December 06, 2016

How to Pay Down Your Law School Debt...On Your Timeline

Paying Down Your Law School Debt.

View the Powerpoint slides.

If you’re about to graduate or have graduated from law school with student loan debt, you’re not alone. Law school grads are graduating with student loan balances over $100,000 on average, and interest rates north of 7% in many cases. The question on many young lawyers’ minds is “How can I pay this back without living on Ramen noodles for the next 10-15 years?”

The good news is there are options out there to help you manage your student loan debt, whether you’re looking to pay your debt off as fast as possible or just trying to lower your monthly payments. During this program CommonBond a leading lender that focuses on student loan refinance,discusses student loan refinance options, and answers the most frequently asked questions that recent JDs have about their student debt.

What you’ll learn:

  • How lawyers can save $18,332* on average, by refinancing your student loans.

  • What Federal programs are available for lawyers.

  • When lawyers should start thinking about refinancing.

*Savings calculation of $18,332 is based on an assumed loan balance of $125,000 and a weighted average interest rate for CommonBond members that refinanced student loans from 10/1/2015-1/31/2016 and indicated they had a law degree. Savings is calculated as the difference between borrowers’ estimated future payments for loans at 7.21% (Federal Grad PLUS Rate between 7/1/14 and 6/30/15 ) and their future expected payments after refinancing with Common- Bond. The calculation is a weighted average dollar savings across loan terms and assumes no change in interest rates, on-time payments, enrollment in ACH, and no pre-payment of loans.

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