Should I refinance my law school loans? Tips, examples, pros & cons

By Kassondra Cloos | Published on February 17, 2026

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Nearly everyone who goes to law school takes out student loans to cover the costs. According to Education Data Initiative, 71% of law students graduate in debt. These students borrow an average of $119,292 just to attend law school.

If you’re in the same boat, you may be able to save money, pay off your debt faster, and/or reduce your monthly payment with a student loan refinance for a lower interest rate. Here’s what law school graduates like you need to know about how to refinance law school loans through a private lender.

What is student loan refinancing?

Student loan refinancing is when you take out a new loan at a new (ideally lower) interest rate to pay off existing debt. You’ll then pay back your new lender under new loan terms, which may offer you more time to repay your student loan debt and/or a lower monthly payment. Depending on your loan amount and the terms you agree upon, you may see savings immediately in your first payment or you may pay more per month yet potentially save thousands over the life of the loan.

When you refinance federal and/or private loans together, you’ll have everything on one monthly bill. This simplifies the student loan repayment plan and makes it easier to keep track of the total remaining loan balance.

If you have loans from the federal government through the U.S. Department of Education, consolidation is also an option for you. Student loan consolidation allows borrowers to bundle all of their federal loans into one single monthly payment. The new interest rate will be calculated based on a weighted average of the interest rates for all your existing loans. You can only consolidate federal loans, so if you have private student loans, too, you’ll still have to pay those separately even if you do consolidate the rest.

How does refinancing law school loans save me money?

Refinancing law school student loans can help you save money by taking out a new loan at a lower interest rate. Reducing your interest rate decreases the amount of interest that accumulates every month, which means you can pay down your principal balance faster.

Depending on how you refinance your loans and what interest rate you’re able to get, you may also immediately see a reduction in your monthly payment amount. If, for example, you refinance for a lower rate but choose a longer repayment period, those payments will be spread out over a longer period of time and therefore they’ll be lower.

Choosing to refinance your loans can be highly beneficial and could potentially save you thousands of dollars over the life of your loan. It’s a big decision, though, and since it can directly impact your monthly payment and therefore your overall budget and financial planning, it’s important to consider all the pros and cons of refinancing law school loans before moving forward.

Alternatives to refinancing law school loans

If student loan refinancing isn’t for you, or if this isn’t the right time to do it, there are still ways for you to get needed relief or save money over time. Here are a few options to consider.

Federal loan income-driven repayment plans

If you have federal student loans and have trouble making your payments, you can apply for income-driven repayment plans. These programs reduce your minimum payments in accordance with your salary and may even temporarily eliminate your requirement to pay until you start earning more.

Student loan forbearance or deferment

If you’re currently unable to make payments because of financial hardship, you can request a temporary hiatus from payments from your lender or federal student loan servicer. Depending on your circumstances, you may qualify for deferment, during which interest may or may not accrue on your loans (you’ll want to confirm this based on your loan type and servicer). If you’re not eligible for deferment, you may be able to get a break from payments through forbearance, during which interest accrued will be added to the principal balance of your loan. Periods of forbearance and deferment generally cost you more money over time, but they may grant you short-term relief to help you get back on your feet and avoid defaulting on your loans.

Public Service Loan Forgiveness

If you work in an eligible public service career, you may be able to have your federal student loan debt forgiven after 10 years of qualifying payments. This may be the best option for you if you’re eligible, as it may save you significant money over refinancing.

Federal loan consolidation

You can consolidate all of your federal loans, including Parent PLUS loans, into one monthly payment with a Direct Consolidation Loan. While you won’t decrease your interest rate through consolidation, you can bundle everything into a simpler monthly payment and stay eligible for forgiveness programs.

Pay off debt faster with savings

If you’ve built up substantial emergency savings over the years and have some extra money to put toward your loans, you can make an extra contribution or increase the amount of your regular payments to chip away at the principal balance. Even if all you can do is pay a little extra per month, this can help you pay off your loans faster by reducing the amount of your principal balance and therefore the amount of money you’re accruing interest on.

Should I refinance my law school loans?

Refinancing may be ideal for you if…

• You can significantly reduce your total loan cost and/or monthly payments with a lower interest rate
• You want to restructure your payment plan for a shorter or longer repayment period
• You’re confident you can make your new payments and don’t need federal protections
• You’re not eligible for student loan forgiveness programs

An alternative to refinancing may be a better idea if…

• You can’t get a lower interest rate than your current loans
• You don’t qualify for refinancing student loans without a cosigner and don’t have a cosigner available to help you
• You’re eligible for student loan forgiveness programs

Find out how much you could save with Earnest

Refinancing your law school loans could save you potentially thousands of dollars in interest over the life of the loan. You could pay off your debt faster with a lower rate for lawyers and law professionals. And you get the option to refinance again later if rates drop even more. Find out today how much you can put back in your pocket by checking your rate with Earnest. Checking won’t affect your credit report, and it can give you the knowledge you need to get on track to meet your financial goals.

About the Author

Kassondra Cloos

Kassondra Cloos is a writer, editor, and former Earnest client. She refinanced her own student loans with Earnest after graduating and has first-hand experience with the refinancing process. She has been writing about personal finance and student loans since 2017. She also writes about sustainable travel and adventure for The Guardian, Outside, Backpacker, and many other publications. You can find more of her work via her travel newsletter, Out of Office.