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November 11, 2008
Dear Student:
As graduation approaches, I’m writing to let you know about how the current economic situation has affected the loan programs typically available to students studying for the bar exam and about what you can do now to maximize your chances of receiving a Bar Study Loan if you think you may need one.
In the past, once students have applied for graduation, many of them have applied for Bar Study Loans to help pay for bar exam fees and bar study course expenses as well as living expenses that accrue while studying for the bar exam. Bar Study Loans are credit-based private/alternative educational loans offered by a small number of student loan lenders. Due to the credit crisis, numerous student loan lenders have stopped offering private education loans—including Bar Study Loans—over the past 6 months, or they’ve significantly altered the credit criteria needed to obtain a private loan. If this trend continues, it’s possible that there may not be any lenders offering Bar Study Loans by the time you graduate.
Therefore, if you plan to graduate within the next year and you anticipate the need for a Bar Study Loan, we strongly suggest that you apply for the loan as soon as possible. This will allow you sufficient time to secure the loan and schedule the disbursement check to arrive around your graduation date and bar study time so you will have funds to cover your expenses at that point.
If you wait until closer to graduation time to apply for the Bar Study Loan, there may not be any Bar Study Loan programs available. Also, please be aware that if you decide to receive the Bar Study Loan disbursement check now and spend it before your bar exam expenses come up, an additional Bar Study Loan may not be an option. For this reason, we suggest you schedule your disbursement date closer to the time that you will need it for bar exam expenses.
Please take the time to review the Bar Study Loan list on the Office of Financial Aid’s website. Once you complete the application process, we will certify the loan for you if you are in your final year of study.
Sincerely,
Ada Chin
Director, Office of Financial Aid