Several private lenders offer loans to JD students specifically to cover expenses incurred while students prepare for the bar exam. These loans may cover living expenses during the summer, bar exam fees, and fees for review courses. Each lender sets their own limits for the amount that you may borrow. You may apply for a Bar Exam Loan during the spring semester of your third year.
A Bar Loan does not need to fit within your student budget for the academic year. The loan funds will be sent directly to you. You may specify the amount (within the limits set by the lender) and the disbursement dates.
Some lenders do require school certification to complete the application. In these situations, BU is certifying that you are a graduating JD student and that the requested disbursements comply with the lender’s policies.
Students are encouraged to apply online whenever possible and to try to borrow through the same lender as you did for law school. You may certainly choose a different lender; however, keep in mind that adding another lender will complicate your repayment because you will have an additional creditor to keep track of.
Boston University maintains a website with a list of lenders you may want to consider. Several of the lenders we work with offer Bar Loans.
You are not limited to the products identified by Boston University or the School of Law, and are welcome to use any lender of your choice. You should evaluate all loan products carefully in light of your particular circumstances.