What is student loan refinancing?
Student loan refinancing: Student loan refinancing replaces one or more existing student loans with a new private loan, with its own rate, term and lender.
Refinancing can change your rate, your monthly payment or how long you take to repay. Lenders review your credit, income and other information, and some allow a cosigner.
Refinancing federal student loans into a private loan means giving up federal benefits, such as income-driven repayment plans and federal forgiveness or deferment options. That cannot be undone.
When you compare offers
Compare fixed and variable offers, the total cost over the new term, and the federal benefits you would give up.
Related guides
- What to Know Before Refinancing Student Loans
How student loan refinancing works, what you give up when you refinance federal loans, and the details worth comparing before you switch to a private lender.
- How to Refinance Student Loans, Step by Step
A step-by-step guide to refinancing student loans with a private lender: what to check first, what you give up on federal loans, how to compare offers and what to do after you apply.
This glossary is for general educational purposes and isn't financial, legal or insurance advice. Lendara is not a lender and does not make credit decisions. Lendara is a free online marketplace that connects you with participating lenders and providers, who set their own eligibility rules, rates, fees and terms. Lendara may receive compensation from partners, which may affect which offers appear and their order.