Bar Preparation and Bar Study Loans

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Bar Preparation and Bar Study Loans
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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)

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• 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

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Current Lenders

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

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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)

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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

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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.

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• 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?

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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

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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.

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Upcoming Presentations

• Bar Application and Bar Prep Basics
• November 13th at 130 in Ulbricht
• January and February TBD
• Director of the IN Board of Law Examiners
• January 30th at 330 in Pelzer

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• Questions or concerns regarding loans
• Contact Ann Weitgenant at 219-465-7818 or
  Ann.Weitgenant_at_valpo.edu
• Questions about Bar Preparation contact
• Bethany.Lesniewski_at_valpo.edu
• Director of Academic Success
• Kim.kass_at_valpo.edu
• Associate Director of Academic Success