NEWARK, Del.--(BUSINESS WIRE)--Balancing the demands of studying for the bar with the need to earn a living can be overwhelming, but Sallie Mae — the nation’s saving, planning, and paying for college company — has a Bar Study Loan that can help pay for bar review courses, exam fees, living expenses, and other costs federal student loans don’t cover.
Available to students enrolled at least half time in their final year of study at an American Bar Association-accredited law school and who plan to sit for the bar exam within 12 months of graduating, the Sallie Mae Bar Study Loan offers starting variable rates that range from 4.87 to 11.56 percent annual percentage rate. There are no origination fees or prepayment penalties.
In addition to competitive interest rates, Sallie Mae’s Bar Study Loan includes the following benefits:
- Immediate access to funds. Students can borrow $1,000 to $15,000, and funds are disbursed directly to students upon loan approval.
- A lower interest rate with auto-debit. Students who enroll in Sallie Mae’s auto-debit program and make their scheduled monthly payments electronically can reduce their interest rate by 0.25 percentage points.
- Payment flexibility. Students enrolled in school at least half time are not required to make payments until their grace period ends, which is nine months after graduation. Students may request interest-only payments for the first 24 or 48 months after the grace period ends.
- Free credit score. Customers have free access to their quarterly FICO® Credit Scores, along with information about factors that affect credit scores.
“Studying for the bar requires a significant investment of time and the associated expenses can add up, as bar review course costs can exceed $2,600, practice exams can cost $500 or more, and the exam fee itself can top $1,200, depending on the state,” said Kelly Christiano, senior vice president, Sallie Mae. “The Sallie Mae Bar Study Loan’s competitive rates and attractive features make it a responsible way for aspiring attorneys to finance expenses during this time of transition so they can concentrate on passing the bar and embarking on their legal careers.”
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 information about Sallie Mae’s graduate school loans, visit SallieMae.com/GradSchool.
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.