NEWARK, Del.--(BUSINESS WIRE)--As law school graduates ready for their next challenge: the bar exam, Sallie Mae — the nation’s saving, planning, and paying for college company — is again offering a responsible option to finance costs not covered by federal student loan programs, including bar review course fees, exam fees, and living expenses incurred while preparing for the exam.
The Sallie Mae Bar Study Loan has among the lowest annual percentage rates available from national private education lenders. Rates are variable, and starting rates range from 3.87 percent APR to 10.58 percent APR. In addition, customers who make scheduled monthly payments by automatic debit receive a 0.25 percentage point interest rate reduction.
Students who plan to take the bar exam within 12 months of graduating, who are enrolled at least half time in their final year of study at an American Bar Association-accredited law school, or who have graduated from one within the past 12 months, are eligible to apply for the Bar Study Loan.
In addition to competitive interest rates, Sallie Mae’s Bar Study Loan offers:
- No application, origination or disbursement fees, and no prepayment penalties. Loan funds are sent directly to customers, who also receive free access to their FICO® Credit Scores on a quarterly basis.
- Deferred payments while in school. Customers may defer payments as long as they are at least half-time students and for nine months after they graduate or leave school.
- Interest-only payments. Customers can choose the standard repayment of principal and interest, or ask to make interest-only payments for the first two or four years after graduation, followed by monthly principal and interest payments for the remainder of the loan’s term.
“For many J.D. candidates, law school coursework is demanding, but it’s merely a warm up for the big game; the bar exam,” said Charlie Rocha, executive vice president and chief marketing officer, Sallie Mae. “Sallie Mae has been providing competitive financing options for law students for decades. The Sallie Mae Bar Study Loan helps relieve the stress of paying bills and expenses so students can channel all of their concentration into passing the bar and beginning their legal careers.”
Sallie Mae also offers the Smart Option Student Loan for Graduate Students, a competitive financing option for students seeking a law degree or another graduate program such as a master’s, doctorate, medical, dental, or veterinary degree. Sallie Mae’s Smart Option Student Loan for Graduate Students offers fixed and variable interest rates, choice of repayment options, and no origination fees or prepayment penalties. Graduate students may qualify for variable rates starting from 2.87 to 7.86 percent APR or fixed rates of 5.74 to 8.56 percent APR.
For more information or to apply online for Sallie Mae’s Bar Study Loan, visit SallieMae.com/BarStudy, or start the application process by calling Sallie Mae at 1-877-279-7172.
For more tips, tools, and resources that can help students and families save, plan, and pay for college, visit SallieMae.com.
About Sallie Mae
Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.