I am pretty sure that www.myrichuncle.com offers private summer internship loans to law students. That way you only need to take out enough to get you through the summer living frugally. Better than paying summer school tuition and balancing class and your summer employment and then graduating off-cycle.
5% is a gigantic origination fee.
If credit cards had deferral periods, I'd be better off doing that. I'm not sure what the current index is, but I think it's around 2.5% or something. So, 4.9 + 2.5 is 7.4%, plus 5% origination fee, means I'd be paying 12.4% for the first year. That's f-ing rediculous.