Refinance student loans

Refinance only when it helps. Here is how to tell.

Refinancing replaces your student loans with one private loan at a new rate. For private loans it usually costs you nothing but the old rate; for federal loans it costs you the Repayment Assistance Plan, Public Service Loan Forgiveness and the right to pause payments.

Run the refinance calculator Read the federal-loan guide See this month's refinance rates

Who should keep the federal loan

You work in public service, or might. No private rate beats Public Service Loan Forgiveness.
Your balance is large relative to your income, or your income could fall. The Repayment Assistance Plan is the safety net.
Your federal rate is already low. Those loans are from the 2020-21 or 2021-22 award years, when undergraduate rates were 2.75 and 3.73 percent and graduate rates 4.30 and 5.28 percent. No private refinance available in November 2026 beats those rates.
You may need to pause payments. Federal deferment and forbearance exist for exactly those situations.
You hold Parent PLUS loans and might need death and disability discharge, which a refinance ends.

Who should run the numbers

The loan is private, or carries a 2023 or later federal rate of 7 to 9 percent.
Your credit is strong and your income is steady enough for a rate at the low end of a lender's range.
You are not in public service and do not expect to be.
You could repay in ten years or less, with the new payment rated Comfortable or Manageable.
You would not use an income-driven plan even if things went wrong.

Run the numbers

Enter the loan you have and the offer you are weighing. The result shows the payment change, the total cost change and whether the new payment fits your income.

Refinance offers are coming. Until then, the calculator above and the guides below are the place to start.

What you give up when you refinance a federal loan

Federal Student Aid is direct about it: a refinanced federal loan becomes a private loan, and private loans do not carry federal borrower protections. In 2026 that list is:

The Repayment Assistance Plan (RAP). RAP launched July 1, 2026 and replaced SAVE. Your payment is a percentage of your adjusted gross income, from 1 percent at $10,001 to $20,000 of income up to 10 percent above $100,000, minus $50 a month for each dependent, with a $10 monthly minimum. Interest your payment does not cover is waived rather than added to your balance, and whatever remains is forgiven after 360 qualifying payments. IBR, PAYE and ICR continue for now for borrowers already in them.
Public Service Loan Forgiveness. Forgiveness after 120 qualifying payments while working for a government or nonprofit employer. A refinanced loan can never qualify, and payments already made toward PSLF on that loan stop counting.
Federal deferment and forbearance. Pauses for unemployment, economic hardship, military service and school enrollment that a private lender is not required to match. Some private lenders offer their own hardship programs; the terms are the lender's to set and change.
Subsidized interest. On Direct Subsidized Loans the government pays interest during deferment; a private loan has no subsidy.
Death and disability discharge. Federal loans are discharged on the borrower's death or total and permanent disability. Private lenders usually offer something similar, but it is a policy, not a legal right, and it varies by lender.
The 1 percentage point auto pay reduction. Direct Loan borrowers on auto pay get a full percentage point off their rate from July 1, 2026 (it was 0.25 before), and the Department of Education extended the enrollment deadline to December 31, 2026. Private lenders generally offer 0.25 for auto pay.

Thirteen refinance guides

Should You Refinance Federal Student Loans in 2026? What RAP, PSLF and the New Rates Change
Refinancing a federal loan into a private loan is permanent. See what you give up under RAP and PSLF, when the math works anyway, and the middle path.
Refinancing Parent PLUS Loans: Keep Them, Refinance Them, or Move Them to Your Student
Parent PLUS carries 9.07 percent and the fewest repayment options. When refinancing it makes sense, what you give up, and how moving the loan to your student works.
Refinancing Medical School Loans: What to Do in Residency and When Refinancing Beats RAP
Keep federal loans federal through residency, where RAP and PSLF do the heavy lifting, and refinance after training only when the math beats both. The numbers, with examples.
Refinancing Law School Loans: Public Interest, the Median Lawyer and the Large-Firm Associate
Whether to refinance law school loans depends on where you practice. PSLF for public interest, RAP at the median salary, refinancing for large-firm associates. The numbers.
Refinancing MBA and Master's Degree Loans: When the Math Works and When RAP Wins
MBA graduates with signed offers are often good refinance candidates; master's graduates in modest-income fields usually keep the federal loan for RAP and PSLF. The numbers.
Refinancing Student Loans With Bad or Thin Credit: What Is Realistic
With thin or damaged credit, refinance only a private loan priced well above the market, never a federal loan, and use six to twelve months to earn a better offer. The numbers.
Student Loan Refinancing: When It Helps and When It Hurts
Refinancing can lower your interest rate, but it means giving up federal protections like IDR plans and loan forgiveness.
Student Loan Consolidation vs. Refinancing Explained
Federal consolidation and private refinancing sound similar but work very differently. This side-by-side comparison helps you decide which option fits your loans.
When to Refinance a Private Student Loan
Know the right time to refinance your private student loan based on rate drops, credit score improvements, and cosigner release goals.
Refinance Timing for Undergrads: When It Makes Sense (and When to Wait)
When should undergrads refinance student loans? The credit, income, and rate milestones that signal you are ready, plus the federal protections to never give up lightly.
How Cosigner Release Works on Private Student Loans
Most private student loan cosigners can apply for release after 12 to 48 months of on-time payments. Here is how the process works and what each lender requires.
Fixed vs. Variable Student Loan Rates: How to Choose
Fixed rates stay the same. Variable rates start lower but can rise. Here is how to decide which type is right for your student loan.
Student Loan Refinance Rates This Month: Federal Benchmarks, Lender Ranges and What Moved
Student loan refinance rates this month, read from lenders' own pages, next to the federal rates they have to beat. Updated by the fifth of each month with the date shown.

Frequently Asked Questions

Is refinancing the same as consolidation?

No. Federal consolidation combines federal loans into one federal Direct Consolidation Loan and keeps federal protections. Refinancing replaces loans with a new private loan at a new rate and ends federal protections on any federal loan it pays off.

Can I refinance just some of my loans?

Usually, yes. Most lenders will refinance a subset of your loans. Refinancing private loans first, then only the federal loans whose rate an offer beats by at least a full point after the auto pay reduction, keeps the safety net where it is cheapest to keep.

Will I lose PSLF?

Yes, for every federal loan you refinance. Qualifying payments already made on that loan stop counting, and the new private loan can never qualify. Borrowers pursuing PSLF should not refinance any federal loan.

What credit score do lenders look for?

Lenders set their own standards and most do not publish a single cutoff. Generally, borrowers with scores in the high 600s and above and steady income are considered, and the lowest advertised rates usually go to applicants with excellent credit.

Can a student refinance a parent's PLUS loan?

Some lenders allow a student to refinance a parent's PLUS loan into a loan in the student's name. The loan becomes private, the parent is released, and all federal protections on it end.

When will CollegeLens show refinance offers?

Refinance offers are being added and will appear on this page when they are live. Until then, the calculator and the guides on this page are the place to start.