Best Bar Exam Study Loans Of October 2022

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Best Bar Exam Study Loans Of October 2022 – Forbes Advisor

Bar exam study loans provide funding for living expenses and bar study classes so law school graduates can focus on passing the bar exam. After passing the bar, they can begin working as practicing lawyers.

Bar study loans aren’t the same as student loans; in fact, they’re private personal loans that lenders categorize specifically for bar preparation. You should explore other alternatives that could end up being cheaper, like scholarships or traditional personal loans. You may also request funding from your future employer if you were hired after law school. If you do opt for a bar study loan, below are the lenders that can help make loan repayment as seamless as possible.

Best Bar Study Loans

1. PNC Bank

PNC Bank borrowers benefit from a 0.50% interest rate discount for making payments automatically each month, which is higher than the standard 0.25% interest rate reduction many loans offer. PNC also offers more than one loan term, up to 15 years. That gives borrowers the flexibility to choose a term that works for them without locking them into an extra-long repayment period.

PNC, however, doesn’t allow international students to apply, even with a U.S. co-signer, and its co-signer release period is relatively long. Borrowers can request to remove the co-signer from the loan only after 48 on-time monthly payments.

Extra Details

Loan terms: 5, 10 and 15 years

Loan amounts available: Up to $15,000

Eligibility: Borrowers and co-signers must be U.S. citizens and must apply within six months of the student borrower’s graduation from law school.

Forbearance options: Up to 12 months

Co-signer release policy: Available after 48 on-time monthly payments

2. Citizens Bank

Citizens Bank allows non-U.S. citizens to get a bar study loan with a U.S. citizen co-signer. It also offers multiple loan terms, a maximum repayment schedule of 10 years and co-signer release after 36 on-time payments.

Citizens Bank provides up to a 0.50% interest rate discount for using autopay if you also have an existing account with the bank. (Keep in mind that loans are available nationwide, but checking and savings accounts are only available in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.)

Extra Details

Loan terms: 5 or 10 years

Loan amounts available: $1,000 to $16,000

Eligibility: International borrowers can apply with a U.S. citizen co-signer. Borrowers must apply within six months of graduation from law school.

Forbearance options: Up to 12 months

Co-signer release policy: Available after 36 months of on-time payments

3.Sallie Mae

Sallie Mae provides several useful features to bar study loan borrowers, including a short time period before the co-signer can be released from the loan (12 months) and the opportunity to make interest-only payments for 12 to 24 months. International students can apply with a U.S. citizen co-signer.

But fixed interest rates max out above 10%, and there is only one 15-year loan term, which is a long time to repay a loan of $15,000 or less. It’s always possible to pay off the loan sooner if you can to reduce interest charges, since Sallie Mae doesn’t charge prepayment penalties.

Extra Details

Loan terms: 15 years

Loan amounts available: $1,000 to $15,000

Eligibility: International borrowers can apply with a U.S. citizen co-signer. Borrowers must apply within 12 months of graduation from law school.

Forbearance options: Sallie Mae provides up to 12 months of forbearance. Borrowers can request to make interest-only payments for the first 12 to 24 months of the loan term.

Co-signer release policy: Available after 12 on-time payments

source:ForbesAdvisor.com

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