Information for 3L Students
3L students may apply for a Bar Study Loan to help you finance bar exam costs that are not covered by your federal student loans. Costs include; bar review course fees, bar exam deposits and fees, and living expenses. All bar loans are funded through a private lender and the interest rate is variable. You must have acceptable credit to qualify. Some lenders allow you to apply using a co-signer while other lenders use their discretion on whether to offer the co-signer option.
Lenders will ask the Financial Aid Office to certify your bar loan application before issuing funds. The Mizzou Law Financial Aid Office will begin certifying bar loan request on February 1. The process can take 15-20 days and funds are paid directly to you from your lender.
The Mizzou Financial Aid Office does not endorse any specific lender. There are many to choose from. Make sure you check the fine print and the lenders website. Finally, make sure you have taken all of your federal loans available before applying for a bar study loan.
Remember, bar study loans are private and cannot be consolidated with your federal loans.
Bar Loan Lenders:
- Discover Student Loans - Discover Bar Exam Loan
- PNC Education Loan Center – Bar Study and Prep
- Sallie Mae – Bar Study Loan
- Wells Fargo – Bar Exam Loan
However, if you increase the length of your repayment period, you’ll also make more payments and pay more in interest. Compare your all repayment options before you consolidate your loans. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. The loans that were consolidated are paid off and no longer exist.
Take the time to study the pros and cons of consolidation before you submit your application. Review the Consolidation Checklist to see if consolidation is the best option for you.
For more information about Direct Loan Consolidation visit www.loanconsolidation.ed.gov or call 800-557-7392.
If credit is something new, you may wonder if you will ever be approved for a loan. Trust your values when it comes to debt. You don’t have to take on debt to build a sound credit history. Steps to building a good credit reputation include:
- Have a checking and savings account. Lenders like to see accounts that are managed properly.
- Have your cell phone or utilities billed in your name. This will reflect a good payment pattern lenders can use, plus it confirms to the lender that you are disciplined with money and you will do the same when you receive credit.
- Pay down your student loans. Regular monthly payments show you are responsible.
The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three national credit reporting companies — Equifax, Experian, and Transunion — every 12 months. AnnualCreditReport.com is the ONLY authorized source for the FREE annual credit report that’s yours by law.
You may be asking yourself…
- Who do you repay?
- How much do I owe?
- What will my payment be?
- When does repayment begin?
- What plans are available?
Get answers to these questions, and others by checking out the Federal Student Aid Website.
Want to meet one-on-one to discuss student loan repayment? The Financial Aid Office is here to help you plot a course for your student loan repayment strategy. One-on-One counseling sessions are available. Contact the Financial Aid Office to schedule your appointment.