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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallRefinancing student loans means taking a new private loan to pay off existing loans. It may change your interest rate, monthly payment, repayment term, and total cost. If you refinance federal loans into a private loan, you also give up federal repayment and forgiveness protections. Compare personalized offers against the benefits you would lose—not just against an advertised rate.
Refinancing and federal consolidation are different
Private refinancing replaces one or more existing loans with a new private loan, subject to a lender’s underwriting and contract. Federal Direct Consolidation instead combines eligible federal loans into one federal loan; it is not a way to shop for a private lender’s rate. The Federal Student Aid consolidation guide says the new fixed rate is the weighted average of the included loans’ rates, rounded up to the nearest one-eighth of a percentage point. Unpaid interest may be added to the principal during consolidation.
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Consolidation can simplify federal repayment, but it may change the repayment term and the total amount paid. It does not convert federal debt into private debt. Refinancing federal loans with a private lender does: the resulting loan is governed by the private contract, not federal student-loan programs.
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Private loans
For private loans, compare actual offers with your current rate, remaining term, and payoff balance. A new loan could offer a lower APR or a different payment schedule, but the advertised starting rate is not a personalized quote. Underwriting and terms depend on the lender and applicant.
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Federal loans
Before including federal loans in a private refinance, identify any income-driven repayment, deferment, forbearance, cancellation, or forgiveness options you may use. The Consumer Financial Protection Bureau (CFPB) explains the risks of refinancing federal loans, including losing federal benefits. This trade-off may matter especially if your income is uncertain or you may qualify for Public Service Loan Forgiveness or another forgiveness program. Compare the value of those protections with the specific private offer; a lower rate alone does not settle the decision.
Compare rates on a like-for-like basis
Federal loan rates are fixed by loan type and disbursement year. For Direct Loans first disbursed from July 1, 2026 through June 30, 2027, the U.S. Department of Education lists these fixed rates:
| Loan type | Rate for loans first disbursed July 1, 2026–June 30, 2027 |
|---|---|
| Undergraduate Direct Subsidized and Unsubsidized | 6.52% |
| Graduate or professional Direct Unsubsidized | 8.07% |
| Direct PLUS for parents and graduate or professional students | 9.07% |
These are U.S. Department of Education rates for new loans in that academic-year window, not rates for all existing borrowers. Check the actual rate on each loan. Federal Student Aid notes, “A fixed rate will not change for the life of the loan.” See its federal student loan interest-rate table.
Private refinance rates are personalized and can change over time. For example, KeyBank’s rate page reported APRs current September 10, 2026, subject to change, and described factors including employment, debt-to-income, disposable income, and credit history. Firstmark’s page reported rates current July 1, 2026 for its lender network and described no origination or application fees on the products covered there. Those are dated, provider-specific disclosures, not guarantees of approval or market-wide terms. Review the KeyBank refinance disclosure and Firstmark refinance information for the offers and terms they describe.
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For every offer, record the APR you personally receive, whether it is fixed or variable, the term, fees, applicable discounts, monthly payment, and total repayment. A variable rate can rise; a longer term can lower the monthly payment while increasing total interest. For a variable offer, check the index, reset schedule, and contractual cap rather than assuming the opening rate will last.
Estimate the full cost, not just the payment
Start with each loan’s current payoff balance, including accrued unpaid interest, then compare it with the new loan’s terms. Include any origination or other fees, autopay discount conditions, repayment term, and the possibility that a variable rate will rise. Check for prepayment penalties and read the contract to see whether cosigner release is available.
Federal Student Aid illustrates how capitalized interest can affect total repayment in its interest capitalization explanation. Its example compares $46,425 with $53,113 paid over 20 years on a $27,000 principal balance when $3,890 of unpaid interest is capitalized in the higher-cost scenario. The page does not state the example’s year. It illustrates interest capitalization in federal consolidation; it is not a refinance quote or a forecast of what an individual borrower will pay.
Check eligibility and cosigner terms
There is no single credit-score, income, or degree threshold that applies across refinance lenders. Requirements can vary by lender and product. Disclosures reviewed for these offers describe factors such as legal borrowing age, eligible degree or school status, verifiable income, employment, credit history, debt-to-income ratio, disposable income, and whether a cosigner meets underwriting standards. Some products also have restrictions on eligible degrees, loan balances, geography, or repayment terms. Confirm the criteria and eligible loan types directly with each lender; an advertised starting APR does not establish that you qualify.
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A cosigner may help an application meet credit or income requirements, but is responsible for the loan under its contract. If a lender offers cosigner release, check the specific agreement for the required number of on-time payments and the independent credit and income review. Firstmark’s page describes partner-specific release terms after 12 to 36 consecutive on-time payments, subject to the lender’s then-current criteria; that range is not an industry standard.
Quick Recap
Use this checklist before applying
- Inventory your loans. For each one, record whether it is federal or private, its balance, rate and rate type, accrued interest, monthly payment, remaining term, servicer, and any forgiveness or employer benefit tied to it.
- Protect federal benefits. If a private refinance would include federal loans, check forgiveness eligibility and whether you may need income-driven repayment, deferment, or forbearance before applying. Compare those protections with the actual private offer.
- Compare fixed and variable offers separately. For each variable loan, review the rate index, reset schedule, and cap. Do not treat its opening rate as permanent.
- Compare total repayment as well as the monthly amount. A longer term may make payments more manageable but can increase total interest.
- Read the complete terms. Check fees, discounts and their conditions, minimum and maximum loan amounts, eligible loan types, payment start date, term, hardship options, prepayment terms, and cosigner release rules in the disclosure and promissory note.
- Consider federal consolidation separately. If you want to simplify eligible federal loans without turning them private, compare the weighted rate, repayment term, and any capitalization effects.
Compare offers across the terms that matter
| What to compare | What to verify |
|---|---|
| Rate | Personalized APR; fixed or variable; any index, reset schedule, or cap |
| Fees and discounts | All fees and the conditions for any rate or autopay discount |
| Repayment | Term, monthly payment, payment start date, and total paid over the full term |
| Flexibility | Hardship, deferment, or forbearance provisions in the private contract |
| Cosigner | Cosigner liability and whether, when, and under what test release is allowed |
| Eligibility | Accepted loan types, minimum and maximum balances, and applicant requirements |
| Federal protections | Which federal benefits would be lost if federal loans are refinanced privately |
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
