We know that law school can be expensive and that Law Preview's prep course, although an indespensible way of protecting your investment, is not within every student's budget. That's why we've teamed up with Sallie Mae, the nation's leading provider of educational loans, to provide our students with an exclusive loan product that allows them finance their Law Preview tuition and travel-related expenses. Below is a list of freqeuntly asked questions to help guide you through the loan application process. If you have other questions, you are welcome to contact Sallie Mae's customer service center at 877-881-1019 -- their trained loan specialists are more than happy to help you.

Sallie Mae Financing FAQs

How do I apply for a Law Preview Loan - SLM Financial Career Training Loan?

To begin the process of financing your Law Preview tuition and Law Preview travel-related expenses, visit: www.lawpreview.collegeanswer.com.

What is the maximum amount that I can borrow for the Law Preview Loan?
Total cost of Law Preview course, plus an additional $2000 for education-related expenses for hotel, airfare, books, supplies, living expenses, etc.

Do I need to put down the $400 deposit in order to take advantage of the Sallie Mae loan option?
No.  Using our normal registration process, you can elect to reserve your seat without a deposit by indicating that you will be applying for a Law Preview Career Training Loan during the checkout process. In return, you must submit the Sallie Mae application within five (5) business days, or your reservation with Law Preview will be cancelled. Any subsequent applications for seat reservations using the Sallie Mae loan option will not qualify for ANY early enrollment discounts.

I originally reserved my seat by indicating that I would apply for a Law Preview Career Training Loan, but then failed to apply for the loan within the 5-day period. So now I'm not entitled to receive any discounts even if I try to re-register with a Law Preview Career Training Loan prior to one of the early enrollment discount deadlines?
Unfortunately, no.  We will hold a seat for loan applicants without a deposit on the good faith representation that they will promptly apply for a Law Preview Career Training Loan. So, for instance, if you reserve your seat with the Sallie Mae loan option on March 10th you will be entitled to a $200 early enrollment discount since your enrollment comes before May 1st; however, if you fail to submit the Sallie Mae application before March 15th, your Law Preview seat reservation will be cancelled. If you then tried to reserve a seat again using the Law Preview Career Training Loan option, you would not qualify for the early enrollment discount the second time around, even if your second application was submitted before May 1st.

I've already paid a $400 seat reservation deposit by check or credit card; now I'd like like to apply for a Law Preview Career Training Loan. Can I somehow include the deposit amount in my Law Preview loan?
Yes.  After you have reserved your seat with Law Preview, you can submit your application to finance all or part of your Law Preview tuition. Simply include this $400 deposit in the tuition amount field on the loan application, and Law Preview will credit you the $400 deposit as soon as they receive disbursement from SLM Financial.  Upon credit approval and final receipt of loan documents, SLM Financial will disburse the tuition amount directly to Law Preview.

How can I finance the travel-related expenses I incur because of my participation in the Law Preview program?
When applying online, there will be an expense field on the application.  In this field, you must indicate the amount of travel-related expenses you would like to finance.  This amount cannot exceed $2,000.  A portion of the tuition must be financed in order to apply for education/travel-related expenses.  Upon credit approval and final receipt of loan documents, SLM Financial will disburse the expense check directly to the borrower's home address.

What is the minimum loan amount?
Students applying for a Law Preview Loan must apply for at least $750.

What are the eligibility requirements for the SLM Law Preview Loan?
Applicants must be a U.S. Citizen, permanent resident or an individual who has been granted asylum, and must be of legal age in the residing state.  Conditional approvals are based on the applicant's and co-applicant's (if applicable) credit history.

What does conditional approval mean?
Conditional approval means that credit approval has been granted based on the application data provided and initial credit review.  Final loan approval will be granted once the loan package is signed/returned to SLM Financial, Law Preview certified, and all signature IDs and proof of income (if requested) are returned and matching with the data and income listed on the loan application.

Why should I apply with a cosigner?
By applying with a cosigner, you may receive a lower interest rate and supplemental fee if the cosigner has a better credit rating than the borrower.  This would result in lower monthly payments and less accrual of interest over the term of the loan.

Adding a cosigner may not only assist with a loan approval, but it may also allow the applicant to begin establishing a solid credit history.

If you are a creditworthy borrower, you may request a cosigner release after making 24 consecutive, on-time monthly payments of principal and interest. When SLM Financial receives the application, your creditworthiness will be re-reviewed as in the initial application process. If approved, the cosigner will be removed from the loan.

What determines the need of a cosigner?
If the answer to any of the following questions is YES, you should consider applying with a creditworthy cosigner:

- Are you currently unemployed?
- Do you have a limited or no credit history?
- Do you have poor credit history?
- Do you have high debt-to-income ratio?
- Have you filed for bankruptcy?

These are not the only factors to consider when determining whether or not to apply with a cosigner, and this is not the only criterion used in determining the approval of a SLM Financial loan.

What do I do if I am not conditionally approved for the Law Preview Loan?
The Law Preview Loan is a credit-based loan.  Cosigners are highly recommended.  The student/applicant may apply with 2 cosigners on 2 separate attempts to seek approval.  After the 2nd cosigner attempt, the applicant must wait 90 days to re-apply.

What is the process after a conditional approval has been granted?
After the applicant applies online and is granted a conditional approval, the promissory note, truth-in-lending disclosure, and pre-filled loan application will be made available in the same session thru PDF format. This will allow the applicant(s) to e-sign the promissory note, truth-in-lending disclosure, and loan application online.  The applicant(s) may also print the loan package to review and wet sign.

SLM Financial may also require a clear and legible signature ID for all borrower(s) and a current pay stub dated within 60 days of the loan application for fair credit applicants. Refer to the cover letter that will be made available with your loan package.

Law Preview must then certify the loan to verify class start/end dates, disbursement dates, and verify enrollment of student. SLM Financial will be in contact with Law Preview to obtain certification.

If an e-signature is not performed online or if SLM requests pay stub and/or clear and legible signature IDs, the wet-signed loan package and any additional items can be faxed to attention SLM Disclosure Dept, 317-806-4872, or may be mailed to:

SLM Financial
Attn: Disclosure Department
6000 Commerce Parkway, Suite A
Mt. Laurel, NJ 08054

*Be sure to include a cover letter referencing the primary borrower's information.

Upon SLM Financial's receipt of all signed documents, clear and legible signature IDs, pay stubs (if requested), and Law Preview certification, the loan will be processed within 48-72 business hours for disbursement.

Why do I need to provide proof of income?
Fair credit applicants may be required to provide proof of income because lenders need to know that they're making a safe bet in giving you a loan. They want to be certain that you are a "good risk" and will pay the money back.

 

How long does it take from the time I apply to the time Law Preview receives the disbursement?
The entire loan process can be completed in as little as 3-4 business days with cooperation from all parties.

How are interest rates structured?
Interest rates are variable and are based on the Prime Rate, as published in the Wall Street Journal, plus a margin. Interest rates are tiered based on the borrower's and cosigner's (if applicable) credit history. Rates from Prime 0% to Prime 6.5%.

How long do I have to repay the Law Preview Loan?
5 years (60 months). Minimum monthly payment is $30. There are no prepayment penalties.

When do I need to repay this loan?
Repayment begins 30 days after the loan disbursement has been made. To help manage your payments, visit www.manageyourloans.com for easy and convenient online account access.

How do I contact Sallie Mae if I have questions about my Law Preview Loan?
Borrowers can call 877-881-1019, or you may register online at www.manageyourloans.com to view your account, make payments, review prior payment history, etc.

Is the SLM Law Preview Loan a federally sponsored loan, and is it similar to a Stafford Loan?
No, the Law Preview Loan is a private, unsecured credit-based loan and is not federally sponsored or guaranteed.  Stafford loans are federally sponsored and guaranteed, so the Law Preview Loan is not like the Stafford Loan.