Discover Bar Exam Loans

For the range of interest rates effective on new applications as of

  • The following examples depict the APR, monthly payment and total payments during the life of a private loan with a single disbursement.
  • For variable rate loans, the 3-Month LIBOR is and may change quarterly. This may cause the monthly payment to increase, the number of payments to increase or both.
  • Your actual interest rate may be different than the rates in these examples and will be based on your credit history, which repayment option you choose and other factors, including your cosigner's (if any) credit history.
  • The deferment period is an example of the number of months a student is not required to make any payments of principal or interest, unless a student elects, during the application process, to make interest-only or $25, fixed monthly payments while in school and during the grace period. A deferment period includes the amount of time the student is enrolled in school at least half-time and a grace period. The repayment period is the number of months over which the loan will be repaid.
  • Interest rates and APR examples are rounded up to the nearest hundredth of one percent.

There are three examples represented below.

  • The Deferred Payment examples assume no payments are made during the deferment period. Interest will continue to accrue during deferment. Although you are not required to make payments until your loan enters repayment, you can make payments ahead of schedule at any time without penalty. By making payments ahead of schedule, you can reduce the total cost of your loan.
  • The In-School Payment examples assume you elected, during the application process, to make either interest-only or $25 fixed payments each month while you are in school and during your grace period. By selecting an in-school repayment option, you can reduce the amount of accrued interest capitalized when you finish your in-school and grace periods, thereby reducing the total cost of your loan.
Discover Bar Exam LoansAssuming you have 1 year of school remaining, and starting balance of $10,000. Lowest listed fixed and variable APRs for the interest-only repayment option include a 0.35% rate reduction and a 0.25% interest rate reduction for automatic payments.
DEFERMENT PERIOD
(9 MONTHS in school
+ 9 MONTHS) grace
INTEREST RATE REPAYMENT
(240 MONTHS) of equal payments
LIFE OF LOAN
(258 MONTHS)
Repayment OptionTypeRangeMonthly PaymentTotal PaymentsAPR
DEFERRED PAYMENT
($0 monthly)
Variable RateLowest Starting Rate =
(3-Month LIBOR + )
Highest Starting Rate =
(3-Month LIBOR + )
Fixed RateLowest Rate =
Highest Rate =
IN-SCHOOL PAYMENT
($25 fixed monthly)
Variable RateLowest Starting Rate =
(3-Month LIBOR + )
Highest Starting Rate =
(3-Month LIBOR + )
Fixed RateLowest Rate =
Highest Rate =
IN-SCHOOL PAYMENT
(Interest-only monthly)
Variable RateLowest Starting Rate =
(3-Month LIBOR + )
Highest Starting Rate =
(3-Month LIBOR + )
Fixed RateLowest Rate =
Highest Rate =
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