Compare Bar Loans for 2019

Key facts

This product not rated. Rating displayed is for Discover's private student loan. Discover offers generous repayment flexibilities for borrowers who are struggling to make payments. If you’re in a pinch, you may be able to temporarily postpone loan payments, reduce your payments or lower your interest rate.

Pros

• Generous repayment flexibilities.

• Nine-month grace period is longer than the six-month standard.

Cons

• Longest repayment period among bar loans on the market.

Qualifications

• Loan amounts: $1,000 to $16,000.

• Application deadline: 6 months after graduation.

• Grace period: 9 months.

Available Term Lengths

20 years

Disclaimer

 The lowest rates shown include a 0.25% interest rate reduction for automatic payment. Please review Terms and Conditions at www.discoverstudentloans.com/autodebitreward. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month is 2.50% as of July 1, 2019. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please click here  for more information about interest rates.

Key facts

This product not rated. Rating displayed is for Sallie Mae's private student loan. Sallie Mae is the only lender whose bar loans don’t have fixed rates — rates are variable, meaning they’re subject to change as economic conditions fluctuate. Sallie Mae also has a generous co-signer release program that allows co-signers to get off the hook after the borrower makes on-time payments for 12 consecutive months.

Pros

• Option to make interest-only payments for the first two or four years.

• Nine-month grace period is longer than the six-year standard.

• Generous co-signer release program: Drop your co-signer after 12 consecutive on-time payments.

Cons

• No fixed interest rates — only variable.

Qualifications

• Loan amounts: $1,000 up to 100% of the school-certified expenses.

• Application deadline: 12 months after graduation.

• Grace period: 9 months.

Available Term Lengths

15 years

Disclaimer

1 Lowest rates shown include the auto debit discount. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs are valid as of 05/28/2019 and assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. This benefit may be suspended during periods of forbearance or deferment, if available for the loan. 2 Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. 3 This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.88% fixed APR. It works out to 51 payments of $25.00, 119 payments of $162.06 and one payment of $120.23, for a Total Loan Cost of $20,680.37.

Key facts

This product not rated. Rating displayed is for Wells Fargo's private student loan. Wells Fargo offers 0.25% and 0.50% interest rate discounts for its existing student loan and checking account customers.

Pros

• Interest rate discounts available for existing Wells Fargo customers.

Cons

• Must apply within 30 days of law school graduation.

Qualifications

• Loan amounts: $1,000 to $12,000.

• Application deadline: 30 days after graduation.

• Grace period: 6 months.

Available Term Lengths

7 years

Disclaimer

Key facts

This product not rated. Rating displayed is for PNC's private student loan. You can apply to release the co-signer on your PNC bar loan after you make 48 consecutive on-time payments.

Pros

• Shortest repayment periods among bar loans on the market.

• Co-signer release available after 48 consecutive on-time payments

Qualifications

• Loan amounts: $1,000 to $15,000.

• Application deadline: 6 months after graduation.

• Grace period: 6 months.

Available Term Lengths

1 to 15 years

Disclaimer