Debt tools
Should I refinance my federal student loans?
Refinancing federal student loans with a private lender can lower the rate. It also moves the debt out of the federal program for good, and with it the income-driven plans, forgiveness, and the deferment, forbearance and discharge protections. See what the rate saves, and what it costs.
Your federal loans
The weighted average, if you have several loans.
The private offer
For the income-driven comparison (optional)
You, plus anyone you support.
Enter your federal balance, rate and years left, and the private offer.
What refinancing gives up
Income-driven repayment. Federal loans can be repaid as a share of income, which falls if your income does. A private loan's payment is fixed by its terms.
Forgiveness, including PSLF. Public Service Loan Forgiveness forgives Direct Loans after 120 qualifying payments in public service; it does not apply to private loans, nor do other federal forgiveness programs.
Deferment and forbearance. Federal loans can be paused in hardship on federal terms. Some private lenders offer forbearance, on their own terms.
Discharge. Federal loans are discharged on death or permanent disability. Many, but not all, private lenders offer something similar.
It cannot be undone. Once federal loans are paid off by a private lender, they cannot be moved back into the federal program. Private lenders set their own rates and terms, based on your credit, and a variable rate can rise.
Refinancing is not the same as a federal Direct Consolidation Loan, which combines federal loans and keeps them federal.
All four happen in your browser. Your figures are not sent anywhere — the email opens in your own mail app, already filled in.
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