Law school can be an expensive proposition. You often find yourself with a lot of student loan debt and the prospect of paying it all back can be daunting.
One way to tackle your law school loans is to refinance. Here’s what you need to know about refinancing law school loans.
When does it make sense to refinance a law school loan?
Before going ahead with a law school loan refinance, first ask yourself if this is the best choice for you.
In some cases, if you work as a government attorney or as an attorney for a non-profit organization, it may actually make more sense to consider Civil Service Loan Waiver (PSLF) or search for loan assistance repayment programs offered by states, law societies, and law schools. These programs are designed to help those in lower-paying jobs in the public and nonprofit sectors manage their student loan debt.
If you qualify and have federal student loans, it might make more sense to use a income-based repayment plan to make your payments more manageable. Then work on qualifying for one of these programs that can help you get rid of your debt by canceling all or part of your law student loan balance.
On the other hand, law school loan refinance may make sense if you have a well-paying job in the private sector and hope to get out of debt faster and save money on interest. With refinancing, you can usually get a better rate than what you see on federal student loans, especially if you are well qualified and creditworthy.
A law school loan refinance might make sense if you have federal loans and don’t qualify for federal forgiveness programs, or if you have high-interest private student loans. Either way, refinancing can give you the opportunity to improve your terms and save money in the long run.
What about PLUS loans?
In some cases, it may make sense to refinance the PLUS loans you receive for law school. If you were to add PLUS graduate loans in addition to your direct federal loans, you may be able to refinance these loans. In fact, you can refinance all of your student, federal (Direct and PLUS) and private loans together. That way, he gets everything in one place, with potentially lower interest and one payment.
How to Get the Best Deal When Refinancing Law School Loans
When determining the best ways to refinance law school loans, it’s important to pay attention to your options. Here are some tips on the best ways to refinance law school loans.
Look at different options from a variety of sources. There are comparison websites online that make it easier to see what is available. You can also check the websites of different lenders for their terms and conditions.
Another option is to use an organization like Juno to help you negotiate better deals with lenders and find law school loan refinance deals that work best for your situation.
Juno’s best law school refinance option for most is through partner lender Earnest, where Juno members get an exclusive 0.25% rate cut that you wouldn’t get by going direct. to the lender.
Splash is another Juno partner and it is a marketplace that can help you compare rates starting at 1.88% APR and only through Juno you can get up to $1000 cash back when you refinance as a Juno member through Splash.
It’s free and easy to join Juno as a member, so don’t miss out on these exclusive refinance offers negotiated at no cost to you. After checking out Juno, be sure to check out other websites to compare. You want the deal that is likely to work best for you.
Manage your credit
When refinancing law school loans, your credit matters. Double-check to make sure you’re building habits that will help boost your credit so you’re a better prospect to potential lenders. Good credit often means lower interest rates and access to better deals that can save you money over time, as well as paying off your student loans at a faster rate.
Consider a co-signer
If you can’t qualify for a law school loan refinance, look for a company that lets you get a co-signer. For example, Laurel Road allows co-signers. If you don’t quite have the credit or income to help you qualify for a refinance, a co-signer can help. Even if you qualify, the interest rate could be higher than you want. A co-signer can help you get a lower interest rate. The co-signer agrees to take responsibility for your loan if you don’t pay.
When you add a co-signer, make sure you’re ready to make payments so you don’t leave your co-signer to handle the debt themselves. You can also look to see if a lender offers a cosigner release. This way, once your own situation has improved, you can have them removed from your loan.
Whether or not there is a cosigner release, however, you can still see improved offers when you add one to your application and potentially see a better offer with your law school loan refinance.
At the end of the line
Refinancing law school loans can be a good way to get everything together in one place and see a potentially lower interest rate. Plus, with the right approach, you may be able to pay off your law school loans faster. Before proceeding, carefully consider your personal situation. Determine if it makes sense to consolidate federal loans separately and refinance private loans, or if you are in a situation where you could benefit from refinancing your federal loans as well as private loans.
Once you’ve decided what’s best for you, shop around and use resources like Juno to help you figure out which loan is best for you and get a deal that saves you money and you. helps pay off your law school loans much faster.
Juno can help you find the most affordable law school loan refinance rates possible. Juno negotiates on behalf of borrowers with partner lenders to help every law school graduate qualify for the best refinance rates possible for their financial situation.