Reunification
For up-to-date information regarding the reunification of Penn State's two law schools, please click here.
For up-to-date information regarding the reunification of Penn State's two law schools, please click here.
Private bar study loans can be a helpful option if you don't have the financial resources necessary to cover your bar study and bar exam expenses. Unlike educational loans you may have borrowed previously, bar loans are quite flexible. The amount you are allowed to borrow is not limited by a school designated cost of attendance, so you can borrow any amount up to the maximum set by your lender. Additionally, bar loan funds are disbursed directly to the borrower rather than being delivered through the school.
You should keep in mind, however, that all bar loans are private loans. They are not federally guaranteed, so you must be able to pass the lender's credit check. Additionally, bar loans cannot be included in a federal student loan consolidation, so you will have a separate repayment obligation for your bar loan.
Before venturing into private loan borrowing, you may wish to investigate if you have any remaining eligibility for the less expensive federal loans during your final year of enrollment.
If you do need to borrow a bar loan, you should first answer the following questions:
The answers to these questions should help you to determine how much money you need to borrow and when it should be disbursed. You should begin the application process at least 2-3 weeks before you need to have the first disbursement.
As always, it is best if you do not borrow more money than you need. If your circumstances change and you should need more funds, you can reapply for an additional amount at a later time.
If you have questions while working through this process, please feel free to consult with the financial aid staff.
During the current credit crunch only a few student loan providers are offering private Bar study loans. Following are some products that can work for Penn State Law students. You should examine the information offered directly from the lenders to choose the best loan product for your needs. You are welcome to borrow from any lender you choose.
Please note that terms offered by individual lenders are subject to change. Please check directly with the lender to verify details.
PNC Solution Loan for Bar Study
Borrowers may request up to $15,000 with up to a 15-year repayment term. Apply online or call 1-800-762-1001 for more information.
Sallie Mae Bar Study Loan
Borrowers may request amounts up to $15,000 with a 15-year repayment term. Apply online or call 1-800-984-0190 to apply by telephone.