Bar Preparation and
Bar Study Loans
Bar Applications
Exam + Character and Fitness = License
•Deadlines
–IN
•Feb: Nov 15
•July: April 1
–IL:
•Feb: Sept 1
•July: Feb 15
•Cost
–IN: $250
–IL: $850 if no law student registration (unless law student registration)
•No Federal Loan Availability
•Costs may vary based on
which Bar Preparation Course
taken.
•Private loans can be used to
cover cost of prep course and
living costs
Current Lenders
•Discover
•Sallie Mae
•Fifth Third Bank
•Wells Fargo (requires existing account with bank to
qualify for bar loan).
•PNC Bank
Financial Considerations
•Applying for the bar exam and related costs
•Bar review courses
–Payment dates
•Hotel room
•Living expenses during bar prep period and after
–Bar results released in: April and October
•Time off work (if applicable)
Things You Should Know
Before you Borrow
•Loan Limits (normally $15,000)
•Interest rates (variable & fixed)
•Repayment terms
•Time it takes to receive the loan
•Suggestions:
-Limit amount borrowed/incremental loan
Some Fundamental
Differences About Loans
•Federal Loans can be consolidated, these include:
Grad Plus, Unsubsidized, Subsidized and Perkins
Loans
•Private loans cannot be consolidated with federal
loans. Only two private loan companies currently
provide a consolidation product: SunTrust and
Wells Fargo (for private loans only).
•Your federal loan information can be found at:
www.nslds.ed.gov.
•Private loan information does not have a specific
website location. Contacting your lender will be
important.
I have my
money.
Now
What?
•Private loans, like some federal loans
begin accruing interest once they are
disbursed. Loan payments on most
private loans begins 9 months after
graduation.
•Interest rates on private loans can be
variable and fixed.
•Some lenders may sell your loans,
check to ensure you know where the
loan is being serviced.
•Stay in contact with your lender
should unforeseen circumstances arise
and you are unable to pay.
•Payment options will vary based on
your lender.
Important Things to Think About
•Please notify the Financial Aid Office when you apply for a Bar
Study Loan. We are still required to certify the loans and do not
get notices when you apply
•There is no penalty for paying off your loans early
•Try to add extra to your loan payment when possible and ask
that the additional portion be put toward the principal on the
loan
•Income Based Repayment options are not available for
private loans
•Ask your lender about deferment and forbearance options
should you face a challenge paying on the loan (use these
options wisely)
•If you are having problems or are concerned about your loan
payments CONTACT the lender. DO NOT WAIT!
•Defaulted loans will have an impact on your credit
Valparaiso Bar Prep:
•Have questions or seeking advice: See Bethany
Lesniewski or Kim Kass
–Offices in Library- Room 268 or 269
•Advanced Legal Studies- Law 655
–2 credits
–We use bar prep materials to practice MC, Essay,
and MPT questions.
–Not a substitute for a bar review course.
•Bar prep support during bar preparation.
Upcoming Presentations
•Bar Application and Bar Prep Basics
–
–
November 13th at 1:30 in Ulbricht
January and February TBD
•Director of the IN Board of Law Examiners
–
January 30th at 3:30 in Pelzer
Questions or concerns regarding loans:
Contact Ann Weitgenant at 219-465-7818
or Ann.Weitgenant@valpo.edu
Questions about Bar Preparation contact:
Bethany.Lesniewski@valpo.edu
Director of Academic Success
Kim.kass@valpo.edu
Associate Director of Academic Success