More law firms help associates find lenders to refinance student debt; will firms help pay?
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Several BigLaw firms are replicating a Latham & Watkins program to connect associates with banks willing to refinance their student debt.
According to the Am Law Daily, the banks refinance the debt at rates as low as 2.5 percent (at First Republic Bank) and 2.14 percent (at Common Bond and Social Finance Inc., known as SoFi). Citizens Bank is also working with at least one law firm.
The article lists several law firms that have set up refinancing programs with banks. Besides Latham, they include: Kirkland & Ellis; Skadden, Arps, Slate, Meagher & Flom; Goodwin Procter; Akin Gump Strauss Hauer & Feld; Orrick, Herrington & Sutcliffe; and Weil, Gotshal & Manges.
SoFi co-founder and vice president Daniel Macklin told the Am Law Daily the lender is working with more than 50 of the nation’s top 100 law firms. While law firms are mostly facilitating the loans, some firms are considering employer contribution programs to help make payments, he said.