Alternative Loans

These are educational loans that are not based upon an assessment of financial need and that may be used to supplement any financial aid that you may be receiving. The maximum annual loan is the Cost of Attendance, as established by the Financial Aid Office, minus any financial aid that the student may receive.

These are credit-based loans, and a poor credit history will prevent borrowing under these programs. Interest on these loans begins to accrue on the date of disbursement, and interest and principal payments begin after graduation. As with any loan, careful consideration should be given to the level of debt that will be incurred. These loans are not inexpensive and borrowing under these programs is recommended only after other sources of financial assistance are exhausted.

There are many different Alternative Loan products on the market.  You may choose to use any lender of your choosing for Alternative Loans.  The following Alternative Loan programs are suggested based on competitive terms and good customer service provided by the these lenders. 

LawLoans are made to law students through SallieMae. The interest rate is variable and is adjusted monthly. The interest rate ranges from the 1 Month LIBOR +2.00% to +7.50%.  (Interest rate depends on credit history and whether a co-signer is used.)  No fees are taken out at the time of disbursement or added at the time of repayment. Borrowers may apply online at www.salliemae.com/lawloans. Call (800) 984-0190 for more information

CitiAssist Loans are made to University of Richmond law students through Citibank. The interest rate is variable and is adjusted quarterly. The interest rate ranges from Prime -0.50% to +4.75%.  (Interest rate depends on credit history and whether a co-signer is used.)  No fees are taken out at the time of disbursement or added at the time of repayment. Applications are available online at www.studentloan.com. Call (800) 967-2400 for more information.

Sallie Mae and Citibank also offer loans to finance costs associated with taking the bar examination. Currently none of them require a previous borrowing relationship in order to obtain a Bar Loan, but they have in the past and may do so again. Information on the bar loans may be obtained on their Web sites or in the Financial Aid Office.