Specific characteristics taken into consideration within each category included economic hardship repayment options, origination and late fees charged, accessibility to international students, co-signer release programs and other factors.
Lenders who offered interest rates below 10% scored the highest, as did those who offered forbearance, who charged no origination or late fees and who offered multiple loan terms maxing out at 15 years. We believe that borrowers should repay bar study loans—which typically have low maximum loan amounts compared to other student loans—within 15 years, but the sooner, the better.
Since bar study loans carry high interest rates and don’t come with the flexible repayment and forgiveness options federal loans do, it’s best to avoid them. If you have the capability to fund your bar study period with savings, income from work or a low-interest loan from family, that may be preferable. In some cases, law school graduates with an employment offer contingent on passing the bar will receive funding from their future employer for bar exam preparation.
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