Complete Guide to Refinancing Law School Loans

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Earning a law degree can lead to a career with a high salary — but it also means hefty student loan payments. Luckily, assistance programs, repayment plans, or refinancing law school loans can save you money.

Here are the options you have when it comes to managing your law school debt:

1. Refinance your law school loans
2. Take advantage of repayment assistance programs
3. Consider loan forgiveness
4. Seek alternative repayment options

1. Refinance your law school loans

Depending on the specific loans you took out to pay for law school, you could have high-interest debt. To get a lower interest rate, you should consider refinancing your loans with a private lender.

The only way to get a lower interest rate is to refinance your loans with a private lender. Refinancing your student loans can reduce the total amount repaid, your monthly payment, or both. Refinancing can be a smart decision if your income and credit score qualify you for a more competitive interest rate.

If you can afford the payments on a shorter repayment period, you can get a much lower rate and save a substantial amount of money.

If you’re refinancing federal loans with a private lender, however, keep in mind you’ll lose benefits that come with federal loans, such as access to income-driven repayment with the potential to qualify for loan forgiveness.

Additionally, if you are struggling to pass the bar or end up taking a job that pays less than you expected as a law school graduate, refinancing may not make sense. Instead, opting for a federal income-driven repayment option can help reduce your payments; after making the qualifying payments for 10, 20, or 25 years, you may have the remaining balance forgiven.

The student loan refinancing companies in this table are all Credible’s partner lenders. We have not included other lenders.

Lender	Variable rates from (APR)	Fixed rates from (APR)
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. View details	5.35%+	3.99%+
Fixed APR: 3.99%+ Variable APR: 5.35%+ Min. credit score: 720 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: 720 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. View details	7.02%+1	5.89%+1
Fixed APR: 5.89%+1 Variable APR: 7.02%+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. View details	6.99%+2	6.99%+2
Fixed APR: 6.99%+2 Variable APR: 6.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 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. View details	8.07%+5	6.0%+5
Fixed APR: 6.0%+5 Variable APR: 8.07%+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 24 months Loan servicer: Firstmark Services 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. View details	5.28%+3	4.84%+3
Fixed APR: 4.84%+3 Variable APR: 5.28%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 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: $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. View details	8.5%+4	6.15%+4
Fixed APR: 6.15%+4 Variable APR: 8.5%+4 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, returned payment 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. View details	5.54%+	4.89%+
Fixed APR: 4.89%+ Variable APR: 5.54%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review 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. View details	N/A	6.2%+
Fixed APR: 6.2%+ Variable APR: N/A 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. View details	7.12%+ - 11.19%+8	7.60%+ - 14.50%+8
Fixed APR: 7.12%+ - 11.19%+8 Variable APR: 7.60%+ - 14.50%+8 Min. credit score: Mid-to-high 600's FICO8 Loan amount: $5,000 to $500,000 (depending on degree) Loan terms (years): 5, 7, 10, 15, 20, 25 years8 Time to fund: 3 business days Repayment options: Immediate Fees: Late fee, NSF fee Discounts: Autopay8 Eligibility: Must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number Customer service: Email, phone Soft credit check: Yes8 Cosigner release: After 24 months8 Loan servicer: Firstmark Services Max. undergraduate loan balance: $125,000 Max. graduate loan balance: $500,000 Offers Parent PLUS loans: Yes Min. income: You or your cosigner must meet Nelnet Bank's income criteria
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. View details	N/A	6.34%+
Fixed APR: 6.34%+ 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
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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  | 8Nelnet Bank Disclosures

2. Take advantage of repayment assistance programs

Depending on where you went to school, the amount of your debt, and your career path, you may be able to take advantage of one of these repayment options:

• Loan Repayment Assistance Programs (LRAPs): LRAPs are available to law school graduates from over 100 different universities. Eligibility for many of them is based on your income and whether you work in some form of public service, such as serving as an attorney for a non-profit organization or legal aid (see our list of schools offering LRAPs and requirements).
• Federal repayment assistance: Under the John R. Justice Student Loan Repayment Program, state and federal public defenders and state prosecutors are eligible for loan repayment assistance if they stay in public service for at least three years. According to Equal Justice Works, an organization that supports law graduates interested in the public sector, public defenders and state prosecutors may qualify for up to $10,000 a year in assistance. To apply, you need to work with your designated state agency.
• State repayment assistance: Some states offer assistance programs, as well. Annual awards can range from $650 up to $10,000, depending on the state and your unique situation. Each state has different criteria, but most require public service, such as providing legal aid to low-income residents or working either in education or with a nonprofit organization. Check your state’s availability to see what you may be eligible to receive.

3. Consider loan forgiveness

In some circumstances, your loan balance can be forgiven, either through public service or after making regular payments on an income-driven repayment plan:

• Public Service Loan Forgiveness (PSLF): After making 120 monthly payments, your balance is forgiven as long as you worked for a tax-exempt nonprofit or government organization. For lawyers, this typically includes working as a state prosecutor, public defender or working in a legal aid office for underserved or low-income individuals.
• Income-driven repayment plan forgiveness: If you are on an income-driven repayment plan, such as REPAYE, after making your payments for the entire repayment period — usually 20 or 25 years — any remaining balance is forgiven. While that can be a huge benefit, it does come with one major caveat: unlike forgiven loans under PSLF, the amount that is eliminated is taxable as income. That can add a big chunk to your bill when your taxes are due.

4. Seek alternative repayment options

If you don’t qualify for one of the assistance programs or need additional help making your payments on your federal student loans, there are alternative payment plans that may help. The Department of Education’s Office of Federal Student Aid offers the following alternatives to the standard 10-year repayment term, depending on your circumstances:

• Extended repayment: With an extended repayment plan, your payments may be fixed or graduated and spread over 25 years, reducing your monthly payment.
• Revised Pay As You Earn (REPAYE): With REPAYE, your monthly bill is capped at 10% of your discretionary income. For borrowers with law school debt, it takes 25 years to qualify for loan forgiveness.
• Pay As You Earn (PAYE): With PAYE plans, your payment is 10% of your income but will not exceed what your bill would be under a standard repayment plan. With PAYE, you must make payments for 20 years before you can qualify for loan forgiveness.
• Income-Based Repayment (IBR): With IBR, your payment is capped at 10% of your income, and you will make payments for 20 years.
• Income-Contingent Repayment (ICR): With ICR, you pay the lesser of 20% of your discretionary income or what would you pay with a fixed plan over the course of 12 years.

Under income-driven repayment plans, your payments are based on calculations that take into account several factors, such as your income, marital status, and whether you have dependent children. Every year, you need to submit a new application, so if you have fluctuations in income or your family size changes, your payments can increase or decrease as well.

Extended or income-driven repayment plans can significantly reduce your monthly payments. But because you are paying interest for a longer period, you can end up spending thousands more over the life of your loan, particularly if you end up paying off your loans before you qualify for loan forgiveness.

Amount paid under government repayment plans

The easiest way to grasp the different outcomes is to compare the total repayment costs of each repayment plan. The table below illustrates how much a borrower with $140,616 in direct federal student loans would pay back in nine different government repayment programs.

The table above assumes that an attorney has just landed a job out of law school with:

• $25,000 in federal direct subsidized loans taken out to attend a four-year college at a weighted average interest rate of 4.2%
• $61,500 in federal direct unsubsidized loans ($20,500 annual limit) taken out to attend three years of law school at a weighted average rate of 5.8%
• $54,116 in PLUS loans taken out to pay for the balance of law school at a weighted average rate of 6.8%
• Adjusted gross income of $84,000 a year that increases by 5% a year

Paying for law school

Dealing with law school debt can be overwhelming and frustrating. With student loans that can easily reach into the six-figures, your payments can outpace your rent. While cutting your monthly payment down or lowering your interest rate may be tempting, it’s essential to consider your long-term goals and career interests.

If you can find an alternative to extended repayment options, you can save yourself a lot of money over the life of your loans. But whether extended payment, income-driven repayment, or refinancing is right for you depends on your own unique circumstances.

Jamie Young contributed to the reporting of this article.

Methodology: Credible evaluated loan and lender data points in 12 categories to identify some of the “best companies” for refinancing student loans for lawyers. We looked at interest rates, repayment terms, repayment options, fees, discounts, customer service availability, and maximum loan balances offered by 20 lenders. We also considered each company’s willingness to refinance parent loans, eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check.

Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender.

Read the full student loan refinancing lender methodology.

Learn about Credible’s mission and promise to our readers.

About the author

Kat Tretina

Kat Tretina is a freelance writer who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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