Financial and Student Loan Related Resources

An applicant bears the burden of demonstrating a current ability to meet the Essential Eligibility Requirements to practice law set forth in Rule 5A of the Rules for Admission to the Bar. Rule 5A(8) requires that an applicant demonstrate the ability to act diligently and reliably in fulfilling obligations, and Rule 5A(9) requires that an applicant demonstrate the ability to use honesty and good judgment with respect to financial matters. Pursuant to these Rules and Rules 5B(3)-(5), the Board evaluates both an applicant’s financial record and what current actions an applicant is taking to show financial responsibility and to rehabilitate any financial delinquencies. For more information about the Board’s process of reviewing financial matters, please review the Board’s Character and Fitness FAQs. Applicants may find the below resources useful in investigating, understanding, or managing common financial obligations.

Financial Resources:

Minnesota Department of Human Resources Services Credit Counseling

Department of Education and Student Loan Information:

StudentAid.gov: Central database of federal student loans
Understanding Repayment
Deferment and Forbearance
Income-Driven Repayment (IDR) Plans
Understanding Delinquency and Default
Getting out of Default
Coronavirus and Forbearance Info for Students, Borrowers, and Parents

AccessLex Institute and Other Student Loan Resources:

Student Loan Repayment (document guide)
Student Loan Repayment (video guide)
Federal Loan Repayment Plan Summary
Student Loan Calculator
Glossary of Personal Finance and Student Loan Terminology
MAX Personal Finance Curriculum (member school students only)
AccessConnex Free Student Loan Helpline
Student Loan Borrower Assistance

IRS:

Do I need to File a Tax Return? (interactive tool)
How to Get a Tax Transcript

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