Bar Preparation and Bar Study Loans

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)

Bar Applications

•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

Current Lenders

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

•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)

Financial Considerations

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

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.

•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?

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

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.

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

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.eduAssociate Director of Academic Success