Bar Study Loans Forum

amk110 · Post by **amk110** » Wed Jun 05, 2013 6:39 pm

I need some suggestions on where to apply next for a bar study loan. I've been rejected by Sallie Mae, Discover, PNC, and am ineligible to apply with Wells Fargo because my total student debt ($310,000) exceeds their aggregate limit ($180,000). I have access to a cosigner, but the cosigner has limited income ($18,000). However, the cosigner has a fantastic credit score and $0 in living expenses. I am attempting to secure a bar study loan for $6,000.

Is anyone aware of any lenders that I haven't tried? Or any alternative sources of bar prep funding?

rad lulz · Post by **rad lulz** » Wed Jun 05, 2013 6:42 pm

I.P. Daly · Post by **I.P. Daly** » Wed Jun 05, 2013 7:01 pm

Is this a loan for the winter or next summer?

NYstate · Post by **NYstate** » Wed Jun 05, 2013 7:05 pm

I cannot think of a single lender who would give you money in these circumstances. I'm assuming you don't have an employer, family member or friend who can help you out.

It is too bad you didn't put aside some of that student loan money for the bar exam expenses. But that is water under the bridge.

Could the school lend you some money?

Is that $6,000 including the cost of bar prep?

I was going to say that your debt is crazy. Is that both law school and undergrad or just law school?

seahawk32 · Post by **seahawk32** » Wed Jun 05, 2013 7:07 pm

Godspeed.

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 7:13 pm

rad lulz wrote:
amk110 wrote: Is anyone aware of any lenders that I haven't tried? Or any alternative sources of bar prep funding?
Work at a Starbucks or some shit

Jeez $310,000 is insane

I bet she went to a name brand undergrad and that it includes cost of living expenses too.

I seriously doubt that was JD tuition alone.

amk110 · Post by **amk110** » Wed Jun 05, 2013 8:10 pm

"He" did no such thing. I went to a state school. I was there for five years. It was about $12,000 a year, plus about $10,000 for cost of living expenses each year. So I started law school with about $100,000 of that total debt. Not that any of this matters, because this isn't a post about how much debt I have, why I have it, or how it was accumulated.

Yes, that $6,000 includes the cost of the bar prep course, and three months of living expenses. It's for the course I'm currently enrolled in, to pay off my remaining balances.

The school does not have any money to loan. Right before graduation they had approved me for an additional $6800 in Graduate PLUS loans that would have covered all of this, but neglected to inform me of a deadline to accept the funds that was right in the middle of finals week. I focused on finals, applied the day after they were done, and missed the deadline.

As for putting money aside earlier? I haven't really been raking in the cash as a full-time student. Unpaid internships pay surprisingly little.

I.P. Daly · Post by **I.P. Daly** » Wed Jun 05, 2013 8:30 pm

Sell plasma?

memo2partner · Post by **memo2partner** » Wed Jun 05, 2013 8:48 pm

did you try the gl advisors loan? They are partnered with barbri, so you have to take barbri to get that loan (they pay part of the loan directly to barbri, the rest to you. worth a shot if you cant get other funding

--LinkRemoved--

follow that link to get preapproved. let us know what happens brosef

rad lulz · Post by **rad lulz** » Wed Jun 05, 2013 8:57 pm

Got any parents you can move in with?

-guy who lives w his parents

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:02 pm

amk110 wrote:"He" did no such thing. I went to a state school. I was there for five years. It was about $12,000 a year, plus about $10,000 for cost of living expenses each year. So I started law school with about $100,000 of that total debt. Not that any of this matters, because this isn't a post about how much debt I have, why I have it, or how it was accumulated.

Yes, that $6,000 includes the cost of the bar prep course, and three months of living expenses. It's for the course I'm currently enrolled in, to pay off my remaining balances.

The school does not have any money to loan. Right before graduation they had approved me for an additional $6800 in Graduate PLUS loans that would have covered all of this, but neglected to inform me of a deadline to accept the funds that was right in the middle of finals week. I focused on finals, applied the day after they were done, and missed the deadline.

As for putting money aside earlier? I haven't really been raking in the cash as a full-time student. Unpaid internships pay surprisingly little.

sorry for assuming you didn't pay that much sticker.............my bad.
You won't like this idea, but if you enrolled in a late summer course for the minimum number of credits you might qualify for living expenses on that loan (in addition to the cost of the 6 or so credits at blow off electives in an academic bridge to nowhere)

No a "good" option, but assuming you haven't maxed out all finaid options, it may work.
As might working a part time job. (starbucks example given by other poster)

Holly Golightly · Post by **Holly Golightly** » Wed Jun 05, 2013 9:02 pm

In a similar situation, and I think we're just totally screwed. I have less debt and a co-signer with perfect credit and decent income. Let me know if you find anything.

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:04 pm

Holly Golightly wrote:In a similar situation, and I think we're just totally screwed. I have less debt and a co-signer with perfect credit and decent income. Let me know if you find anything.

If you have a cosigner with good credit and income, you should be fine.
How many places denied you with that factored in?

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:05 pm

rad lulz wrote:Got any parents you can move in with?

-guy who lives w his parents

09042014 · Post by **09042014** » Wed Jun 05, 2013 9:05 pm

memo2partner wrote:did you try the gl advisors loan? They are partnered with barbri, so you have to take barbri to get that loan (they pay part of the loan directly to barbri, the rest to you. worth a shot if you cant get other funding

--LinkRemoved--

follow that link to get preapproved. let us know what happens brosef

If OP needs to borrow 6k to survive the summer, she shouldn't be doing bar bri. There are cheaper options. I'd probably just cop dat http://baroutlines.com/

NYstate · Post by **NYstate** » Wed Jun 05, 2013 9:06 pm

amk110 wrote:"He" did no such thing. I went to a state school. I was there for five years. It was about $12,000 a year, plus about $10,000 for cost of living expenses each year. So I started law school with about $100,000 of that total debt. Not that any of this matters, because this isn't a post about how much debt I have, why I have it, or how it was accumulated.

Yes, that $6,000 includes the cost of the bar prep course, and three months of living expenses. It's for the course I'm currently enrolled in, to pay off my remaining balances.

The school does not have any money to loan. Right before graduation they had approved me for an additional $6800 in Graduate PLUS loans that would have covered all of this, but neglected to inform me of a deadline to accept the funds that was right in the middle of finals week. I focused on finals, applied the day after they were done, and missed the deadline.

As for putting money aside earlier? I haven't really been raking in the cash as a full-time student. Unpaid internships pay surprisingly little.

I feel for you. That the school would not notify you of crucial deadlines is crazy. I'm sure you spoke to the school to see if they had any ideas.

I was curious about the debt because law school is approaching that amount now.
If I can think of anything I will post it.

Good luck.

NYstate · Post by **NYstate** » Wed Jun 05, 2013 9:07 pm

thelawdoctor wrote:
amk110 wrote:"He" did no such thing. I went to a state school. I was there for five years. It was about $12,000 a year, plus about $10,000 for cost of living expenses each year. So I started law school with about $100,000 of that total debt. Not that any of this matters, because this isn't a post about how much debt I have, why I have it, or how it was accumulated.

Yes, that $6,000 includes the cost of the bar prep course, and three months of living expenses. It's for the course I'm currently enrolled in, to pay off my remaining balances.

The school does not have any money to loan. Right before graduation they had approved me for an additional $6800 in Graduate PLUS loans that would have covered all of this, but neglected to inform me of a deadline to accept the funds that was right in the middle of finals week. I focused on finals, applied the day after they were done, and missed the deadline.

As for putting money aside earlier? I haven't really been raking in the cash as a full-time student. Unpaid internships pay surprisingly little.
sorry for assuming you didn't pay that much sticker.............my bad.
You won't like this idea, but if you enrolled in a late summer course for the minimum number of credits you might qualify for living expenses on that loan (in addition to the cost of the 6 or so credits at blow off electives in an academic bridge to nowhere)

No a "good" option, but assuming you haven't maxed out all finaid options, it may work.
As might working a part time job. (starbucks example given by other poster)

Can OP do take a summer class if already graduated?

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:08 pm

Desert Fox wrote:
memo2partner wrote:did you try the gl advisors loan? They are partnered with barbri, so you have to take barbri to get that loan (they pay part of the loan directly to barbri, the rest to you. worth a shot if you cant get other funding

--LinkRemoved--

follow that link to get preapproved. let us know what happens brosef
If OP needs to borrow 6k to survive the summer, she shouldn't be doing bar bri. There are cheaper options. I'd probably just cop dat http://baroutlines.com/

I think the OP is already in the program though, it may be too late to try to get any decent refund.

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:09 pm

NYstate wrote:
thelawdoctor wrote:
amk110 wrote:"He" did no such thing. I went to a state school. I was there for five years. It was about $12,000 a year, plus about $10,000 for cost of living expenses each year. So I started law school with about $100,000 of that total debt. Not that any of this matters, because this isn't a post about how much debt I have, why I have it, or how it was accumulated.

Yes, that $6,000 includes the cost of the bar prep course, and three months of living expenses. It's for the course I'm currently enrolled in, to pay off my remaining balances.

The school does not have any money to loan. Right before graduation they had approved me for an additional $6800 in Graduate PLUS loans that would have covered all of this, but neglected to inform me of a deadline to accept the funds that was right in the middle of finals week. I focused on finals, applied the day after they were done, and missed the deadline.

As for putting money aside earlier? I haven't really been raking in the cash as a full-time student. Unpaid internships pay surprisingly little.
sorry for assuming you didn't pay that much sticker.............my bad.
You won't like this idea, but if you enrolled in a late summer course for the minimum number of credits you might qualify for living expenses on that loan (in addition to the cost of the 6 or so credits at blow off electives in an academic bridge to nowhere)

No a "good" option, but assuming you haven't maxed out all finaid options, it may work.
As might working a part time job. (starbucks example given by other poster)
Can OP do that if already graduated?

As far as JD classes, no. As far as other stuff, why not? People get an MBA post JD all the time. (not that MBA is a good idea if looking for blowoff classes)

Holly Golightly · Post by **Holly Golightly** » Wed Jun 05, 2013 9:10 pm

thelawdoctor wrote:
Holly Golightly wrote:In a similar situation, and I think we're just totally screwed. I have less debt and a co-signer with perfect credit and decent income. Let me know if you find anything.
If you have a cosigner with good credit and income, you should be fine.
How many places denied you with that factored in?

PNC was the only one I was able to apply for with a co-signer so far, and they still denied me. Applying to Sallie Mae now, but afraid I might be fucked.

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:12 pm

Holly Golightly wrote:
thelawdoctor wrote:
Holly Golightly wrote:In a similar situation, and I think we're just totally screwed. I have less debt and a co-signer with perfect credit and decent income. Let me know if you find anything.
If you have a cosigner with good credit and income, you should be fine.
How many places denied you with that factored in?
PNC was the only one I was able to apply for with a co-signer so far, and they still denied me. Applying to Sallie Mae now, but afraid I might be fucked.

You should be ok. One of the reasons SM gets a bad rep is they are "too easy" and thus "predatory" on their lending.

I got a $15K loan with them awhile back. I needed a cosigner too and only asked for the 6 and they gave me the 15.

(I took it in case I have an unexpected emergency)

Joe Quincy · Post by **Joe Quincy** » Wed Jun 05, 2013 9:13 pm

Holly Golightly wrote:
thelawdoctor wrote:
Holly Golightly wrote:In a similar situation, and I think we're just totally screwed. I have less debt and a co-signer with perfect credit and decent income. Let me know if you find anything.
If you have a cosigner with good credit and income, you should be fine.
How many places denied you with that factored in?
PNC was the only one I was able to apply for with a co-signer so far, and they still denied me. Applying to Sallie Mae now, but afraid I might be fucked.

If your co-signor has good credit and an income, can't they just get a regular signature loan for $6K without you? OPs problem is that his co-signor doesn't have enough income...

NYstate · Post by **NYstate** » Wed Jun 05, 2013 9:20 pm

thelawdoctor wrote:
NYstate wrote:
thelawdoctor wrote:
amk110 wrote:"He" did no such thing. I went to a state school. I was there for five years. It was about $12,000 a year, plus about $10,000 for cost of living expenses each year. So I started law school with about $100,000 of that total debt. Not that any of this matters, because this isn't a post about how much debt I have, why I have it, or how it was accumulated.

Yes, that $6,000 includes the cost of the bar prep course, and three months of living expenses. It's for the course I'm currently enrolled in, to pay off my remaining balances.

The school does not have any money to loan. Right before graduation they had approved me for an additional $6800 in Graduate PLUS loans that would have covered all of this, but neglected to inform me of a deadline to accept the funds that was right in the middle of finals week. I focused on finals, applied the day after they were done, and missed the deadline.

As for putting money aside earlier? I haven't really been raking in the cash as a full-time student. Unpaid internships pay surprisingly little.
sorry for assuming you didn't pay that much sticker.............my bad.
You won't like this idea, but if you enrolled in a late summer course for the minimum number of credits you might qualify for living expenses on that loan (in addition to the cost of the 6 or so credits at blow off electives in an academic bridge to nowhere)

No a "good" option, but assuming you haven't maxed out all finaid options, it may work.
As might working a part time job. (starbucks example given by other poster)
Can OP do that if already graduated?
As far as JD classes, no. As far as other stuff, why not? People get an MBA post JD all the time. (not that MBA is a good idea if looking for blowoff classes)

I don't understand, wouldn't OP have to apply and be admitted to a new program and be at least a half time student to get loans? Maybe OP could go to their local undergrad financial aid office to find out.

I noticed that Barbri is no longer accepting applications for loans. The GL advisors thing posted above is the only bet I can find.

One more idea: try a local credit union? I don't know, that much debt, no income and not a perfect credit rating is tough anywhere.

Could you get small sums of money from a bunch of people?

If you can't get it this summer, could you qualify for the Gradplus in February?

Holly Golightly · Post by **Holly Golightly** » Wed Jun 05, 2013 9:25 pm

Joe Quincy wrote:
Holly Golightly wrote:
thelawdoctor wrote:
Holly Golightly wrote:In a similar situation, and I think we're just totally screwed. I have less debt and a co-signer with perfect credit and decent income. Let me know if you find anything.
If you have a cosigner with good credit and income, you should be fine.
How many places denied you with that factored in?
PNC was the only one I was able to apply for with a co-signer so far, and they still denied me. Applying to Sallie Mae now, but afraid I might be fucked.
If your co-signor has good credit and an income, can't they just get a regular signature loan for $6K without you? OPs problem is that his co-signor doesn't have enough income...

Not a close enough relative that that's something they want to do.

thelawdoctor · Post by **thelawdoctor** » Wed Jun 05, 2013 9:26 pm

Apply and be accepted into seems too obvious to bother typing.............

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