Overview of the Bar Study Loan

The bar study loan is a type of loan that is designed to help prospective lawyers afford to study for the bar exam. This type of loan can provide you with several benefits, here are the basics of the bar study loan and how it works. Studying for the bar exam is a stressful and difficult process. The information on the test is extensive and includes every type of law that can be practiced, even though lawyers only to focus on one or two disciplines.

Bar Study Loan

When a law student is about to become a lawyer, they have to first pass the bar exam. The bar exam is a test that is that is required to be a lawyer. Until you pass this exam, you will not be able to practice law, even if you have graduated from law school. Because of the importance of this test, students have to devote a large amount of time to studying for it. When you have to spend so much time studying, there is not a lot of free time to work and support yourself at the same time. Due to this financial need, the bar study loan was created. It allows individuals to borrow money to live on while they are studying to prepare for their bar exam.

Eligibility

This loan program is designed to help individuals that are about to take the exam. In order to qualify for the loan, you have to either be enrolled in your last year of law school or you have to have graduated from law school within the last year. In addition, you have to are required to meet certain credit guidelines. A cosigner can help you get a loan, even if you do not have good credit. In order to get this type of loan, you also have to be a United States citizen. Your bar exam should also be scheduled within the next 12 months. This loan is considered a short-term loan.

Benefits

This type of loan can provide you with several benefits. For example, you can focus on your studies and you will not have to worry about getting a job or taking time away from studying. Another benefit of this type of loan is that you are going to get a very reasonable interest rate. The rates for these loans are lower than what you could get from a personal loan, in most cases.

You can even lower the your interest rate further if you sign-up for an automatic debit from your bank account to make your monthly payment. After you graduate, you can even apply to have your cosigner released from the account. This would allow you to have the account only in your name and build your credit up.

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