Bar Exam Expenses
Credit-Based Loans Available for Bar Exam Expenses
Post law school expenses, such as the costs of bar prep, the exam, and living expenses, can be secured through loans borrowed in your last term at Loyola’s Law School.
Eligibility for these loan programs is based on the creditworthiness of the borrower. When applying for Federal Direct Graduate PLUS or private loans, request the appropriate loan amount needed. This amount will be evaluated by the Financial Aid Office to determine whether your expenses are within what is considered to be estimated educationally related expenses.
Students are notified by the Office of Student Financial Assistance once a loan request is received on their behalf and when the loan is added to their Financial Aid Award.
*Loyola University Chicago strongly encourages you to exhaust all federal loan borrowing eligibility before borrowing a private loan. Private loans do not require a FAFSA to be filed and enrollment requirements can vary by lender. If you wish to borrow a private loan, click here to begin the application process.
Loan Amounts and Budget Adjustment Appeals
First, If you have not already borrowed the maximum $20,500 in Federal Direct Stafford Loan for the academic year, we recommend taking advantage of your remaining eligibility. The terms and conditions of a Federal Direct Stafford Loan are better than a Federal Direct Graduate PLUS. To request the additional Federal Direct Stafford Loan funds, please complete a request for reinstatement.
If you have already borrowed your maximum amount available in Federal Direct Stafford Loans and have borrowed Graduate PLUS loan funds, you may need to appeal to our office in order for us to be aware of your Bar Exam expenses. You can appeal by submitting our Budget Adjustment Appeal, available on the Financial Aid Office website.
For Federal Direct Graduate PLUS Loans, the expense that the Financial Aid Office will consider for your Bar Exam is the cost of the Bar Exam when incurred prior to end of the program. See below for a sample listing of these expenses, so you can consider the amount of your additional loan.
Bar Exam Private Loans
If you would like additional consideration for living expenses and review coursework after graduation, you will need to consider a Bar Private Loan through a private lending agency. Bar Private Loans are available to law students who have recently graduated or will soon graduate from an ABA-accredited law school and will allow for loan limits that would include Bar Exam registration, Bar review expenses and Barbri tuition and Barbri registration and living expenses. Most Bar Private Loan programs have similar requirements and limits; they differ mainly in fees and repayment options. Most lenders will require that you are either graduating from a law school within the school year, or that you graduated within the past six months.
Bar Exam Sample Expense Budget
To help you formulate a Budget Appeal for Bar Exam expenses, the following expenses should be considered:
Illinois Bar Exam Registration
|Earliest filing deadline (increases with every deadline)||$850.00|
|Payment to Examsoft if taking the test via laptop||$100.00|
Barbri Bar Review Expenses
|Non-Refundable Registration Fee||$250.00|
|Refundable Materials Deposit||$250.00|
|Refundable Ipod Touch Deposit (optional)||$200.00|
|Late Enrollment or Late Payment Fee||$75.00|
Barbri Tuition + Registration By State
|New York Tuition||$3,675.00|
Living Expenses (Based on Loyola 2012-2013 Cost of Attendance; private loan only)
|Room/Board, Transportation, Health Insurance, Personal||$2,054.00|
|x 3 months||$6,161.00|