Law School Discussion

Nine Years of Discussion
;

Author Topic: Bar Study Loan  (Read 3505 times)

| J |

  • Sr. Citizen
  • ****
  • Posts: 277
    • View Profile
    • Email
Bar Study Loan
« on: March 15, 2009, 08:38:45 PM »
For those of you who graduated in December or will graduate in May, did you have any trouble obtaining a Bar Study Loan?  Which lender did you use?  What's your credit like?

I need to apply, but the credit markets are tight.  I'm concerned that I'll get turned down.  My credit score isn't bad, but I have a lot of debt.
USD '09.  Sunny San Diego, baby!

Ninja1

  • Sr. Citizen
  • ****
  • Posts: 3089
  • ☆☆☆☆☆☆☆☆☆☆
    • View Profile
    • Email
Re: Bar Study Loan
« Reply #1 on: March 16, 2009, 03:47:14 PM »
*Tag for personal interest.
I'mma stay bumpin' till I bump my head on my tomb.

Susan B. Anthony

  • LSD Obsessed
  • *****
  • Posts: 6571
    • View Profile
Re: Bar Study Loan
« Reply #2 on: March 16, 2009, 03:53:31 PM »
I don't have any personal experience with this, but our financial aid office sent out an email awhile ago suggesting that if we need one we apply ASAP because, given the economy, some lenders are discontinuing their bar loan programs. Your financial aid or career services office should be able to give you suggestions for lenders.

jphudy

  • Jr. Member
  • **
  • Posts: 5
    • View Profile
Re: Bar Study Loan
« Reply #3 on: March 17, 2009, 12:21:08 PM »
I did not look into a loan.  One of my friends simply called his loan company and told them he wanted to accept a greater loan amount.  He said that the loans had already been approved, and he had previously declined them.  Now, he was accepting them anew.  BTW, I just started a bar exam forum at www.barexamforums.com.  There are presently like 0 posts, but I think we all need a new place to talk about how we are preparing for the bar this summer.

LawSchoolAuthority

  • Full Member
  • ***
  • Posts: 40
    • View Profile
    • Law School Authority
    • Email
Re: Bar Study Loan
« Reply #4 on: March 17, 2009, 12:38:32 PM »
Bar Study Loans are much more difficult to obtain than in recent years.  Many lenders (such as access group) are not offering bar study loans and more.  The lender that are have, like almost all other lenders, tightened their lending requirements and more or less require co-signers.  Of course, the requirements for co-signers has increased as well.  Here's a link from the WSJ lawblog from earlier this year: http://blogs.wsj.com/law/2009/02/17/the-credit-crisis-law-school-loans-take-two-financing-bar-prep/

BigRig

  • Sr. Citizen
  • ****
  • Posts: 108
  • Detroit Basketball!
    • AOL Instant Messenger - BTRig12
    • View Profile
Re: Bar Study Loan
« Reply #5 on: March 20, 2009, 06:38:33 PM »
From what I've gathered, our best bet is through Sallie Mae http://www.salliemae.com/get_student_loan/find_student_loan/grad/law_school_loans/bar_study/.  They list 6 lenders to choose from, but for all the repayment term is 15 yrs (up to 25 and forbearance during hardship offered too) and begins 9 mos after grad.  You have to submit an app before you can assess what the IR will be (based on your credit profile and/or cosigners).  Other than that the only info I was able to obtain (over the phone as little is available online for some reason) is that Fifth 3rd, Sallie and Nellie Mae, and Student Loan Funding are the only lenders offering .25% IR reduction for auto debit.  US Bank is also offering these loans, with 4-9% origination fees, prime (currently 3.25%) + 0%, over 15 yrs beginning 6 mos after grad, with 0.20% reduction for auto debit and forebearance available. They have set a ceiling on total outstanding student loans ($120,000) as well.  That's all I've got as of now and would appreciate it if anyone else is aware of other options and/or has helpful advice.
Attending FSU.Go Noles!!!

Contract2008

  • Sr. Citizen
  • ****
  • Posts: 930
    • View Profile
Re: Bar Study Loan
« Reply #6 on: March 22, 2009, 07:57:11 PM »
Well, since Ninja is tagging this, and since I have abused him alot. So, I guess I'll add something.

For me, it was easy. I used my existing lender for my law school loans (accessgroup) and print out some forms from the website and send it in.  That's it and the checks started coming.  You can have the check distributed four times.  Instead of getting 20K say in May when you graduate, you can get it say 5K in May, 5K in August, 5K in November and 5K in February, that way, you don't have to pay interest on the 20K from the start. 

I am not sure about how hard it is to get the loan, with co-signor and all that.  I have a great credit score and I had no doubt that I will get the loan. 

Ninja1

  • Sr. Citizen
  • ****
  • Posts: 3089
  • ☆☆☆☆☆☆☆☆☆☆
    • View Profile
    • Email
Re: Bar Study Loan
« Reply #7 on: March 22, 2009, 07:58:31 PM »
Well, since Ninja is tagging this, and since I have abused him alot. So, I guess I'll add something.

...


I'd say we have a healthy give and take, actually.
I'mma stay bumpin' till I bump my head on my tomb.

| J |

  • Sr. Citizen
  • ****
  • Posts: 277
    • View Profile
    • Email
Re: Bar Study Loan
« Reply #8 on: March 28, 2009, 11:58:30 AM »
Bump.
USD '09.  Sunny San Diego, baby!

Contract2008

  • Sr. Citizen
  • ****
  • Posts: 930
    • View Profile
Re: Bar Study Loan
« Reply #9 on: March 28, 2009, 01:39:17 PM »
Bump.

Bump for what?

If you have good credit like you said you do, you will get the loan.  It's assumed that all law gradutes have tons of debts.  Do you have tons more than the average law graduate?