13 Best Companies to Refinance Law School Loans August 2021

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Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Attending law school can be pricey, with the average law school debt coming in at $134,600. This amount of debt can feel overwhelming, but there are a few strategies that could make it easier to handle.

One of these options is refinancing your law school loans, which could help you save money and potentially pay off your loans faster. If you’re thinking about refinancing your law school loans, it’s important to consider as many lenders as you can to find the right loan for you.

Keep in mind: Due to the pandemic, federal student loan payments and interest accrual have been suspended through at least Jan. 31, 2022 under the CARES Act. If you refinance your federal student loans, you’ll lose access to this suspension as well as other federal benefits and protections, such as income-driven repayment plans and student loan forgiveness programs.

As such, it might be a good idea to wait to refinance federal student loans while focusing on private student loans for now.

Here are Credible’s partner lenders that offer law school loan refinancing:

Lender Fixed rates from (APR) Variable rates from (APR) Loan terms (years) Loan amounts


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

4.54%+ N/A 10, 15, 20 $7,500 up to up to $200,000
(larger balances require special approval)
  • Fixed APR:
    4.54%+
  • Variable APR:
    N/A
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $7,500 up to $500,000
  • Loan terms (years):
    10, 15, 20
  • Max. undergraduate loan balance:
    $250,000 – $500,000
  • Time to fund:
    4 months
  • Repayment options:
    Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Must be a resident of Kentucky
  • Customer service:
    Phone
  • Soft credit check:
    No
  • Cosigner release:
    After 36 months
  • Loan servicer:
    Kentucky Higher Education Student Loan Corporation
  • Max. graduate loan balance:
    $250,000 – $500,000
  • Credible Review:
    Advantage Education Loan review
  • Offers Parent PLUS Refinancing :
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.15%+ 1.87%+ 5, 7, 10, 15, 20 $10,000 up to $250,000
(depending on degree)
  • Fixed APR:
    2.15%+
  • Variable APR:
    N/A
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $400,000
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Military deferment, forbearance
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service:
    Email, phone
  • Soft credit check:
    Does not disclose
  • Cosigner release:
    No
  • Loan servicer:
    Firstmark Services
  • Max. Undergraduate Loan Balance:
    $100,000 – $149,000
  • Max. Graduate Loan Balance:
    $200,000 – $400,000
  • Offers Parent PLUS Refinancing:
    Does not disclose


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.39%+ 1.87%+1 5, 7, 10, 15, 20 $10,000 to $500,000
(depending on degree and loan type)
  • Fixed APR:
    2.39%+
  • Variable APR:
    1.87%+1
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $750,000
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    Late fee
  • Discounts:
    Autopay, loyalty
  • Eligibility:
    Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    After 24 to 36 months
  • Loan servicer:
    Firstmark Services
  • Max. Undergraduate Loan Balance:
    $100,000 to $149,000
  • Max. Graduate Loan Balance:
    Less than $150,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.99%+2 2.94%+2 5, 7, 10, 12, 15, 20 $5,000 to $300,000
(depending on degree type)
  • Fixed APR:
    2.99%+2
  • Variable APR:
    2.94%+2
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $300,000
  • Loan terms (years):
    5, 7, 10, 12, 15, 20
  • Repayment options:
    Military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    All states except for ME
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    After 24 to 36 months
  • Loan servicer:
    College Ave Servicing LLC
  • Max. Undergraduate Loan Balance:
    $100,000 to $149,000
  • Max. Graduate Loan Balance:
    Less than $300,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.16%+ 2.11%+ 5, 7, 10, 15, 20 $5,000 to $500,000
  • Fixed rate:
    2.39%+
  • Variable rate:
    1.87%+1
  • Min. credit score:
    680
  • Loan amount:
    $5,000 to $500,000
  • Cosigner release:
    Yes
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Academic deferment, forbearance, loans discharged upon death or disability
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states, except MS and NV
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Loan servicer:
    FirstMark
  • Max. undergraduate loan balance:
    $500,000
  • Max. graduate loan balance:
    $500,000
  • Offers Parent PLUS refinancing:
    Yes
  • Min. income:
    $65,000 (for 15- and 20-year products)


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.91%+5 1.81%+5 5, 10, 15, 20 $1,000 to $250,000
  • Fixed APR:
    3.91%+5
  • Variable APR:
    1.81%+5
  • Min. credit score:
    700
  • Loan amount:
    $7,500 to $200,000
  • Loan terms (years):
    5, 10, 15, 20
  • Repayment options:
    Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    After 36 months
  • Loan servicer:
    Granite State Management & Resources (GSM&R)
  • Max. Undergraduate Loan Balance:
    $150,000 to $249,000
  • Max. Graduate Loan Balance:
    $150,000 to $199,000
  • Offers Parent PLUS Refinancing :
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.58%+3 2.39%+ 5, 7, 10, 12, 15, 20 Minimum of $15,000
  • Fixed APR:
    2.58%+3
  • Variable APR:
    2.39%+
  • Min. credit score:
    680
  • Loan amount:
    No maximum
  • Loan terms (years):
    5, 7, 10, 12, 15, 20
  • Repayment options:
    Forbearance
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    No
  • Loan servicer:
    Mohela
  • Max. Undergraduate Loan Balance:
    No maximum
  • Max. Graduate Loan Balance:
    No maximum
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.47%+4 2.42%+ 5, 10, 15, 20 $5,000 – $250,000
  • Fixed APR:
    3.47%+4
  • Variable APR:
    2.42%+
  • Min. credit score:
    670
  • Loan amount:
    $5,000 to $250,000
  • Loan terms (years):
    5, 10, 15, 20
  • Repayment options:
    Academic deferment, military deferment, forbearance
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Must be U.S. citizen or permanent resident
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    Yes
  • Max undergraduate loan balance:
    $250,000
  • Max graduate loan balance:
    $250,000
  • Offers Parent PLUS refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.74%+7 N/A 5, 7, 10, 12, 15, 20 Up to $300,000
  • Fixed APR:
    2.80%+
  • Variable APR:
    N/A
  • Min. credit score:
    670
  • Loan amount:
    Up to $300,000
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Time to fund:
    Usually one business day
  • Repayment options:
    Academic deferral, military deferral, forbearance, death/disability discharge
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    After 24 months
  • Max. undergraduate loan balance:
    $300,000
  • Max. graduate balance:
    $300,000
  • Offers Parent PLUS loans:
    Yes
  • Min. income:
    None


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.05%+ 3.05%+ 7, 10, 15 $10,000 up to the total amount of qualified education debt
  • Fixed APR:
    3.05%+
  • Variable APR:
    3.05%+
  • Min. credit score:
    670
  • Loan amount:
    $10,000 up to the total amount
  • Loan terms (years):
    7, 10, 15
  • Repayment options:
    Military deferment, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    No
  • Loan servicer:
    AES
  • Max. Undergraduate Loan Balance:
    No maximum
  • Max. Gradaute Loan Balance:
    No maximum
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.89%+ N/A 5, 8, 12, 15 $7,500 to $300,000
  • Fixed APR:
    2.89%+
  • Variable APR:
    N/A
  • Min. credit score:
    670
  • Loan amount:
    $7,500 to $300,000
  • Loan terms (years):
    5, 8, 12, 15
  • Repayment options:
    Does not disclose
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    After 12 months
  • Loan servicer:
    PenFed
  • Max. Undergraduate Loan Balance:
    $300,000
  • Max. Graduate Loan Balance:
    $300,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.29%+ N/A 5, 10, 15 $7,500 up to $250,000
(depending on highest degree earned)
  • Fixed APR:
    3.29%+
  • Variable APR:
    N/A
  • Min. credit score:
    680
  • Loan amount:
    $7,500 to $250,000
  • Loan terms (years):
    5, 10, 15
  • Repayment options:
    Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service:
    Email, phone
  • Soft credit check:
    Does not disclose
  • Cosigner release:
    No
  • Loan servicer:
    Rhode Island Student Loan Authority
  • Max. Undergraduate Loan Balance:
    $150,000 – $249,000
  • Max. Graduate Loan Balance:
    $200,000 – $249,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.74%+6 2.25%6 5, 7, 10, 15, 20 $5,000 up to the full balance of your qualified education loans
  • Fixed APR:
    2.74%+6
  • Variable APR:
    2.25%6
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 up to the full balance
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Academic deferment, military deferment
  • Fees:
    None
  • Discounts:
    Autopay, loyalty
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    No
  • Max undergraduate loan balance:
    No maximum
  • Max graduate loan balance:
    No maximum
  • Offers Parent PLUS refinancing:
    Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 6SoFi Disclosures

Learn more about Credible’s partner lenders

Advantage

With Advantage, you can refinance loan balances from $7,500 to $500,000 — though keep in mind that larger balances require special approval.

Advantage also offers a graduated repayment plan, which lets you pay smaller amounts just after graduation before working up to bigger payments in the future. This could be helpful for law graduates who start with smaller incomes before earning more later in their careers.

advantage education loan student loan refinance


3.0


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Advantage Education Loan Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 4.54%+
  • Variable APR: N/A
  • Min. credit score: Does not disclose
  • Loan amount: $7,500 up to $500,000
  • Loan terms (years): 10, 15, 20
  • Max. undergraduate loan balance: $250,000 – $500,000
  • Time to fund: 4 months
  • Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a resident of Kentucky
  • Customer service: Phone
  • Soft credit check: No
  • Cosigner release: After 36 months
  • Loan servicer: Kentucky Higher Education Student Loan Corporation
  • Max. graduate loan balance: $250,000 – $500,000
  • Credible Review: Advantage Education Loan review
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Can refinance Parent PLUS Loans you benefited from into your name
  • 0.25% autopay discount
  • Graduated repayment plan available

Cons

  • No variable rate options
  • Long cosigner release period (36 months)
  • Borrowers with poor or fair credit might not qualify

Brazos

Brazos might be a good choice for refinancing your law school loans if you’re a Texas resident with a strong income. You can refinance $10,000 to $250,000 (up to $400,000 if you completed your law degree).

brazos student loan refinance


4.4


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Brazos Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 2.15%+
  • Variable APR: N/A
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $400,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 – $149,000
  • Max. Graduate Loan Balance: $200,000 – $400,000
  • Offers Parent PLUS Refinancing: Does not disclose

Pros

  • Variety of repayment terms available
  • 0.25% autopay discount
  • Competitive rates

Cons

  • Cosigner release not offered
  • Must have a minimum income of $60,000 ($30,000 with a cosigner), which could be high for recent graduates
  • Not available outside of Texas

Citizens

Unlike many other lenders, Citizens doesn’t require borrowers to have graduated before refinancing, which could make it a good choice if you didn’t finish your law degree.

Plus, if you already have an account with Citizens, you could get 0.25% off your rate — and you could get another 0.25% off if you sign up for automatic payments.


4.7


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Citizens Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 2.39%+
  • Variable APR: 1.87%+1
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $750,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $150,000
  • Offers Parent PLUS Refinancing: Yes

Pros

  • 0.25% autopay discount
  • 0.25% loyalty discount
  • Degree not required

Cons

  • Some discounts only available for previous customers
  • Doesn’t disclose minimum credit score and income requirements
  • Long cosigner release period (36 months)

Keep Reading: 4 Banks for Student Loan Refinancing

College Ave

If you’re looking for flexibility, College Ave could be a good option — it offers a choice of up to 16 repayment options ranging from five and 20 years, making it easy to find a payment that’s within your budget.

With College Ave, you can refinance law school loan amounts from $5,000 to $150,000.


4.4


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

College Ave Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 2.99%+2
  • Variable APR: 2.94%+2
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: All states except for ME
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: College Ave Servicing LLC
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $300,000
  • Offers Parent PLUS Refinancing: Yes

Pros

  • Variety of repayment terms available
  • 0.25% autopay discount
  • Cosigner release available (after 24 months)

Cons

  • Can only refinance up to $150,000, which might not be enough to cover your entire law school debt
  • Doesn’t disclose minimum credit score or income requirements
  • No physical locations available

Commonbond

With Commonbond, borrowers can refinance $5,000 to $500,000 with repayment terms ranging from five to 20 years.

CommonBond also offers a unique hybrid loan option, which starts with a fixed rate for the first half of the loan then switches to a variable rate. This could be helpful if you plan to pay off your law school loan early and want to save on potential interest charges.


4.5


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

CommonBond Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed rate: 2.39%+
  • Variable rate: 1.87%+1
  • Min. credit score: 680
  • Loan amount: $5,000 to $500,000
  • Cosigner release: Yes
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Available in all states, except MS and NV
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Loan servicer: FirstMark
  • Max. undergraduate loan balance: $500,000
  • Max. graduate loan balance: $500,000
  • Offers Parent PLUS refinancing: Yes
  • Min. income: $65,000 (for 15- and 20-year products)

Pros

  • Up to 24 months of forbearance over the life of the loan
  • Can transfer Parent PLUS Loans to student

Cons

  • Not available in Mississippi or Nevada
  • Charges late and returned check fees

EDvestinU

While EDvestinU won’t refinance as much debt as some of its competitors, it does offer a wide range of loan terms and a choice of a fixed or variable interest rate. If you fall into economic hardship, EDvestinU also offers deferment options.

edvestinu student loan refinance


3.8


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

EDvestinU Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings.

  • Fixed APR: 3.91%+5
  • Variable APR: 1.81%+5
  • Min. credit score: 700
  • Loan amount: $7,500 to $200,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Granite State Management & Resources (GSM&R)
  • Max. Undergraduate Loan Balance: $150,000 to $249,000
  • Max. Graduate Loan Balance: $150,000 to $199,000
  • Offers Parent PLUS Refinancing : Yes

Pros

  • Variable and fixed rates available
  • Offers refinancing to borrowers who haven’t completed their degrees
  • No application, origination, or prepayment fees

Cons

  • Long cosigner release period (36 months)
  • Borrowers with poor or fair credit might not qualify

ELFI

While Education Loan Finance (ELFI) requires a minimum loan amount of $15,00, it has no maximum limit on the amount of student loan debt you can refinance. This could make it a good option if you’re dealing with a particularly high law school loan balance.


4.4


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Education Loan Finance Student Loan Refinancing

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  • Fixed APR: 2.58%+3
  • Variable APR: 2.39%+
  • Min. credit score: 680
  • Loan amount: No maximum
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Forbearance
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: Mohela
  • Max. Undergraduate Loan Balance: No maximum
  • Max. Graduate Loan Balance: No maximum
  • Offers Parent PLUS Refinancing: Yes

Pros

  • No maximum limit on loan amounts
  • Variable rates capped at 9.95% APR
  • Up to 12 months of forbearance available for borrowers experiencing financial hardship

Cons

  • No discounts available
  • Borrowers with poor or fair credit might not qualify
  • Cosigner release not offered

INvestEd

With INvestEd, you can refinance $5,000 to $250,000 and can choose a term from five to 20 years. You don’t need to have graduated to qualify, which could make it a good choice if you didn’t complete your law degree.


3.9


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

INvestEd Student Loan Refinancing

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Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 3.47%+4
  • Variable APR: 2.42%+
  • Min. credit score: 670
  • Loan amount: $5,000 to $250,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Academic deferment, military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be U.S. citizen or permanent resident
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: Yes
  • Max undergraduate loan balance: $250,000
  • Max graduate loan balance: $250,000
  • Offers Parent PLUS refinancing: Yes

Pros

  • Degree not required
  • 0.25% autopay discount
  • Up to 24 months of forbearance available during the life of the loan (1 to 3 months duration per forbearance)

Cons

  • Borrowers with poor or fair credit might not qualify
  • Long cosigner release period (48 months)
  • Can’t transfer Parent PLUS Loans into child’s name

ISL Education Lending

ISL Education Lending offers a variety of refinancing options — which includes being able to refinance while you’re still in school.

In addition to a standard repayment plan, ISL Education Lending provides a graduated repayment plan to borrowers who choose a 10-, 15-, or 20-year term (plus seven-year terms in some cases). This type of plan starts with low payments that gradually increase over time.


4.2


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

ISL Education Lending Student Loan Refinancing

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Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 2.80%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: Up to $300,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Time to fund: Usually one business day
  • Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 24 months
  • Max. undergraduate loan balance: $300,000
  • Max. graduate balance: $300,000
  • Offers Parent PLUS loans: Yes
  • Min. income: None

Pros

  • 0.25% autopay discount
  • Can refinance while still in school
  • Graduated repayment plan available

Cons

  • Rates can be higher than competing lenders
  • Cosigner release period longer than some lenders (24 months)

MEFA

MEFA student loan refinancing is available to law school students who attended public or nonprofit universities.

You can refinance $10,000 up your total amount of qualified education debt — this could make MEFA a good option if you have a high law school balance to manage.


4.0


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

MEFA Student Loan Refinancing

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Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 3.05%+
  • Variable APR: 3.05%+
  • Min. credit score: 670
  • Loan amount: $10,000 up to the total amount
  • Loan terms (years): 7, 10, 15
  • Repayment options: Military deferment, loans discharged upon death or disability
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: AES
  • Max. Undergraduate Loan Balance: No maximum
  • Max. Gradaute Loan Balance: No maximum
  • Offers Parent PLUS Refinancing: Yes

Pros

  • Degree not required
  • No maximum limit on loan amounts
  • Competitive rates

Cons

  • No discounts available
  • Cosigner release not offered
  • Only three repayment terms to choose from (7, 10, and 15 years)

PenFed

PenFed is the only lender that allows spouses to consolidate their student loan debt together. This could make PenFed a good choice if you want to combine debt with your spouse.

You can refinance $7,500 to $300,000 and can choose from a term from five to 15 years.


4.5


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

PenFed Student Loan Refinancing

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Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 2.89%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $7,500 to $300,000
  • Loan terms (years): 5, 8, 12, 15
  • Repayment options: Does not disclose
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: PenFed
  • Max. Undergraduate Loan Balance: $300,000
  • Max. Graduate Loan Balance: $300,000
  • Offers Parent PLUS Refinancing: Yes

Pros

  • Variable interest rates capped
  • Can refinance loans with a spouse
  • Cosigner release available after just 12 months

Cons

  • Must have a minimum income of $42,000 to $50,000 (depending on the loan amount), which could be high for recent graduates
  • No discounts available
  • 20-year term not available

RISLA

Unlike most other lenders, RISLA offers an income-based repayment (IBR) program, which could be helpful if you lose your job, have your pay cut, or face other financial hardships.

Plus, after making 25 years of on-time payments under this IBR plan, RISLA will forgive any remaining loan balance you have left.


3.7


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

RISLA Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 3.29%+
  • Variable APR: N/A
  • Min. credit score: 680
  • Loan amount: $7,500 to $250,000
  • Loan terms (years): 5, 10, 15
  • Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Rhode Island Student Loan Authority
  • Max. Undergraduate Loan Balance: $150,000 – $249,000
  • Max. Graduate Loan Balance: $200,000 – $249,000
  • Offers Parent PLUS Refinancing: Yes

Pros

  • Income-based repayment plan available
  • 0.25% autopay discount
  • Can defer payments for up to 36 months if you go back to graduate school

Cons

  • Borrowers with poor or fair credit might not qualify
  • Must have a minimum income of $40,000, which could be high for recent graduates
  • Cosigner release not offered

SoFi

With SoFi, you can refinance $5,000 up to the total balance of your qualified education loans, which could make it a good option if you left school with a large amount of debt.

SoFi borrowers also enjoy several perks, including unemployment protection and career coaching.


4.5


Credible rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

SoFi Student Loan Refinancing

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 2.74%+6
  • Variable APR: 2.25%6
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 up to the full balance
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Academic deferment, military deferment
  • Fees: None
  • Discounts: Autopay, loyalty
  • Eligibility: Available in all 50 states
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: No
  • Max undergraduate loan balance: No maximum
  • Max graduate loan balance: No maximum
  • Offers Parent PLUS refinancing: Yes

Pros

  • Geared toward borrowers with advanced degrees (such as law)
  • 0.25% autopay discount
  • Borrower perks, including unemployment protection, career coaching, investing advice, and member events

Cons

  • Borrowers who don’t have very good to excellent credit might not qualify
  • Cosigner release not offered
  • Doesn’t disclose minimum credit score requirements

Learn More: How to Refinance Your Student Loans

Other student loan refinancing lenders

Several other lenders also offer student loan refinancing. However, because the lenders in the table below aren’t Credible partners, you can’t use Credible to compare your prequalified rates from any of these lenders.

Lender
Loan terms (years)
Max loan balance


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

10, 20
Undergrad: $249,000
Grad: $199,000
  • Min. credit score:
    Does not disclose
  • Loan amount:
    Up to $250,000
  • Loan terms (years):
    10, 20
  • Repayment options:
    Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone
  • Soft credit check:
    Does not disclose
  • Cosigner release:
    No
  • Max. undergraduate Loan Balance:
    $150,000 to $249,000
  • Max. graduate Loan Balance:
    $150,000 to $199,000
  • Offers Parent PLUS Refinancing:
    No


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5, 7, 10, 15
Undergrad: $500,000
Grad: $500,000
  • Rates:
    fixed, variable
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $60,000 to $350,000
  • Cosigner release:
    No
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Fees:
    None
  • Discounts:
    Autopay, loyalty
  • Eligibility:
    Available in CA, CT, FL, MA, NY, OR, WY
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Max. undergraduate loan balance:
    $500,000
  • Max. graduate loan balance:
    $500,000


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

10, 15, 20
Undergrad: $249,000
Grad: $249,000
  • Rates:
    Fixed, variable
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $250,000
  • Cosigner release:
    After 24 to 36 months
  • Loan terms (years):
    10, 15, 20
  • Repayment options:
    Military deferment, forbearance
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Loan servicer:
    Student Loan Finance Corporation
  • Max. undergraduate Loan Balance:
    $150,000 to $249,000
  • Max. graduate Loan Balance:
    $200,000 to $249,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5, 7, 10, 15
Undergrad: None
Grad: None
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $300,000
  • Cosigner release:
    Does not disclose
  • Loan terms (years):
    5, 7, 10, 15
  • Repayment options:
    Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Max. undergraduate Loan Balance:
    No maximum
  • Max. graduate Loan Balance:
    No maximum
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5, 7, 10, 15, 20
Does not disclose
  • Rates:
    Fixed, variable
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $300,000
  • Cosigner release:
    Yes
  • Loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Does not disclose
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Does not disclose
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Loan servicer:
    LendKey Technologies Inc.
  • Max. undergraduate Loan Balance:
    Does not disclose
  • Max. graduate Loan Balance:
    Does not disclose
  • Offers Parent PLUS Refinancing:
    No


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5, 10, 15
Undergrad: $99,000
Grad: $150,000
  • Min. credit score:
    Does not disclose
  • Loan amount:
    Less than $150,000
  • Loan terms (years):
    5, 10, 15
  • Repayment options:
    Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    Does not disclose
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone
  • Soft credit check:
    Does not disclose
  • Cosigner release:
    Yes
  • Max. Undergraduate Loan Balance:
    Less than $99,000
  • Max. graduate Loan Balance:
    Less than $150,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Does not disclose
Undergrad: None
Grad: None
  • Min. credit score:
    Does not disclose
  • Loan amount:
    No maximum
  • Loan terms:
    Does not disclose
  • Repayment options:
    Academic deferment, forbearance
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    Yes
  • Max. undergraduate Loan Balance:
    No maximum
  • Max. graduate Loan Balance:
    No maximum
  • Offers Parent PLUS Refinancing:
    Yes
The lenders in this table aren’t our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer student loan refinancing.

Compare Now

Check Out: You Can Refinance Sallie Mae Student Loans — Here’s How

How much you could save by refinancing law school loans

How much you could save through refinancing mainly depends on whether you can get approved for a better rate or term than you currently have.

To qualify for a lower rate, you’ll generally need to have good credit and meet any other requirements set by the lender.

You can use our calculator below to see how much you can save by refinancing your student loans.

Step 1. Enter your loan balance

Step 2. Enter current loan information

Step 3. Enter your new loan information to start calculating your savings

Lifetime Savings
Increased Lifetime Cost
$

New Monthly Payment
$

Monthly Savings
Increased Monthly Cost
$

If you refinance your student loan at
%
interest rate, you
can save
will pay an additional
$
monthly and pay off your loan by
.
The total cost of the new loan will be
$.


Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score.

Learn More: Student Loan Consolidation vs. Student Loan Refinancing

When you should — and shouldn’t — refinance law school loans

While refinancing could be helpful in some cases, it isn’t right for everyone. Here are a few scenarios where refinancing could be a good move:

  • You can get a better interest rate. Depending on your credit, you might be able to qualify for a lower interest rate than what you’re currently paying. This could save you a significant amount of money over the life of your loan — and might even help you pay off your loans faster.
  • You need a lower monthly payment. If you’re struggling to afford your monthly private student loan payments, refinancing could be a smart move. You can opt for a longer repayment term to lower your student loan payment, which could lessen the strain on your budget. However, keep in mind that choosing a longer term means you’ll pay more in interest over time.
  • You want to change the type of interest rate you have. Through refinancing, you can switch from a fixed rate to a variable rate or vice versa. If you choose a fixed rate, your monthly payment won’t ever change. On the other hand, variable rates can be lower than fixed rates — however, they can fluctuate over time.

And here are some situations where you might not want to refinance:

  • Average interest rates are higher than your current rates. If interest rates have risen since you took out your student loans, you likely won’t be able to get a lower rate than you already have. In this case, it’s probably a better idea to wait until rates go down.
  • Your income isn’t stable. Many student loan refinancing lenders require borrowers to have a minimum income. If you either haven’t yet locked down a job or have an income that could drop in the future, then refinancing might not be possible yet.
  • You have federal student loans. Federal student loans come with valuable protections that you’d lose if you refinance them into a private student loan. These include access to income-driven repayment plans and student loan forgiveness programs. If you’ll need these benefits in the future, refinancing might not be a wise choice.

Tip: If you decide to refinance, it’s usually a good idea to choose the shortest term you can afford. This way, you’ll save money on interest and can pay off your loans more quickly.

You can estimate how long it will take to pay off your student loan debt using the calculator below. Use the slider to see how increasing your payments can change the payoff date.

Enter loan information

Total Payment
$

Total Interest
$

Monthly Payment
$

If you increase your payments by
$
monthly on your
$
loan at
%,
you will pay
$
a month and pay off your loan by
Jan 2021.


Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates

Checking rates won’t affect your credit score.

Check Out: When to Refinance Student Loans

How to get the best interest rate when refinancing law school loans

Here are a few tips that could help you get a good interest rate when you refinance your law school loans:

  • Build your credit. When you apply for refinancing, the lender will review your credit to determine not only your creditworthiness but also your interest rate. Generally, borrowers with good credit get lower rates than those with bad credit. While you might be able to refinance student loans with bad credit, it could be a good idea to spend some time improving your credit before you apply so you can qualify for better rates in the future.
  • Consider a cosigner. If you’re struggling to get approved for refinancing, applying with a cosigner might improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower rate than you’d get on your own. However, keep in mind that your cosigner will be responsible for the loan if you can’t make your payments.
  • Shop around and compare lenders. Rates and terms can vary widely from one student loan refinancing company to the next, so be sure to compare as many lenders as possible to find the right for you.

Learn More: Law School Loan Forgiveness and Repayment Programs

Is refinancing a good idea?

Whether refinancing is a good idea ultimately depends on your individual circumstances and financial goals. If you can save a significant amount of money and pay off your loans faster through refinancing, then it could be a wise decision.

For example: Say you have the average law school debt of $134,600 with an 8% interest rate and a 15-year term. If you kept this loan as is, you’d pay $96,935 in interest charges by the time you paid off the loan.

However, if you refinanced to a new 15-year loan with a 7% rate — just 1% lower — you’d save $13,767 in interest over the life of your loan.

Will refinancing hurt your credit score?

Because your loan balance won’t change through refinancing, it shouldn’t hurt your credit score. There might be a slight negative impact when you initially apply and the lender performs a hard credit check — however, this is usually only temporary, and your score will likely bounce back within a few months.

There’s also no limit on how often you can refinance. If rates drop in the future, you could consider refinancing again to potentially lower your costs even more.

Tip: If you took out undergraduate or bar study loans, you might consider refinancing them along with your law school loans. This will leave you with just one loan and one payment to manage.

Or if you’re still attending your law program, you might choose to consolidate the student loans you have from your undergraduate degree to lower your costs while you’re still in school.

Check Out: Federal Student Loan Repayment Options

More resources

About the author

Aly J. Yale

Aly J. Yale

Aly J. Yale is a mortgage and real estate authority. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

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