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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Refinancing federal student loans into a private loan may lower your interest rate, but federal benefits do not transfer to the new loan. You could lose access to federal repayment plans, payment relief, and forgiveness or discharge programs; the private loan contract will determine what protections remain. Whether that trade-off makes sense depends on your loans, eligibility, and the terms you are offered.
What changes when you refinance federal student loans?
A private refinance pays off the federal loans and replaces them with a private loan. From then on, the private lender’s contract—not the federal loan program—sets the interest rate, repayment schedule, and available relief. Federal Student Aid advises borrowers to review private-loan terms carefully before giving up federal benefits: Federal Student Aid’s guidance on refinancing federal loans.
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That does not mean every borrower loses every benefit in the same way. What you currently qualify for depends on your loan type, payment history, program rules, and circumstances. Private lenders also vary, so read the actual offer rather than assuming it includes protections equivalent to federal ones.
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Which federal benefits could you give up?
Income-driven repayment and possible discharge
Federal income-driven repayment (IDR) plans calculate payments using factors such as income and family size, subject to the plan’s rules and the borrower’s loan eligibility. Depending on the applicable rules and repayment history, a borrower may also qualify for discharge after the required repayment period. A private refinance removes the refinanced debt from federal IDR plans and any associated federal discharge pathway.
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Federal Student Aid’s current repayment guidance describes 20- or 25-year IDR discharge for borrowers who do not have loans disbursed on or after July 1, 2026. Eligibility and plan rules depend on loan type and timing, and federal repayment guidance can change. Check the current Federal Student Aid IDR FAQs and repayment information for your loans before making a decision.
Public Service Loan Forgiveness
Public Service Loan Forgiveness (PSLF) is generally tied to eligible Direct Loans, qualifying employment, and qualifying payments. Federal Student Aid describes the general threshold as 120 qualifying monthly payments while working full time for an eligible employer. A private refinance can remove the refinanced debt from that federal program pathway; the private loan does not become PSLF-eligible because the borrower continues to work in public service. See Federal Student Aid’s PSLF guidance for program requirements.
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Other federal forgiveness and discharge programs
Depending on the borrower and loan, federal benefits may include teacher loan forgiveness, total and permanent disability discharge, or borrower-defense discharge. Refinancing into private debt can end access to these federal programs for the refinanced balance. These are not benefits every borrower qualifies for: each has its own eligibility criteria.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesDeferment, forbearance, and interest treatment
Federal deferment and forbearance can provide temporary payment relief under specified conditions. Interest may accrue during these periods, and the treatment depends on the loan and relief type. For example, certain subsidized loans receive specified interest treatment during deferment. A private lender may offer hardship relief, but its terms, eligibility tests, and interest treatment are set by its contract; do not assume they match federal options. Federal Student Aid discusses payment preparation and relief at How To Prepare for Student Loan Payments.
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Federal consolidation is different from private refinancing
Direct Consolidation combines eligible federal loans into a federal Direct Consolidation Loan; it does not replace them with private debt. It has its own consequences: consolidation can change repayment duration and affect payment credit toward IDR forgiveness. Evaluate consolidation separately from a private refinance, using Federal Student Aid’s guide to federal student loan consolidation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare a refinance offer with the benefits at stake
Federal Student Aid does not promise that refinancing will save a particular borrower money or endorse a lender. Compare the complete loan offer with the protections you may need, not just the advertised rate or monthly payment.
Quick Recap
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- Check the rate. Find out whether it is fixed or variable, whether the quoted rate is guaranteed, and what conditions apply.
- Compare the full cost. Review the monthly payment, repayment term, fees, and total repayment amount. A lower monthly payment can result from a longer term and does not by itself mean you will pay less overall.
- Read the contract’s relief provisions. Check whether the lender offers deferment, forbearance, discharge, or other hardship options, and note their qualifying conditions and interest treatment.
- Check underwriting and cosigner terms. Determine whether approval requires a cosigner and whether the contract permits cosigner release—and on what conditions.
- Identify federal programs you might use. Consider whether your loan type, work, income, payment history, health, or other circumstances could make IDR, PSLF, teacher loan forgiveness, disability discharge, borrower-defense discharge, or federal payment relief relevant.
- Verify your individual situation before accepting. Confirm your loan types, program eligibility, and payment history with your servicer or Federal Student Aid, then compare those details with the private contract.
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