REFINANCING

A lower rate is only part of the decision.

Check what you would give up, then compare the numbers on an actual offer.

First, protect your options.

Answer these before evaluating a private refinance.

Loans you may refinance

Could you benefit from federal forgiveness or income-driven payments?

Review your federal path first

Before refinancing federal debt, check PSLF and income-driven repayment. A lower quoted payment does not capture the value of those benefits.

Check your PSLF path →

Compare a fixed-rate offer

Illustration

These are example rates, not advertised lender offers.

Balance to refinance

Current interest rate

Remaining years

New fixed interest rate

New term

NEW MONTHLY PAYMENT

$2,171

Comparison	Current	New
Monthly	$2,427	$2,171
Interest	$91,186	$60,463
Total paid	$291,186	$260,463

Lower total cost$30,723

Full repayment comparison only. Excludes fees, bonuses, taxes, variable rates, forgiveness, subsidies, and federal protections. It does not compare an IDR or PSLF strategy.

Method: fixed-rate monthly amortization with level payments, no fees, and no prepayments. The current loan is modeled over the remaining term. A longer term can reduce the monthly payment while increasing total interest.

Bring the right questions to each lender.

Compare several personalized offers on the same day and term. Do not rely on another borrower’s quoted rate.

Read the private-loan checklist →

Sources checked September 13, 2026CFPB · consolidation and refinancing