Bar Preparation and Bar Study Loans Bar Applications

Bar Preparation and Bar Study Loans

Bar Applications Exam + Character and Fitness = License • Deadlines –IN –IL: • Cost • Feb: Nov 15 • July: April 1 • Feb: Sept 1 • July: Feb 15 –IN: $250 –IL: $850 if no law student registration (unless law student registration)

• 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 to qualify for bar loan). • PNC Bank

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)

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: Sun. Trust 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.

I have my money. Now What? • 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.

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 13 th at 1: 30 in Ulbricht January and February TBD • Director of the IN Board of Law Examiners – January 30 th 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. edu Associate Director of Academic Success