Top Lenders to Refinance Law School Loans

Refinancing is a strategy for replacing a loan with a new one with different terms. Refinancing may offer a way to secure lower interest rates or more manageable monthly payments to repay your law school; debt.

Understanding when to refinance law school loans is crucial. For those considering law school loan consolidation, refinancing can offer a way to reduce costs over the life of the loan. It can be an essential part of managing law school debt.

Reviews of the best law school loan refinance options

When it comes to refinancing law school loans, the market offers a variety of options. In our research, we’ve identified four lenders that provide the best refinance loans for law graduates. 

Whether you’re looking for the best online lender or other benefits, here are our recommendations.

SoFi

Best online lender

5.0 _/5

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Why we picked it

SoFi stands out as the top-rated online lender for refinancing law school loans. It designed its comprehensive law school refinance program to fit the unique needs of law graduates.

For example, SoFi offers law school refinancing at competitive rates with multiple repayment periods. This allows law school graduates to choose terms that match their financial situation. With no prepayment penalties, lawyers can feel free to increase their monthly payments as they advance in their careers. 

• Prequalify without a hard credit pull
• Interest rate discount with autopsy
• No origination fees or prepayment penalties

• Good credit is required for the best rates
• Potential loss of federal benefits
• Bar loans not eligible for refinance

Loan details

Rates (APR)	4.39% – 16.85%
Loan amounts	$5,000 – full loan balance
Repayment terms	5, 7, 10, 15, or 20 years

Eligibility requirements

• Credit score: 650 min.; strong credit profile is required for the best rates
• Income verification: Proof of stable income or employment
• Degree requirements: Must have graduated from a Title IV accredited law school
• Citizenship: Must be a U.S. citizen, permanent resident, or non-permanent resident alien

Credible

Best for comparison shopping

4.8 _/5

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Why we picked it

Credible is our top choice for a marketplace offering refinancing options for law school loans. As a platform that allows comparison across various lenders, including Brazos, Citizens Bank, ELFI, and more, Credible provides large loan amounts, flexible term lengths, and competitive interest rates tailored to the needs of law graduates.

What makes Credible a standout option is its user-friendly experience. With just one application, you can compare rates from up to nine lenders, and checking your rates won’t affect your credit score. Plus, there’s no cost to use the service, making it a valuable tool for law school graduates looking to explore refinancing options and find the best deal.

• Compare rates from up to nine lenders with one application
• No service fees, prepayment penalties, or loan origination fees
• Customizable loan amounts and repayment terms

• Eligibility varies by lender
• Limited direct support
• Potential loss of federal loan benefits

Loan details

Rates (APR)	4.39% – 16.85%
Loan amounts	$1,000 – 100% of outstanding balance
Repayment terms	5, 7, 10, or 15 years

Eligibility requirements

• Residency and citizenship status: Must be a U.S. citizen or permanent resident for most lenders, though a few work with resident aliens and international students
• Minimum credit score: Minimum score of 650 is typical, but it can vary by lender
• Employment and income verification: Must have stable employment or reliable income
• Loan type: Federal, private, graduate, undergraduate, Parent PLUS all eligible
• Cosigner: Creditworthy cosigner can improve approval chances. Cosigner release may be an option, depending on which Credible partner lender you select

ELFI

Best personalized support

4.7 _/5

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Why we picked it

ELFI (Education Loan Finance) is notable for its focus on personalized support in refinancing law school loans. Each applicant is assigned a Student Loan Advisor to assist throughout the refinancing process. This one-on-one support ensures that borrowers have guidance tailored to their unique needs.

ELFI offers options that cater to various financial situations. Competitive rates and no upfront fees make ELFI an attractive choice for many borrowers. Additional benefits, such as a $400 referral program and the ability for parents to transfer Parent PLUS loans to the student, reflect ELFI’s commitment to delivering value and flexibility.

• Assigns applicants a Student Loan Advisor to assist throughout the process
• $400 referral program
• Can check loan offer without a hard credit check

• Cosigner release not permitted
• Potential loss of federal benefits

Loan details

Rates (APR)	4.99% – 9.74%
Loan amounts	$10,000 – 100% of outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years

Eligibility requirements

• Residency and citizenship status: Must be a U.S. citizen or permanent resident
• Minimum credit score: 680 
• Credit history: Must have at least 36 months of credit history
• ​Minimum income: $35,000
• ​Educational requirements: Must have earned a bachelor’s degree or higher from a Title IV U.S. not-for-profit college or university​ 

Earnest

Best skip-a-payment benefit

4.6 _/5

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Why we picked it

Earnest stands out among lenders for refinancing law school loans with its unique skip-a-payment benefit. This feature allows you to skip one payment each year, which can be helpful for law school graduates facing irregular income during the initial stages of their careers.

With competitive interest rates and term lengths, Earnest provides an array of choices to suit individual needs. Biweekly automatic payments, the absence of fees, and a rate-match guarantee offer financial flexibility and cost savings that are crucial for recent law school grads with substantial student debt.

• Rate-match guarantee with a $100 bonus
• Sign up for biweekly automatic payments, and adjust your term down to the preferred day
• Skip-a-payment features allow a single month-long forbearance per year

• Not available in Nevada
• Potential to lose federal benefits
• Variable rates are unavailable in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas.

Loan details

Rates (APR)	4.99% – 9.74%
Loan amounts	$5,000 minimum ($10,000 in CA, $10,001 in NM), $500,000 maximum
Repayment terms	5 – 20 years

Eligibility requirements

• Residency and citizenship status: Must be a U.S. citizen, possess a Permanent Resident Card, be a Deferred Action for Childhood Arrivals (DACA) recipient or asylee, or hold an H-1B visa with a U.S. citizen cosigner
• Minimum credit score: 665
• Employment and income verification: Borrowers must be employed or have a consistent income
• Loan type: Loans being refinanced must be from a Title IV-accredited school with the applicant as the primary borrower

Read More

Best Student Loan Refinance Companies

How does law school loan refinancing work?

Refinancing law school loans involves taking out a new loan to pay off one or more student loans. Reasons to refinance your loans include making payments more manageable, securing a lower interest rate, lowering monthly payments, or locking in new repayment terms. 

You can refinance both federal and private student loans. Before deciding to refinance, be sure you know which type you have.

Tip

If you’re unsure whether you have federal or private student loans (or both), you can check your original loan documents, consult the Federal Student Aid website, which will list your federal loans, review your credit report, contact your lender or loan servicer’s customer service team to ask, or check your school records.

If you have federal law school loans, you may want to consider a Direct Consolidation Loan

instead of refinancing. This will allow you to retain federal benefits private lenders don’t provide. 

Let’s look at the differences between these two options:

	Direct Consolidation Loan	Private student loan refinance
Eligible loans	Federal student loans only	Federal and private student loans
Interest rates	Weighted average of current rates	Often depend on credit, income, and more
Repayment options	Various federal repayment plans	Depend on lender’s terms
Loan forgiveness programs	May retain eligibility for programs	Lose federal benefits
Fees	None	Vary by lender
Effect on credit score	No impact	Hard inquiry may affect credit score
Ability to consolidate with spouse	Not allowed	Some lenders may allow

Once you’ve determined the type of loans you have, you can decide whether refinancing is the best option. 

If consolidating law school loans with a private lender makes the most sense in your situation, it’s vital to understand the terms they offer. Private lenders provide various refinancing options; compare their interest rates, repayment terms, and other features to make an informed decision.

Our expert’s advice

Erin Kinkade

CFP®

To align your law school student loan refinance with your long-term financial goals, create and prepare a current budget; project your cash flow for several years to determine what you can afford; set a realistic goal for paying off the loans; make adjustments along the way; and hire a professional if you need assistance.

How to choose a lender for law school loan refinance

Choosing the right lender for refinancing law school loans is critical in optimizing your financial situation. Start by getting quotes from several lenders to understand the various offers available. 

Loan marketplaces such as Credible can be a terrific place to start. They allow you to explore quotes from several lenders at once. Then you can compare interest rates, terms, fees, and special benefits that might align with your unique needs.

Law school grads should keep the following in mind when evaluating their refinancing options: 

• Higher earning potential: Lawyers often have higher salaries than other professions. This income boost can be a positive factor for lenders, helping you secure lower interest rates.
• Bar exam and job search: If you’re studying for the bar or looking for a job, check whether the lender offers deferment or grace periods.
• Loan forgiveness programs: Law school grads often work in public service jobs initially, making them eligible for Public Service Loan Forgiveness (PSLF). Refinancing federal loans means giving up this opportunity.
• Variable vs. fixed rates: Given that lawyers can command higher salaries as they gain experience, you might be more comfortable opting for variable rates, which start lower but can increase over time.
• Cosigners: Due to the high cost of law school, the loan amounts are often substantial. If you’re a recent grad with a limited credit history, you might need a cosigner to qualify for the lowest rates.

Once you’ve evaluated the options, choose the offer that best suits your financial goals and apply with that lender. It requires diligence, but the potential savings and tailored loan structure can be well worth the effort. This will ensure you don’t miss out on benefits that could serve you better in the long run. 

For a more detailed guide on this process, be sure to check out our comprehensive article on how to refinance student loans, which provides step-by-step instructions and tips.

How much can refinancing my law school loans save me?

Refinancing law school loans can save you considerable money, especially if you secure a lower interest rate. With a reduced rate, you’ll pay less in interest over the life of the loan. You’ll also benefit from lower monthly payments, making managing your debt easier.   

Let’s look at an example of how this works. 

• You have $150,000 in student loan debt, which will be repaid at 7% over 20 years with a monthly payment of $1,163. You refinance the loan at 5%, which makes your monthly payments $990. You pay $173 less per month and save over $40,000 in interest over the life of the loan.

Refinancing to a shorter loan term can also save you money in the long run, though it will increase your monthly payments. Let’s see how this looks in a real-life example:

• You have an $80,000 student loan you’re repaying over 25 years at 6%, with a monthly payment of $515. You refinance to a loan at the same interest rate but a repayment term of 15 years. Your monthly payment will increase to $675, but you’ll save more than $30,000 in interest. 

Alternatives to refinancing law school loans

Refinancing isn’t the only option for managing law school loans. Depending on your situation, several alternatives can provide relief, flexibility, or other benefits. Here’s a look at four alternatives:

Income-driven repayment plans

Available for federal loans, income-driven repayment plans base your monthly payments on your income and family size. These plans can offer a more manageable repayment schedule for those with variable or lower incomes.

Public Service Loan Forgiveness (PSLF)

PSLF is a program for federal loan borrowers who work in qualifying public service jobs, such as public defenders, government attorneys, or nonprofit legal services workers. Under this program, the government will forgive the remaining balance of your loans after you make 120 qualifying monthly payments.

Consolidation

Consolidating law school loans is a way to combine multiple federal loans into one, simplifying the repayment process. While it doesn’t lower your interest rate, it can provide a more streamlined approach to managing your federal loans. Private loans are not eligible for this option.

Loan repayment assistance programs

Various loan repayment assistance programs, often provided by states, employers, or other organizations, offer financial support in repaying law school loans. These programs can apply to federal and private loans depending on the organization’s assistance.

Each alternative has its own considerations and may be more or less suitable depending on your circumstances. Exploring all options can help you find the approach that best supports your financial journey.

FAQ

Can I refinance while I’m still in law school?

Certain lenders may offer in-school refinance options, allowing you to refinance while attending law school. It’s essential to review the terms and consult with a financial professional to determine whether this option is suitable for your situation.

Should I refinance during or after law school?

Depending on the lender and your financial needs, you might be able to refinance during or after law school. Refinancing during school may offer immediate benefits, but refinancing after graduation might align with long-term goals. 

Assess your individual financial situation and consult with a financial professional to ensure you make the best decision.

Can I refinance federal and private law school loans?

Yes, you can refinance federal and private law school loans. However, if you refinance federal loans with a private lender, you’ll lose federal benefits such as income-driven repayment plans and PSLF.

How do I know whether I can refinance my law school loans?

Eligibility for refinancing depends on various factors such as credit score, income, and the lender’s specific criteria. Consult with potential lenders or a financial professional and review eligibility requirements to clarify whether you qualify.

Can I still benefit from federal loan protections if I refinance?

Refinancing federal loans with a private lender means losing federal protections. Consider the trade-offs between potential savings through refinancing and the benefits of federal protections such as income-driven repayment and PSLF. A Direct Consolidation Loan is a way to combine all your federal loans into one but keep federal protections.

How does refinancing affect my loan term and monthly payment?

Refinancing can change your loan term and monthly payment depending on the new interest rate and selected term length. A shorter term may lead to higher monthly payments but less interest over time, and a longer term may reduce monthly payments but increase the total interest paid.

Can I refinance more than once, and what’s the benefit of doing so?

Yes, you can refinance more than once. Refinancing again might allow you to take advantage of lower interest rates, better terms, or improved financial circumstances. Reviewing your loans and the market can help you identify opportunities for further refinancing.

How can refinancing law school loans affect my credit score?

Refinancing may result in a temporary dip in your credit score due to the credit inquiry. However, consistent on-time payments on the new loan can increase your credit over time. Understanding how refinancing fits into your broader financial plan can help you navigate potential credit impacts.

How we selected the top law school loan refinance lenders

LendEDU evaluates student loan companies to help readers find the best options for refinancing student loans. Our latest analysis reviewed 696 data points from 24 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of law school loan refinancing lenders