Avoiding an expensive bar study loan

As the spring semester comes to a close, many 3Ls are investigating their bar study loan options. Borrowing one last loan to pay for bar study classes and living expenses has been an accepted routine inside many law schools. Unfortunately, a bar study loan isn’t always the best option.  Many recent law school graduates may find more desirable alternatives if they just get a little bit creative. Bar study 101 A bar study loan is not a student loan.  A bar study loan is a personal loan. The reason this distinction matters is that personal loans typically have hire interest rates than student loans.  This is because a student loan is much more difficult to discharge in bankruptcy.  This makes a student loan less risky and allows lenders to offer lower interest rates. The only difference between a bar study loan and a personal loan is that bar study loans usually require the borrower to be a recent law school graduate and sitting for a…

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