Bar Study Loans

Bar Study Loans are credit-based, private student loans that help finance bar exam costs such as bar review course fees, bar exam deposits and fees, and living expenses. Approved bar loan application notices and checks are mailed directly to the student.

Alternative loans are credit-based loans borrowed through private lenders. Generally, borrowers with better credit histories receive better loan terms. You may borrow up to the WSU-established cost of your education, less other aid. Alternative loans generally have higher interest rates and fewer repayment options than federal loans. To apply for federal grants and loans, complete the FAFSA.

The advantages of federal loans

Lender options

Lenders that offer alternative/private student loans vary in the interest rates and terms available.

  • Be aware that some lenders will require payment while you are enrolled in school.
  • Other lenders will let you defer payment, but interest will accrue and be added to your balance.
  • You will owe more than you borrowed once you leave school.

Alternative loan comparison - ELM Select Loan Comparison Tool

You have the right to borrow from any lender. You should compare alternative loan lenders to determine which lender best meets your needs. Wayne State University has no financial interest in a student's choice of lender. You may use the ELM Select Loan Comparison Tool to compare lender terms, rates, and repayment options.

More information about private lending

Bar exam financing tips

  • Explore all federal loan options before applying for private loans. Have you borrowed the maximum Federal Direct Unsubsidized or Graduate PLUS Loan? Note: You must be enrolled at least half-time in order to receive a Federal student loan disbursement. Half-time enrollment for a JD student is 5 credit hours in the fall/winter semesters and 3 credit hours in the summer semester.
  • Documented paid bar exam costs (but, not bar prep courses) may be added to your budget to increase federal loan eligibility. See the Budget Review Request Form on our Forms web page for eligibility requirements.
  • Plan early to take advantage of lower bar exam and bar study program costs.
  • Apply for a bar loan with a co-signer for a lower interest rate.
  • Set a budget for yourself and borrow only what you need.
  • If you are denied a loan, request information from your lender about appealing the decision.