BEST OF
5 Best Law School Student Loan Refinance Options of February 2021
Consider refinancing law school loans if you practice in the private sector.
Lawyers who work in the private sector are typically excellent candidates for student loan refinancing. That's because they generally have high incomes and don't qualify for federal loan benefits, like loan forgiveness programs.
The best lender to refinance law school loans will be the one that offers you the lowest interest rate. But you may want to consider additional criteria based on your career or loan repayment goals.
Here are our picks, as well as tips for determining if refinancing law school loans is right for you.
Lawyers who work in the private sector are typically excellent candidates for student loan refinancing. That's because they generally have high incomes and don't qualify for federal loan benefits, like loan forgiveness programs.
The best lender to refinance law school loans will be the one that offers you the lowest interest rate. But you may want to consider additional criteria based on your career or loan repayment goals.
Here are our picks, as well as tips for determining if refinancing law school loans is right for you.
Summary of Best Law School Student Loan Refinance Options of February 2021
Lender | NerdWallet Rating | Fixed APR | Variable APR | Min. Credit Score | Learn More |
---|---|---|---|---|---|
Best for Fast payoff | 2.99 - 6.88% | 2.25 - 6.43% | Does not disclose | Check Rate on SoFi's website | |
Best for Refinancing before graduation | 2.98 - 5.79% | 1.99 - 5.64% | 650 | Check Rate on Earnest's website | |
Best for Payment flexibility | 2.98 - 5.79% | 1.99 - 5.61% | 680 | Check Rate on CommonBond's website | |
Best for Customer service | 2.99 - 5.15% | 2.19 - 4.49% | 670 | Check Rate on Purefy's website | |
Best for Customer service | 2.79 - 5.99% | 2.39 - 6.01% | 680 | Check Rate on Education Loan Finance's website |
Our pick for
Fast payoff
Earning a six-figure salary? Consider lenders that help you pay loans as quickly as possible to minimize interest costs.

on SoFi's website
SoFi Student Loan Refinance

Fixed APR
Variable APR
Min. Credit Score
on SoFi's website
Our pick for
Refinancing before graduation
If you turned a summer associate position into a post-grad job offer, refinancing before completing law school could save you even more on interest.
on Earnest's website
Earnest Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Earnest's website
Our pick for
Payment flexibility
You may start your career in Big Law, but only stay a couple years. If you’re unsure of your long-term plans, you may want a lender that has more flexibility with payments.
on CommonBond's website
CommonBond Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on CommonBond's website
Our pick for
Customer service
Working 80-hour weeks mean you probably don’t have the time to deal with student loans. Look for lenders whose service makes it easy to refinance and manage your debt.
on Purefy's website
PenFed Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Purefy's website
Want to compare more options? Here are our other top picks:
Should you refinance law school loans?
It can make sense to refinance law school loans in the following instances:
You work in the private sector. Avoid refinancing federal student loans if you work in public service or might want to. Public-interest lawyers may be eligible for better law school loan repayment options than refinancing, including Public Service Loan Forgiveness and Loan Repayment Assistance Programs.
You have a high salary. The median lawyer starting salary at private-sector firms was $155,000 in 2019, according to the National Association of Law Placement. Borrowers with solid earnings like that may not need federal options that reduce payments based on income. If you work at a Big Law firm or other private-sector employer — and have excellent credit and a history of on-time debt payments — you may qualify for a low refinance rate.
You already have private student loans. Whether you took out private loans for law school or your undergraduate degree, it makes sense to refinance them if you’ll qualify for a lower interest rate — even if you work in the public sector. Private loans won't qualify for federal repayment programs.
You previously refinanced your loans. You can refinance student loans as often as you want. For example, you may want to refinance right after finishing law school and again after making partner, if you're on that track. You may get a lower rate as you earn more money or raise your credit score.
You generally can’t refinance bar exam loans with your student loans. If you have these, prioritize paying them off fast, since their interest rates are high.
How much could refinancing student loans save lawyers?
According to the most recent data from the National Center for Education Statistics, the average law school debt is $145,500. That would lead to a total repayment amount of $202,726, based on a 10-year repayment plan and an interest rate of 7%.
Refinancing law school loans at an interest rate of 5% would drop that total to $185,190 — a difference of $17,536. Use a student loan refinancing calculator to see how much you might save.
» MORE: How to pay for law school
Law school student loan consolidation
Consolidation combines your existing federal loans into a single loan, but it doesn't decrease your interest rate like refinancing can. Consider consolidating law school student loans if you want to make one monthly payment or need to consolidate to qualify for a repayment program, like Public Service Loan Forgiveness.
Some private lenders advertise their refinancing loans as "consolidation" loans. But only the government lets you consolidate law school loans into a new federal loan. You can complete this process at studentaid.gov.
Last updated on October 27, 2020
To recap our selections...
NerdWallet's Best Law School Student Loan Refinance Options of February 2021
- SoFi Student Loan Refinance: Best for Fast payoff
- Earnest Student Loan Refinance: Best for Refinancing before graduation
- CommonBond Student Loan Refinance: Best for Payment flexibility
- PenFed Student Loan Refinance: Best for Customer service
- Education Loan Finance Student Loan Refinance: Best for Customer service
Frequently asked questions
Refinancing law school loans can make sense if you're a private sector lawyer. That's because you may have strong income and not qualify for federal benefits like Public Service Loan Forgiveness.
Savings will vary based on your debt. But if you owed $145,500 — the average total debt for law students — refinancing from 7% to 5% APR would save you $17,536 over a 10-year repayment term.
You typically can't refinance loans for bar exam expenses, at least with your student loans. But you may be able to lower a bar loan's interest rate through other methods, like debt consolidation.
The best lender is the one that offers you the lowest interest rate. If multiple lenders are comparable, look for benefits that enable your repayment goals — like paying off loans faster or payment flexibility.