct deposited into your Harvard FCU bank account. Please note, we cannot advance money on bar loan funds.

  • LIPP Implications

    The LIPP program will cover a bar exam loan of $15,000 or less.  Students and graduates considering participation in LIPP will want to apply to a loan program that is on a 10 year repayment term in order to maximize their LIPP benefit.  Students who choose to borrow a bar loan with a longer repayment term, might want to consider contacting the lender to ask about the possibility of formally shortening the repayment term from a 15 or 20 year term to a 10 year term. Repayment terms of more than 10 years will have a lower required monthly payment amount than if the loan were on a 10 year repayment term and thus, will qualify for less LIPP assistance.  LIPP provides assistance on the documented required monthly payment and estimated monthly payment amounts will not be considered.

    While bar exam loans can be covered by LIPP, they are not eligible for Public Service Loan Forgiveness or for the HLS PSLF-Based Plan. This is because bar loans are not part of the federal loan program, but rather are offered by private lenders. Only federal loans are eligible for PSLF.

Bar Loan Options

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 may not qualify for a bar loan may request assistance, before May 1, 2025, through our office by contacting sfs@law.harvard.edu.

Bar Loan Comparison Chart for February, March, and May 2025 Graduates

Application Link College Ave Bar Study Loan Harvard Federal Credit Union Bar Loan Sallie Mae Bar Study Loan
Borrowing Maximum $10,000 $15,000 $15,000
Cumulative Debt Limit $510,000 None None
Fees 0% 0% 0%*
Grace Period N/A 6 months from 5/16/2025 9 months from 5/16/2025*
Interest Rate Variable rates from 8.19% to 14.49% APR (includes the 0.25% discount for automatic payment) Fixed rate: 7.00%  – 9.50% Variable rate: 7.13% APR to 16.74% APR. Fixed rate: 7.01% APR to 15.26% APR.* (Lowest rate shown includes the 0.25 percentage point interest rate discount for automatic payments)
Length of Repayment Choose between 1 to 5 years 5 or 10 years Up to 15 years*
Repayment Incentives 0.25% off your rate with automatic payments and a cash back rewards program Automatic Recurring Payment: Borrowers will receive a 0.25% discount on their interest rate when they enroll in automatic recurring payments through Harvard FCU’s loan servicing partner, University Accounting Services (UAS) Qualifying Relationship: Borrowers with an open and active checking account for at least 12 months, or any non-education Harvard FCU loan product would be eligible to receive a 0.25% interest rate discount on their Bar Loan. Please note: Members must contact Harvard FCU after disbursement to receive this discount.  • Funds are disbursed directly to the student. • A 0.25 percentage point interest rate reduction is available to borrowers who enroll in and make monthly payments by automatic debit.* • Borrowers and cosigners can view their quarterly FICO® Score for free by logging into their Sallie Mae® account.* • Death and disability loan forgiveness.*
Eligibility Enrolled in final year of law program pursuing a JD degree, or have graduated within 6 months prior to the date of the application. International students with a valid US SSN are eligible to apply with a qualified cosigner (US citizen or permanent resident.) 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 at least half-time 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 must apply with a cosigner (who must be a U.S. citizen or permanent resident), reside in the U.S., and provide an unexpired government-issued photo ID to verify identity.
Eligible for J.D. LIPP Assistance? Not eligible for LIPP Yes, for a minimum loan term of 10 years and subject to each J.D. borrower’s LIPP eligible borrowing limit Yes, for a minimum loan term of 10 years and subject to each J.D. borrower’s LIPP eligible borrowing limit

*For more information and footnotes to the Sallie Mae bar study loan, refer to the full loan details.

The information in the chart above was last updated as of 2/7/2025 and is not amended after initial post. Students should always check rates, terms and conditions on the lenders’ websites.  This page does not replace or fully duplicate a lender’s site.