
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, they still need to be certified by Student Financial Services in order to verify your expected graduation date and record them for potential LIPP eligibility. We will certify only one bar loan application per student.
Loan Requirements and Information
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 do not qualify for any of these loans may request assistance, before May 1, 2022, through our office by contacting sfs@law.harvard.edu.
Bar Loan Comparison Chart for February, March, and May 2022 Graduates
Application Link | Harvard Credit Union Bar Loan | Discover Bar Exam Loan | Sallie Mae Bar Study Loan | Citizens Bank Bar Exam Loan |
Borrowing Maximum | $15,000 | $16,000 | $15,000 | $16,000 |
Cumulative Debt Limit | None | $180,000 (including bar loan) | None | $225,000 (including bar loan) |
Fees | 0% | 0% | 0% | 0% |
Grace Period | 6 months from 5/13/2022 | 6 months from 5/13/2022 | 9 months from 5/13/2022 | 6 months from 5/13/2022 |
Interest Rate | 5 or 10 year fixed rate: 4.250% – 7.00% | Variable rate: 3.99% APR – 10.99% APR (rates include the 0.25% discount for automatic payments). Fixed rate: from 5.49% – 11.99% (rates include the 0.25% discount for automatic payments) | Variable rate: 2.90% APR to 11.56% 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 | 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 | 0.25% 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 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 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 must reside in the U.S. and apply 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 |
The information in the chart above was last updated as of 2/4/2022 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.