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7 Best Law School Student Loan Refinance Options of December 2023

Consider refinancing law school loans if you practice in the private sector.

By
Cecilia Clark
Dec 21, 2022

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Best Law School Student Loan Refinance Options

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
Earnest Student Loan Refinance

Earnest Student Loan Refinance

Check rateon Earnest's website
on Earnest's website
Best for Fast payoff

650

4.96-9.79%

5.49-9.74%

Check rateon Earnest's website
on Earnest's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Check rateon College Ave's website
on College Ave's website
COMPARE RATESon Credible’s website
on Credible’s website
5.0
/5
Best for Fast payoff + Payment flexibility

Mid-600s

6.99-11.99%

6.99-11.99%

Check rateon College Ave's website
on College Ave's website
RISLA Student Loan Refinance

RISLA Student Loan Refinance

5.0
/5
Best for Fast payoff + Payment flexibility

680

5.79-8.24%

N/A

Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

Check rateon Education Loan Finance's website
on Education Loan Finance's website
4.5
/5
Best for Customer service

680

5.48-8.94%

5.28-8.99%

Check rateon Education Loan Finance's website
on Education Loan Finance's website
MPOWER Student Loan Refinance

MPOWER Student Loan Refinance

4.5
/5
Best for Customer service

None

11.74-12.95%

N/A

INvestED Student Loan Refinance

INvestED Student Loan Refinance

4.0
/5
Best for Payment flexibility

670

5.86-9.49%

7.85-11.49%

ISL Refinance Loan

ISL Refinance Loan

5.0
/5
Best for Payment flexibility

660

6.81-11.83%

N/A

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.

Earnest Student Loan Refinance
Check rateon Earnest's website
on Earnest's website
Earnest Student Loan Refinance

Earnest Student Loan Refinance

5.0
Min. credit score

650

Fixed APR

4.96-9.79%

Variable APR

5.49-9.74%

Key factsBest for borrowers who want to customize their repayment schedule to pay off debt fast.
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
  • Loans aren't available in 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 Lengths5 to 20 years
DisclaimerActual rate and available repayment terms will vary based on your income. Fixed rates range from 5.21% APR to 10.04% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.74% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
Read Full Review
College Ave Student Loan Refinance
Check rateon College Ave's website
on College Ave's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Min. credit score

Mid-600s

Fixed APR

6.99-11.99%

Variable APR

6.99-11.99%

Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.
Pros
  • You can choose any loan term between 5 and 15 years.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Mid-700s.
  • Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5 to 15 years
DisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 09/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
RISLA Student Loan Refinance

RISLA Student Loan Refinance

Min. credit score

680

Fixed APR

5.79-8.24%

Variable APR

N/A

Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers: 748.
  • Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
  • Must have a degree: No.
Available Term Lengths5, 10 or 15 years

Our pick for

Customer service

Education Loan Finance Student Loan Refinance
Check rateon Education Loan Finance's website
on Education Loan Finance's website
Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

4.5
Min. credit score

680

Fixed APR

5.48-8.94%

Variable APR

5.28-8.99%

Key factsBest for borrowers who value good customer service.
Pros
  • You are assigned a student loan advisor.
  • You can refinance parent PLUS loans in your name.
Cons
  • Payment postponement isn’t available for borrowers who return to school.
  • The minimum amount to refinance is more than many lenders require.
  • No co-signer release available.
Qualifications
  • Typical credit score of approved borrowers or co-signers: 774.
  • Loan amounts: $10,000 up to your total outstanding loan balance.
  • Must have a degree: Yes, at least a bachelor’s degree.
Available Term Lengths5, 7, 10, 15 or 20 years
DisclaimerSubject to credit approval. Terms and conditions apply. https://www.elfi.com/terms/
MPOWER Student Loan Refinance

MPOWER Student Loan Refinance

Min. credit score

None

Fixed APR

11.74-12.95%

Variable APR

N/A

Key factsBest for international borrowers working in the United States.
Pros
  • DACA and international students can qualify.
  • Can refinance an international student loan.
  • You can refinance your parent's loan in your name.
Cons
  • Borrowers incur a 2% origination fee on the refinanced amount.
  • Only one loan term available.
  • Few options for struggling borrowers.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Unavailable.
  • Minimum income: None.
  • Loan amounts: $2,001 to $100,00.
Available Term Lengths10

Our pick for

Payment flexibility

College Ave Student Loan Refinance
Check rateon College Ave's website
on College Ave's website
College Ave Student Loan Refinance

College Ave Student Loan Refinance

Min. credit score

Mid-600s

Fixed APR

6.99-11.99%

Variable APR

6.99-11.99%

Key factsBest for borrowers who want a nonstandard loan term — six or nine years, for instance.
Pros
  • You can choose any loan term between 5 and 15 years.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
  • No co-signer release available.
  • Students cannot refinance a parent PLUS loan in their name.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Mid-700s.
  • Loan amounts: $5,000 to $300,000, depending on the highest degree earned.
  • Must have a degree: Yes, an associate degree or higher.
Available Term Lengths5 to 15 years
DisclaimerCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. As certified by your school and less any other financial aid you might receive. Minimum $1,000. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 09/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
INvestED Student Loan Refinance

INvestED Student Loan Refinance

Min. credit score

670

Fixed APR

5.86-9.49%

Variable APR

7.85-11.49%

Key factsBest for Indiana residents or borrowers who attended school there.
Pros
  • You can refinance without a degree.
  • Forbearance of 24 months is longer than many lenders offer.
  • Interest-only repayment may be available if you can’t afford payments.
Cons
  • You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
  • You must be from Indiana or have attended school in the state to qualify.
Qualifications
    Available Term Lengths5,10,15 or 20 years
    ISL Refinance Loan

    ISL Refinance Loan

    Min. credit score

    660

    Fixed APR

    6.81-11.83%

    Variable APR

    N/A

    Key factsBest for saving on interest before graduation and borrowers who didn’t finish school.
    Pros
    • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
    • You can refinance without a degree.
    • You can refinance while in school or during a medical residency.
    Cons
    • Interest rates vary by refi product.
    Qualifications
    • Typical credit score of approved borrowers or co-signers: Approximately 750.
    • Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)
    • Must have a degree: No.
    Available Term Lengths5, 7, 10, 15 or 20
    RISLA Student Loan Refinance

    RISLA Student Loan Refinance

    Min. credit score

    680

    Fixed APR

    5.79-8.24%

    Variable APR

    N/A

    Key factsBest for borrowers who want payment flexibility should they run into financial trouble.
    Pros
    • Income-based repayment plan available, with forgiveness after 25 years.
    Cons
    • No co-signer release available.
    • Students cannot refinance a parent PLUS loan in their name.
    Qualifications
    • Typical credit score of approved borrowers: 748.
    • Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
    • Must have a degree: No.
    Available Term Lengths5, 10 or 15 years

    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.

    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.

    STUDENT LOAN REFINANCE RATINGS METHODOLOGY

    Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

    We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

    The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

    Last updated on December 21, 2022

    To recap our selections...

    NerdWallet's Best Law School Student Loan Refinance Options of December 2023

    • Earnest Student Loan Refinance: Best for Fast payoff
    • College Ave Student Loan Refinance: Best for Fast payoff + Payment flexibility
    • RISLA Student Loan Refinance: Best for Fast payoff + Payment flexibility
    • Education Loan Finance Student Loan Refinance: Best for Customer service
    • MPOWER Student Loan Refinance: Best for Customer service
    • INvestED Student Loan Refinance: Best for Payment flexibility
    • ISL Refinance Loan: Best for Payment flexibility

    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.

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