New England School of Law

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Selecting Your Lender

Bar Study Loan Lender Comparison Chart

Standard Information:

  • For the costs associated with taking the bar exam: bar prep courses, bar exam fees and living expenses
  • Eligibility based on creditworthiness, as determined by the lender
  • Students should exhaust their academic year budget before applying for a bar loan
  • Apply directly with the lender; student selects disbursement dates and funds are sent directly to the student.
Lender Fees, Interest Rates, Special Benefits/Incentives

Citibank

CitiAssist Bar Exam Loan
  • No fees
  • Rates as low as Prime – 0.50% based on credit
  • Borrow up to $15,000
  • 0.25% interest rate reduction for automatic payments from bank account
  • Additional 0.50% interest rate reduction - for students who make their first 48 consecutive required monthly payments on time
  • Deferments and flexible repayment options available

Keybank

LawAchiever Bar Loan
  • Available 9 months prior to graduation, 9 months post-graduation
  • $15,000 loan limit
  • No fees
  • Variable interest rate
  • Nine month grace period after graduation
  • Keys2Repay program allows borrowers to choose between 10, 15, and 25 year repayment each month and receive a lower rate the quicker the loan is paid:
    • In-school: 3-Month LIBOR + 3.00%, up to 3-Month LIBOR + 7.00%
    • 10-year repay: 3-Month LIBOR + 3.00%, up to 3-Month LIBOR + 7.00%
    • 15-year repay: 3-Month LIBOR + 3.25%, up to 3-Month LIBOR + 7.25%
    • 25-year repay: 3-Month LIBOR + 3.75%, up to 3-Month LIBOR + 7.75%
    • (3-month LIBOR is currently 2.60% for second quarter 2008; rate based on applicant's credit history)
  • Select/2 option allows borrowers to make interest only payments for first two years of repayment
  • 0.25% interest rate reduction for E-Z pay auto-debit payment program

Sallie Mae

Bar Study Loan
  • Minimum $500 to maximum of $15,000 annual loan limit
  • Must be sitting for the bar exam no more than 12 months after graduation
  • One eligible individual: Libor +2% to Libor +7.5%
  • Two eligible individuals: Libor +2% to Libor +6%. Cosigner release option available after the first 24 on-time payments of principal and interest
  • 0.50% interest rate reduction for payment made via auto debit
  • No minimum income requirement
  • Six month grace period
  • Combined billing for all Sallie Mae serviced loans, federal and private
  • Zero fees

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