By Joel Chouinard, CFP®
August 14th, 2025
If you're a Big Law attorney, there's big news on the student loan front—the interest pause is officially over, and the SAVE plan is being phased out.
Whether you're aiming to minimize interest, maximize flexibility, or just find the smartest path forward, the decision you make today could save—or cost—you tens of thousands over the life of your loan.
Let’s break it down.
Interest Is Back—But Loans Are Still in Forbearance?
Yes, and it’s confusing.
Right now, interest has started accruing again for borrowers on the SAVE plan, but loans are still technically in forbearance. That might sound like a temporary win—but it's actually a ticking clock.
This odd overlap is due to the Department of Education’s gradual wind-down of the SAVE Plan. If you’re still on SAVE and do nothing, your loan balance could quietly balloon with interest until the government auto-enrolls you in a different plan.
That could happen as late as July 1, 2028, but many experts expect it to come much sooner.
So, if you're a high-income professional like a Big Law attorney, now's the time to take control of your student loan repayment strategy.
Here are your main options.
Option 1: Stay on the SAVE Plan (For Now)
Even though interest is back, staying on SAVE can still be a smart short-term play—especially if you’re managing multiple financial priorities like:
- A wedding
- A house down payment
- Paying off other debt
The key benefit? Flexibility.
Since your loans are in forbearance, any voluntary payments go directly toward accrued interest and then principal. That gives you full control over how aggressively (or not) you want to tackle your loans.
💡 Pro Tip: At a minimum, cover the monthly interest to prevent your balance from growing.
And yes, this is temporary. But for attorneys who want breathing room while they prioritize other goals, this can be an effective way to stay in control—without locking into high monthly payments just yet.
Option 2: Switch to the Standard Repayment Plan
If your goal is to get rid of your law school debt within 10 years or less, this plan gives you a clear roadmap.
The Standard Repayment Plan isn’t based on income—it’s based on your loan balance and interest rate, amortized over 10 years. And you can make additional principal payments to pay it sooner, without pre-payment penalties.
That means:
- Higher monthly payments ✔️
- Faster payoff ✔️
- Full retention of federal protections (such as the ability to go back to an Income-Driven Repayment plan or go on deferment because of a hardship) ✔️
But here’s the twist: you might get the same payoff timeline by staying on SAVE and voluntarily making aggressive payments. The difference? SAVE gives you the flexibility to scale those payments up or down as your financial situation changes.
So ask yourself—do you value flexibility, or structure?
Option 3: Refinance with a Private Lender
For some Big Law attorneys, the top priority is minimizing interest. Perhaps your goal is to be debt-free as soon as possible to have more career flexibility (e.g., going in-house). If that’s you, refinancing might be the move.
Refinancing could mean:
- Lower interest rates (if you have great credit, stable income, and a history of paying your debt on time)
- Smaller total interest paid over the life of the loan
- Sign-up bonuses or cashback offers from lenders
Example: A 1% rate cut on a $200,000 loan can save you over $12,000 in interest over 10 years.
But be careful—this move is irreversible. Once you refinance:
- You lose access to Income-Driven Repayment plans
- You forfeit forgiveness programs
- You’re no longer eligible for deferment or forbearance protections
For some, it’s worth the trade-off. For others, it’s not. Make sure it aligns with your broader financial goals.
If refinancing is for you, then you should consider shopping rates in a student loan marketplace like Juno.
Choosing the Right Student Loan Strategy: What Big Law Attorneys Should Do Next
Whether you:
- Stick with SAVE
- Switch to the Standard Plan
- Refinance privately
This isn’t a decision to make in isolation.
Your student loan strategy should be part of your bigger financial picture—alongside saving, investing, planning for major life events, and building long-term wealth.
Need Help Making a Plan?
If you're a Big Law attorney and want a second opinion—or just someone to help you cut through the noise—I’d love to help.
👉 Schedule a free introductory call today.
👉 Learn more about our services & pricing.
Let’s make sure your student loan strategy is working just as hard as you are.
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