KNOW WHAT LOANS YOU HAVE BORROWED
- The National Student Loan Database (NSLDS), https://nsldsfap.ed.gov/, is the online site where you can find a complete listing of your federal student
loans for all institutions you have attended. You may start here to obtain the information
required to complete your Bar Exam Application. You must contact your lender directly
for loan account numbers that are required for the Bar Exam Application.
- If you have borrowed private loans, contact the lender directly for detailed loan
and repayment information.
DETERMINE IF YOU NEED FUNDING FOR BAR EXAM COSTS
- If you have not exhausted all of your Federal Loan or Private Loan eligibility for
the current academic year, you should request the additional funds before seeking
a Bar Study Loan.
- If you pay the Bar Exam Application fee while you are still enrolled (before the semester ends in May), you may have this
fee added to your cost of attendance. Please submit a request for a Budget increase,
along with receipt of payment, to the Office of Financial Resource Management.
- Bar Study Loans- Bar Study Loans are private loans available to graduating students to cover the
costs of bar exam expenses and living expenses while studying for the bar exam. Bar
Study Loans require credit approval and specific eligibility criteria established
by each lender. You may apply for a Bar Study Loan in your final year of study or
up to 12 months after graduation from law school. You must also sit for the bar exam
within 12 months after graduation. We recommend that you check your credit report
(annualcreditreport.com) prior to applying to ensure that your information is accurate. The following is
an alphabetical list of lenders offering Bar Study Loans (as of Fall 2024). Lenders
are not ranked or endorsed by our office. Students should research the terms and conditions
of each loan prior to applying.
PNC Bank
pnconcampus.com
800-762-1001
Sallie Mae Bar Study Loans
salliemae.com
800-984-0190
COMPLETE STUDENT LOAN EXIT COUNSELING
Student Loan Exit Counseling is required for any student who has borrowed a Federal
Direct Unsubsidized or Graduate Plus Loans. Exit Counseling discusses your rights
and responsibilities, and will provide a loan summary as well as estimated repayment
information.
- Direct Unsubsidized Loan and Graduate Plus Loan Exit Counseling can be completed online
at https://studentaid.gov/exit-counseling/. You may complete a combined Direct Unsubsidized Loan and Graduate Plus Loan Exit
Counseling.
FEDERAL LOAN REPAYMENT OPTIONS
Understanding your repayment options may help you to estimate your projected monthly
payments while in repayment. The Direct Unsubsidized and Direct Grad PLUS loans offer
several repayment options, with information on each option available at https://studentaid.gov/manage-loans/repayment/plans.
LOAN CONSOLIDATION
Federal Student Loan Consolidation allows you to combine multiple federal student loans into one loan, resulting in
a single monthly payment. Borrowers should carefully compare all repayment options
to determine if loan consolidation is right for them.
- While loan consolidation can simplify loan repayment and lower your monthly payment,
it also can significantly increase the total cost of repaying your loans.
- Please note that borrowers, who have loans from the FFEL Program (private lenders)
and intend to apply for loan forgiveness under the Public Service Loan Forgiveness
Program, must consolidate into the Direct Loan program. For more information, contact
the Department of Education (https://studentaid.gov/loan-consolidation/)
The interest rate for a consolidation loan is based on the weighted average interest
rate of the loans being consolidated, rounded up to the next nearest one-eighth of
one percent. For this reason, consolidation may not be right for you if you only have
loans with fixed interest rates.
If you would like further information on these interest rates or other details regarding
your student loans, please contact us at 973-642-8850.
If you are a graduate who is planning to take advantage of the Federal Public Service Loan Forgiveness Program, please click here.
AVERAGE LOAN INDEBTEDNESS
The average amount borrowed in law school by Seton Hall Law 2022-23 J.D. graduates
who borrowed at least one educational loan in law school is $127,225.
