Financial assistance to cover costs associated with your bar exam.
We understand that costs associated with preparing for and taking the Bar Exam can be extensive. Fortunately, the credit union can provide you with the financial support you need.
The program is designed to assist students in their final year of study, or recent graduates of Harvard Law School. U.S. Citizenship is not required. As long as you have a Social Security Number, U.S. address, and proof of income, you can apply.
Loan Details
- Minimum loan amount: $1,000.
- Maximum loan amount: $15,000.
- Choice between 5 or 10-year fixed rate loan.1
- 0.25% interest rate reduction for automatic recurring payments2, applied after the first payment cleared.
- 0.25% interest rate reduction for qualifying relationships3, applied after the loan is disbursed. Contact us to receive the benefit.
- Please review the full program disclosure for further information on loan rates and cost.
- Fixed rate for full 5 or 10-year term.1
- Rates1 start at 7.00 %.
- As low as 6.97% APR.1
- Funds are deposited into the borrower’s Harvard FCU account for immediate use.
- Funds can be easily accessed using a debit card, ATM, online banking, or checks.
- Length of repayment: 120 months or less.
- Minimum monthly payment: $50.
- Based upon when the loan is borrowed, a grace period of up to 6 months is available from the date of graduation.
Applicants must meet the following criteria:
- Graduated from Harvard Law School within the past 6 months OR in their final year of study, attending at least half-time, and making satisfactory academic progress according to their school’s standards.
- U.S. citizenship not required. Anyone with a valid U.S. SSN and U.S. address is eligible.
- Has satisfied the Harvard FCU credit requirements.*
- Applicants must join Harvard FCU as part of the application process. Please begin the membership process here.5
Terms and Conditions Apply. In order to qualify, a borrower must have a valid SSN, U.S. address, and meet Harvard FCU’s underwriting requirements. Applicant must have a responsible financial history, and meet other conditions.
1. Interest Rate & APR. Your interest rate is determined by the term option you select, and your creditworthiness. Not all borrowers receive the lowest rate. Interest is charged daily throughout the life of the loan, beginning the first date of disbursement, during school, through any grace or deferment period, and ending when the loan is paid in full. The APR assumes you are enrolled for 4 months, and are eligible for a 6 month grace period before repayment begins. You are not required to make payment on your loan while enrolled in school and during your grace period, however you can make principal and interest payments at any time. Harvard FCU does not accept principal only payments. All payment are first applied to fees, interest, and then principal. Calculations are estimates only. Actual rates and payment information may vary based upon applicable terms. Rates and terms are subject to change without notice. Such changes will only apply to applications taken after the effective date of the change.
Loan Example: Repayment examples assume 4 months in school, and a 6-month grace period. Borrowing $10,000 at 7.00% and 5 year term, results in 6.97% APR, monthly payment of $209.59, finance charge of $2,575.40 and total repayment of $12,575.40. Due to the in-school and grace period, the APR is lower than the interest rate.
2. AUTO-PAY. In order to be eligible for the 0.25% interest rate reduction for automatic payments, you must be signed up for automatic payments through University Account Service (UAS). Payment must be set-up from a U.S. bank account. If at any-time automatic payments are stopped, the rate discount will not be applied. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Auto-pay is not required to obtain a loan. Harvard FCU reserves the right to change rate discounts at any time.
3. RELATIONSHIP DISCOUNT. A qualifying relationship discount is considered an active checking account for a minimum of 12 months, or any non-education Harvard FCU loan product. Discount to be applied after the loan is disbursed, if applicable. Member must contact the credit union to receive the discount. The discount will not reduce the monthly payment amount but will help you pay down the loan faster. Harvard FCU reserves the right to modify or discontinue relationship benefits at its discretion without notice.
4. PRIME RATE. All current Harvard FCU products offer a fixed interest rate. Variable and hybrid rate education loans reprice quarterly in January, April, July, and October based on the prime rate published on the 1st of the preceding month. The prime rate of the last repricing was 8.50 %, adjusted on October 1, 2023.
5. MEMBERSHIP. Membership in the Credit Union requires a $5 minimum deposit in a Share Savings Account. Education Loan borrowers must be the primary accountholder to meet the membership requirement.