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Standout Law School Loan Refinance Options of April 2024

Private-sector lawyers with high incomes, excellent credit and a history of on-time debt payments should consider refinancing their law school loans.

Lawyers who work in the private sector are typically excellent candidates for student loan refinancing. Here’s why:

  • They generally have high incomes. The median starting salary at private-sector firms is $155,000, according to the National Association of Law Placement. Borrowers with solid earnings will likely qualify for the best rates.

  • They may not need federal loan benefits. At that salary level, private sector lawyers may not need options that reduce payments based on income. And because they’re not public servants, they also won’t qualify for federal 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.

Standout Law School Loan Refinance Options From Our Partners

Excellent for

Refinancing before graduation

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 rate

on Earnest's website

Earnest Student Loan Refinance

5.0

NerdWallet rating 
Earnest Student Loan Refinance

Min. credit score

650

Fixed APR

5.19-9.74%

Variable APR

5.99-9.74%
Check rate

on Earnest's website


Variable APR

5.99-9.74%

Key facts

Best 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 Lengths

5 to 20 years

Disclaimer

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.24% 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.

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How much could refinancing student loans save lawyers?

According to the National Center for Education Statistics, law school students graduate with an average total debt of $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.

Should you refinance law school loans?

It can make sense for you to refinance law school loans in the following instances:

  • You work in the private sector. Big Law lawyers and other private-sector attorneys with high incomes, excellent credit and a history of on-time debt payments will likely receive low interest rates, making them ideal candidates for student loan refinancing.

  • 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.

Avoid refinancing federal student loans if you work in public service or might want to. Public interest lawyers may be eligible for better repayment options than refinancing, including Public Service Loan Forgiveness and Loan Repayment Assistance Programs.

Also, you generally can’t refinance bar exam loans. If you have these, prioritize paying them off fast, since their interest rates are high.

To recap our selections...

NerdWallet's Standout Law School Loan Refinance Options of April 2024