Sallie Mae Announces New Lower Rates for Bar Study Loan

Sallie Mae, the nation’s saving, planning and paying for college company, today announced new lower rates for its Bar Study Loan. Available for law students financing costs associated with the bar exam, Sallie Mae’s Bar Study Loan currently offers the lowest available APR among national private education lenders, along with no origination or disbursement fees.

Specifically, variable interest rates for the Sallie Mae Bar Study Loan range from 3.25 percent to 9.96 percent APR based on today’s LIBOR index. Available to law students enrolled at least half-time, in their final year of study at an ABA-accredited law school or to those who graduated from one in the last 12 months, the Bar Study Loan may cover review course fees, bar exam fees, as well as living expenses incurred while studying for and taking the bar exam. These post-graduate training costs are not covered by federal student loan programs.

“In many ways, graduation is just the beginning, and that’s especially true for law students,” said Charlie Rocha, senior vice president, Sallie Mae. “Many will put off the job search to dedicate their time to preparing for the bar exam, which typically involves countless hours of studying and costly preparation courses. With new, lower rates, Sallie Mae offers a highly competitive and affordable option as these students take the next step to start their careers in law.”

In addition to competitive interest rates and no origination or disbursement fees, Sallie Mae’s Bar Study loan does not require payments while in school or for nine months after school, and there is no prepayment penalty. Sallie Mae offers customers flexible repayment options, including interest-only payments for the first two or four years, followed by payments of principal and interest for the remainder of the term; or standard repayment for up to 15 years. Sallie Mae also offers a 0.25 percentage point interest rate reduction for those who enroll in automatic debit and free access to FICO Credit Scores on a quarterly basis.

When it comes to paying for college, Sallie Mae recommends that families follow its 1-2-3 approach: first, maximize money that does not need to be repaid such as scholarships and grants; second, explore federal student loans; and, third, consider a responsible private education loan.

For more information or to apply online, visit www.SallieMae.com/BarStudy. Customers can also begin the application process by calling Sallie Mae at 1-800-984-0190.

Join the conversation on how to save, plan and pay responsibly for college at Facebook.com/SallieMae and Twitter.com/SallieMae.

Sallie Mae (NASDAQ:SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance including private education loans, Upromise rewards, scholarship search, college financial planning tools, insurance, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.