5 Best Law School Student Loan Refinance Options of May 2022
Consider refinancing law school loans if you practice in the private sector.
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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.
Best Law School Student Loan Refinance Options
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn More |
---|---|---|---|---|---|
Earnest Student Loan Refinance Check rate on Earnest's website | Best for Fast payoff | 650 | 2.74- | 1.74- | Check rate on Earnest's website |
College Ave Student Loan Refinance Check rate on College Ave's website | Best for Fast payoff | Upper 600s | 3.49- | 3.44- | Check rate on College Ave's website |
PenFed Student Loan Refinance Check rate on Purefy's website | Best for Fast payoff + Customer service | 670 | 4.49- | N/A | Check rate on Purefy's website |
Education Loan Finance Student Loan Refinance Check rate on Education Loan Finance's website | Best for Customer service | 680 | 2.73- | 1.86- | Check rate on Education Loan Finance's website |
![]() INvestED Student Loan Refinance | Best for Payment flexibility | 670 | 3.47- | 2.45- | Read review |
Our picks for
Fast payoff
Earning a six-figure salary? Consider lenders that help you pay loans as quickly as possible to minimize interest costs.
on Earnest's website
Earnest Student Loan Refinance
Min. credit score
650Fixed APR
2.74-Variable APR
1.74-on Earnest's website
on College Ave's website
College Ave Student Loan Refinance
Min. credit score
Upper 600sFixed APR
3.49-Variable APR
3.44-on College Ave's website
on Purefy's website
PenFed Student Loan Refinance
Min. credit score
670Fixed APR
4.49-Variable APR
N/Aon Purefy'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
Min. credit score
670Fixed APR
4.49-Variable APR
N/Aon Purefy's website
Our pick for
Payment flexibility
INvestED Student Loan Refinance

Min. credit score
670Fixed APR
3.47-Variable APR
2.45-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.
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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on January 26, 2022
To recap our selections...
NerdWallet's Best Law School Student Loan Refinance Options of May 2022
- Earnest Student Loan Refinance: Best for Fast payoff
- College Ave Student Loan Refinance: Best for Fast payoff
- PenFed Student Loan Refinance: Best for Fast payoff + Customer service
- Education Loan Finance Student Loan Refinance: Best for Customer service
- INvestED Student Loan Refinance: 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.