You can request to make lower, interest-only payments for the first two or four years of the repayment period.footnote 2 After that, you'll make principal and interest payments for the rest of the loan's repayment term.
Sallie Mae® Bar Exam Loan for Law Students
Understanding bar study loans payment details
Fixed rates: 7.01% – 15.26% APRfootnote 1
Get predictable monthly payments with a rate that doesn’t change over time.
Variable rates: 8.13% - 17.72% APRfootnote 1
Your variable interest rate can rise or fall as the market index changes, so your Bar Study Loan payments may vary over time.
Deferred repayment
Make no scheduled payments while you're in school at least half-time and in grace (nine months after leaving school).footnote 1
Benefit from these Bar Study Loan features
- Take control of your funds; the funds are sent directly to you.
- Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.footnote 3
- Pay no origination fee or penalty for paying off your loan before its due date.footnote 4
- Borrow from $1,000 up to $15,000.
- Track your credit health with quarterly FICO® Credit Scores, available online for free to you and your cosigner.footnote 5
Get the money you need for your bar exam
Consider adding a cosigner
Last year, 49% of Bar Study Loan applicants who apply without a cosigner were approved.footnote 6
Why add a cosigner
You can apply for cosigner release
You can apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments, and meet certain credit requirements.footnote 7
Find out about cosigner release
If you need money for law school
A Sallie Mae® Law School Loan can help you get the money you need to continue your education. Choose a fixed or variable rate type and a repayment option that works best for you.
Learn about the Law School Loan
Easily apply in 3 steps
Provide some basic info
Give some details about yourself and your school.
Choose the number of disbursements
During the application process you can decide whether you want to receive funds in one disbursement or two.
Choose a delivery date for your funds
You can decide which date in the future you would like us to send you the funds.
Frequently asked questions about the Sallie Mae® Bar Study Loan
A bar study loan is a loan that allows law school students to pay for bar study classes, cost of living, the bar exam itself, and other expenses accrued during your time spent studying for the bar.
Bar study loans differ from federal and private student loans because they do not have to be disbursed to your school. To get a bar study loan, you also need to be at least in your final year of law school and plan to sit for the bar exam within 12 months.
A bar study loan can be used for things like:
- Bar review course fees
- Bar exam fees
- Living expenses while studying for the bar exam
- Other expenses not included in the school’s cost of attendance (COA)
If you have extra money from your loan, consider getting a jump start on paying back your loan. This could help you reduce your interest payments over time.
To obtain a bar study loan, the following students are eligible:
- Students pursuing or have earned a Juris Doctor (JD) or Master of Laws (LLM) degree and are enrolled at least half-time in their final year of study at a participating ABA-accredited law school, or have graduated from one within the last 12 months.
- A student should be scheduled to sit for the bar exam no later than 12 months after graduation.
- U.S. citizens and U.S. permanent residents can apply with or without a cosigner.
- All others, including DACA students, must apply with a cosigner (who must be a U.S. citizen or permanent resident), reside in the U.S., and provide an unexpired government-issued photo ID to verify identity.
If a borrower does not pass the bar exam, they will still be required to pay back their loan with interest. Missing payments may result in your account falling into delinquency or default.
International students or non-U.S. citizens can qualify for a bar exam loan with a creditworthy, U.S. citizen/permanent resident cosigner. They may need to present U.S. Citizenship and Immigrations Service (USCIS) documents to verify their identity.
No, you do not need to have a position at a law firm to be eligible for a bar study loan. You must be in your final year of law school from an ABA-accredited institution or have graduated within the last 12 months to qualify.
Have questions or need help applying?
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