Bar Study Loan
Recent law school graduates need as much study time as possible to prepare for the bar exam. Graduate Leverage offers a Bar
Study Loan to give law students the financial flexibility to take the necessary time to study for the exam. Costs related to
studying for the bar exam are not traditionally covered by financial aid award packages. Expenses may include bar exam registration,
bar review courses, preparatory materials, housing or other bar exam related expenses.
Benefits:
- Borrow up to $17,500
- 1.0% interest rate reduction with confirmation of passing a state bar exam*
- 0.25% interest rate reduction for using ACH**
- Up to 15 year repayment term with no prepayment penalties
- Cosigner release option available after 48 consecutive, on-time payments, if applicable
- All loans serviced by Graduate Leverage Servicing
- 24/7 account access
Eligibility Requirements:
- Available to borrowers in their final year of law school and for six months following graduation.
- You must be a U.S. citizen or permanent resident of the U.S
- If the borrower is the sole applicant they must meet the age of majority (AOM) requirements in their state of residence: at least 18 years old in all states with the exception of 19 in Alabama & Nebraska and 21 in Puerto Rico. If the borrower does not meet AOM requirements, a cosigner will be required.
Additional qualifications apply and loan program may not be available to students of all law schools.
Bar Study Loan details for the 2009-2010 academic year:
| Loan Type |
Interest Rate |
Fees |
APR |
| Bar Study |
LIBOR + 3.0% to 13.0%
(variable rate***) |
0% to 8.0%
Origination Fee*** |
3.42% to 14.63%*** |
Notes and Assumptions
* A 1.0% interest rate reduction is applied upon confirmation of passing a state bar exam, and when the loan is in repayment;
but does not apply to periods of deferment or forbearance. This reduced interest rate will be permanently forfeited and return to
the contractual interest rate when the account becomes 30 days past due.
** A 0.25% interest rate reduction is available to borrowers who elect to have monthly principal and interest payments transferred
electronically from a savings or checking account. The interest rate reduction will begin when automatic principal and interest
payments start, and will remain in effect as long as automatic payments continue without interruptions. This reduced interest rate
will return to contractual interest rate if automatic payments are cancelled, rejected or returned for any reason.
*** APR ranges from 3.42% to 14.63% and is based on the following example: $12,000 disbursement amount, 12 months of deferment
(6 months of in school deferment followed by 6 months of grace), a 10 year repayment term following the deferment, a constant 1
month LIBOR of .43% as listed on 1/5/09. The 1 month LIBOR is a variable index, as a result the actual APR of this loan can
increase if the LIBOR index increases. Availability, rates and fees may vary based on borrower's and/or cosigner's (if applicable)
credit history and school.