The Easter Road club have been forced into the transfer market to reinforce their keeping options after a serious injury to Kevin Dabrowski.
The 24-year-old Pole, who had been back-up to club captain and No 1 David Marshall, has damaged ligaments in his shoulder after a training-ground collision earlier this week.
Hibs expect Dabrowski to be out for a substantial period of time and with teenager Murray Johnston their only other option at the club, manager Lee Johnson moved quickly to land 22-year-old Schofield, who had a brief loan spell at Livingston back in 2020 that was cut short by injury.
“I am delighted to be here,” Schofield said. “It all happened very quickly but I am delighted to get the move done.
“I have been in Scotland before and the size of Hibs as a club really impressed me – as well as the fanbase.
“At Livingston I really enjoyed it, but Hibs was the right move. I loved the city of Edinburgh when I was here last time and the stadium really impressed me when I was here before. I am looking forward to seeing that atmosphere first-hand.”