BAR LOAN COMPARISON CHART (2019-2020 AY) - Loan comparison across Discover, Sallie Mae, and Wells Fargo

Sep 21, 2026

Uploaded by Aurora

BAR LOAN COMPARISON CHART (2019-2020 AY) summarizes and contrasts bar exam loan terms from Discover, Sallie Mae, and Wells Fargo. It lists borrowing maximums, cumulative debt limits, origination fees, grace periods, repayment length, repayment incentives, and eligibility conditions. The chart also compares variable and fixed interest rate ranges, including LIBOR-based formulas and discount scenarios, and provides a typical repayment example for at least one lender.

LanguageEnglish

CategoryExam

FormatPDF

Pages1

Reading Time3 min

AccessFree to download

Loan Terms Compared

Borrowing, Limits, and Fees

Grace Periods and Interest Rates

Repayment, Incentives, and Eligibility

| BAR LOAN COMPARISON CHART (2019-2020 AY) | | | | | --- | --- | --- | --- | | | Discover Bar Exam Loan | Sallie Mae Bar Study Loan | Wells Fargo Bar Exam Loan | | Borrowing Maximum | $16,000 | $15,000 | $12,000 | | Cumulative Debt Limit | $180,000 (including bar loan) | No limit | $180,000 (including bar loan) | | Origination Fee | 0% | 0% | 0% | | Grace Period | 9 month from graduation date | 9 month from graduation date | 6 month from graduation date | | Interest Rate | Variable Interest Rate as
6.39% APR to 11.99% APR
(3-month LIBOR + 3.52% to 3-month LIBOR + 9.12%) depends of credit rating
(Actual 3-month LIBOR rate)
Fixed Interest Rates as
7.39% APR to 12.99% APR
depends of credit rating | Variable Interest Rate as
5.36% APR to 12.06% APR
(1-month LIBOR + 3.00% to 1-month LIBOR + 9.75%)
depends of credit rating
(Actual 1-month LIBOR rate) | Variable Interest Rates as
12.01% APR (with discount) to 12.23% APR (without discount)
Fixed Interest Rates as
10.45% APR (with discount) to 12.68% APR (without discount) | | Length of Repayment | 20 years | 15 years | 7 years | | Repayment Incentives | 0.25% interest rate reduction when enrolled in automatic monthly payments during repayment | 0.25% interest rate reduction when enrolled in automatic monthly payments during repayment | 0.25% interest rate reduction for previous Wells Fargo student loan or other qualifying account
0.25% interest rate reduction when enrolled in automatic monthly payments during repayment | | Typical Repayment Example | | Based on a $15,000 loan, with one disbursement, and 9.96% variable APR. It works out to 179 payments of $173.91 and one final payment of $83.34, for a Total Loan Cost of $31,213.23 | | | Eligibility | Enrolled in final year of law program and paid the institutional graduation fee, or have graduated within 6 months
US citizen or US permanent resident with a valid Social Security number and US address | Enrolled in final year of law program and paid the institutional graduation fee, or have graduated within 12 months
Sitting for the bar no later than 12 months after graduation
US citizen, US national or permanent resident alien without conditions and with proper evidence of eligibility. An International student must borrow with a credit worthy cosigner who is US citizen or noncitizen permanent | Sitting for the bar no later than 12 months after graduation
Enrolled in final year of law program or have graduated within 30 days, and paid the graduation fee
US citizen, US national or permanent resident alien without conditions and with proper evidence of eligibility | [https://www.discover.com/student-loans/bar-exam-loans.html](https://www.discover.com/student-loans/bar-exam-loans.html)[ ](https://www.discover.com/student-loans/bar-exam-loans.html)[https://www.salliemae.com/student-loans/bar-study-loan/](https://www.salliemae.com/student-loans/bar-study-loan/)[ ](https://www.salliemae.com/student-loans/bar-study-loan/)[https://www.wellsfargo.com/student/graduate-loans/bar-exam/](https://www.wellsfargo.com/student/graduate-loans/bar-exam/)

FAQs

What are the borrowing maximums and repayment lengths for the three lenders?

Discover allows up to $16,000 with a 20-year repayment term, Sallie Mae allows up to $15,000 with a 15-year term, and Wells Fargo allows up to $12,000 with a 7-year term.

How do grace periods differ between the lenders?

Discover and Sallie Mae provide a 9-month grace period from the graduation date, while Wells Fargo provides a 6-month grace period from the graduation date.

What eligibility requirements does the chart specify?

The chart requires enrollment in the final year of a law program and payment of an institutional graduation fee, or graduation within a defined timeframe, plus U.S. citizenship/permanent residency or other specified evidence and, for international borrowers, a creditworthy cosigner.

Sep 21, 2026

Uploaded by Aurora