Bar Loan Information
Covering your Bar expences.
Bar loans are private/commercial non-institutional loans offered by various financial institutions for graduating students should you need additional funds to cover bar related expenses you incur such as your state bar exam, bar prep courses as well as to cover your living expenses while you study for the Bar Exam. Because Bar loans are private/commercial loans and are subject to similar credit criteria, interest rates will vary based on your credit. Be sure to check your credit report for any errors or issues you may want to address prior to applying for your Bar Loan. Also take note of your cumulative educational loan balance.
Students in their final semester of enrollment can borrow one bar loan from one lender. Depending on the lender you choose, you can borrow as early as six months prior to graduation and up to $16,000. You will apply directly to the lender for their terms. Graduates are advised not to borrow more than is actually needed to cover bar related expenses as a matter of practicality.
Some lenders have low cumulative borrowing caps. This means that their aggregate educational debt limit are sometimes set far below what a student’s debt total may be. Check with your Bar lender before applying for their limit before applying. Usually professional students and those who have several degrees have higher aggregate debt.
If you are requesting a Bar Loan, please let us know so we can be on the lookout with your lender. The loans are processed differently than federal student loans – we don’t know until you tell us.
Things to note in your conversations with lenders: fees, maximum and minimum loan amounts, interest rates, pre-payment penalties, repayment terms to include any grace periods, aggregate borrowing caps and their eligibility requirements. Per federal regulations, we are unable to suggest or recommend any lenders.
I have been approved for a loan, what do I do next? Once you have been approved by your preferred lender, complete the Bar Loan Certification Request Form (below). Once your request is received, the Office of Financial Aid will certify your loan with your lender. Please note that the check will be mailed directly to YOU, not to the school.
Are Bar Loans covered under LRAP? Bar Loans are eligible for Georgetown’s Loan Repayment Assistance Program (LRAP) coverage up to a maximum additional amount of $100 a month.
I have additional federal loan eligibility for the Fall/Spring school year, can I use these funds to cover some bar expenses? Graduating students should exhaust their academic year federal loan eligibility, since these loans often have better terms, carry certain federal loan protections such as fixed rates, the ability to defer your loans or forbearance opportunities.
I am an International student, who does not meet loan eligibility, what are my options? At this time, we do not know of any domestic financing options for bar study loans for international students. As soon as we become aware of these alternatives, we will be sure to post.
If you are requesting a Bar Loan (a private loan that covers post-graduation expenses), please let us know so we can be on the lookout with your lender. The loans are processed differently than federal student loans - we don't know until you tell us.