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Bar Preparation and Bar Study Loans

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

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Bar Preparation and Bar Study Loans

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  1. Bar Preparation and Bar Study Loans

  2. 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)

  3. 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

  4. Current Lenders • Discover • Sallie Mae • Fifth Third Bank • Wells Fargo (requires existing account with bank to qualify for bar loan). • PNC Bank

  5. 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)

  6. 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

  7. 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.

  8. 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. I have my money. Now What?

  9. 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

  10. 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.

  11. 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

  12. 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

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