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Bar Review Loan

Bar Review Loan

The Bar Review Loan is a low fixed rate loan for law students preparing for the bar exam.

Benefits of the Bar Loan:

  • Low fixed interest rate of 7.76%* - your payments will never change, unlike payments on variable rate loans
  • Generous loan limits – borrow up to $15,000
  • 15-year repayment term with no pre-payment penalties
  • Easy online application with instant credit pre-approval
  • Student is the primary borrower - cosigner release option after 24 initial and consecutive on-time payments, if student borrower meets underwriting criteria

apply-for-a-bar-loan

Rates for the 2011/12 academic year:

Figures provided for estimation purposes only. Based on a fixed interest rate of 7.76% and a loan amount of $10,000.

Loan Type Fixed
Interest
Rate		 APR Repayment
Term 		Estimated monthly
payment
Bar Review Loan 7.76% 8.32% 180 months $103.65
 
ASSUMPTIONS: APR is calculated assuming one disbursement of $10,000. A 4% fee is added to the disbursement. Nine months pass before 180 month repayment term begins. Minimum monthly payment is $50.00.

 

Eligibility:

  • Rhode Island residents attending an eligible in-state or out-of-state law school and non-Rhode Island residents who attend an eligible Rhode Island law school
  • This loan is for students in their final year of law school and have expenses associated with studying for and taking the bar exam
  • Students may request funds for periods beginning six months prior to and six months after the student’s graduation date
  • Borrowers must pass a credit check and meet other eligibility requirements
  • A cosigner is required for students under the age of 24 and for students who do not meet our credit criteria

Repayment:

  • 15-year repayment term
  • Payments begin 9 months after the student graduates from school

 

*Please click here for additional information on the terms of this loan program. Rhode Island Student Loan Authority, the lender for the Rhode Island Family Education Loan, may withdraw this interest rate offer at any time. RISLA reserves the right to modify or terminate borrower benefit programs at its discretion and without prior notice.