Student Loan Refinancing

Explore Student Loan Refinancing Opportunities

Don’t let student loans hold you back. We believe in turning your educational investment into a stepping stone, not a stumbling block. DebtMD links you with experts who can guide you through the process of consolidating your federal and/or private student loans at potentially lower interest rates. Start your journey towards freedom from student debt today.

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Table Of Contents

What is Student Loan Refinancing

Student loan refinancing is the process of obtaining a new loan with a private lender to pay off one or more existing student loans. This could include both private and federal loans. When you refinance, the objective is often to simplify your payments and get a lower interest rate, which could save you money over the lifetime of the loan. If you're currently making payments to multiple lenders each month, refinancing can consolidate these into a single monthly payment.

Knowing When To Refinance Your Student Loan 

If you have high-interest student loans, especially private loans, and your financial situation has improved since taking them out, i.e. having a stable job, you might qualify for a lower interest rate through refinancing. A better financial situation is more attractive to refinancing lenders as it provides them with the confidence that you can handle new loan terms.

Understanding Your Options

When you refinance your student loans, you get a multiple of benefits: lower interest rates, simplified payment, and flexible repayments. However, it’s important to know that if you have federal loans, refinancing with a private lender will cause you to lose benefits like income-driven repayment plans or potential loan forgiveness. If you are certain you won’t need these benefits then refinancing might be a good option. 

Pros and Cons of Student Loan Refinancing


  • Lower Interest Rates: Perhaps the biggest advantage of refinancing is the prospect of securing a lower interest rate, which could save you money.
  • Simplified Payments: For those juggling multiple student loans, refinancing can merge them into one loan, which means a single monthly payment
  • Flexible Repayment Terms: Refinancing could improve your payment terms, giving you a faster payment schedule or lower monthly payments. 
  • Release of Co-signer: If your original loan had a co-signer, refinancing gives you the ability to put the loan in your own name.  


  • Loss of Federal Loan Benefits: Refinancing federal student loans with a private lender means you'll lose access to federal benefits.
  • Costs and Fees: Some lenders might charge origination fees or prepayment penalties.
  • Credit Requirements: You'll typically need a good to excellent credit score to qualify for the best refinancing terms. 
  • Potential for Higher Long-Term Costs: you might end up paying more in interest over the life of the loan, if you extend your terms.

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