5 Best Law School Student Loan Refinance Options of June 2021

Key facts

Pros

• Forbearance of 24 months is longer than many lenders offer.

• You can refinance parent PLUS loans in your name.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• Loans aren’t available in Mississippi and Nevada.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose.

• Loan amounts: $5,000 to $500,000.

• Must have a degree: Yes, at least a bachelor's degree.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation.

Key facts

Pros

• Customizable payments and loan terms.

• Option to skip one payment every 12 months.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• You can’t apply with a co-signer.

• Loans aren't available in Kentucky and Nevada.

Qualifications

• Typical credit score of approved borrowers or co-signers: 760.

• Loan amounts: $5,000 to $500,000.

• Must have a degree: No, but must be within six months of graduation and have income or a job.

Available Term Lengths

5 to 20 years

Disclaimer

Specific Annual Percentage Rate (APRs) offered within these ranges will depend on a variety of factors including your creditworthiness and other application details. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. Your approval for an Earnest Loan is subject to the full underwriting of your loan application. Read more about qualifying for a loan with Earnest here: https://www.earnest.com/eligibility

Key facts

Pros

• You can refinance parent PLUS loans in your name.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Additional perks like career planning, job search assistance and entrepreneurship support available.

Cons

• No co-signer release available.

• Loan size minimum is higher than most lenders.

Qualifications

• Typical credit score of approved borrowers or co-signers: 700+.

• Loan amounts: $5,000, up to your total outstanding loan balance.

• Must have a degree: Yes, an associate degree or higher.

Available Term Lengths

5, 7, 10, 15 or 20 years

Disclaimer

Fixed rates from 2.74% APR to 6.74% APR (with AutoPay). Variable rates from 2.25% APR to 6.39% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.12% plus 2.38% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Key facts

Pros

• Married couples can refinance student loans into a single loan.

• You can refinance parent PLUS loans in your name.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• Estate is still responsible for the loan if the borrower dies.

Qualifications

• Typical credit score of approved borrowers or co-signers: 773.

• Loan amounts: $7,500 to $300,000.

• Must have a degree: Yes, at least a bachelor’s degree.

Available Term Lengths

5, 8, 12 or 15 years

Disclaimer

Rates and offers current as June 3, 2021. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89% APR - 5.63% APR and Variable Rates range from 2.13% APR - 5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.