Avatar

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register sp_MemberList Members

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS student-icon
Refinancing Bar Study Loan
April 9, 2016
9:26 am
Avatar
Lawyer
Guest
Guests

Is anyone aware of any options for refinancing bar study loans? My wife and I each have bar study loans and have not had any luck finding a company for refinancing/consolidation. I have looked into several of the better known companies that handle private loans, and they all seem to specifically exclude bar study loans from any type of refinancing.

April 14, 2016
9:41 pm
Avatar
Indiana
Admin
Forum Posts: 334
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

I had the same situation with my bar study loan. The problem is that the bar study loan isn’t actually a student loan. For example, the standard bankruptcy laws apply to bar study loans… not the super strict student loan standards. As a result, there is more risk to the lender with these type of loans. More risk means higher interest rates.

For myself, the best options available were personal loans. I didn’t find any great rates, so I ended up just working really hard to pay off the loan as quickly as possible. The interest rate was killer.

April 21, 2016
3:56 pm
Avatar
Matt
Guest
Guests

I had my bar loan serviced by Sallie Mae and then bought by Navient. It was a 10.75% rate (incredible!) for a few years. I’ve recently repaired my credit and refinanced it using Common Bond. FirstMark Services was the financer but the application process was handled by CommonBond.

I got a variable rate for 3.70% and given the expectation for 1M Libor, it’ll stay under 5% for the next few years. Also, the cap is 9.9% so I’d still be saving money over the course of the loan. I’m not sure if it mattered that Sallie Mae originated the loan because it was classified as a bar-study loan. I believe SoFi and Earnest were going to offer refinancing options but CommonBond worked quickly to get the process completed.

April 21, 2016
8:49 pm
Avatar
Indiana
Admin
Forum Posts: 334
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

That is pretty interesting. Is the new refinanced loan considered a “student loan” or a “personal loan”?

My experience has been that lenders are very careful with the bar study loans because they are not technically student loans and the applicable bankruptcy laws are much different.

April 25, 2016
5:51 pm
Avatar
Matt
Guest
Guests

Under FirstMark, it’s classified as a “Grad Refinanced Loan”. I believe under Navient it was classified as a Bar Study Loan and I dont see a classification in Commonbond.

Forum Timezone: America/Indiana/Indianapolis

Most Users Ever Online: 27

Currently Online:
1 Guest(s)

Currently Browsing this Page:
1 Guest(s)

Member Stats:

Guest Posters: 159

Members: 5541

Moderators: 0

Admins: 2

Forum Stats:

Groups: 1

Forums: 5

Topics: 247

Posts: 729