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Refinancing Federal Student Loans

You might be able to save money by refinancing your federal student loans. But there are also risks to keep in mind, such as losing access to income-driven repayment.

Eric Rosenberg Eric Rosenberg Edited by Ashley Harrison Updated January 3, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Federal student loans can be a good way to pay for college, especially because they come with borrower protections.

But if you have good credit, you might be able to save more money with a lower interest rate if you refinance federal student loans. However, there are pros and cons to consider first.

Here’s what to know before you refinance federal student loans:

  • Can you refinance your federal student loans?
  • Is refinancing a good idea right now?
  • Benefits and risks of refinancing
  • Refinancing vs. consolidation
  • How to refinance federal student loans
  • Frequently asked questions

Can you refinance your federal student loans?

Yes, you can refinance federal student loans like most other types of student loans. When you refinance a federal student loan, you’ll pay it off with a new private student loan.

Keep in mind that if you refinance your federal loans, though, you’ll lose access to federal benefits — including income-driven repayment and student loan forgiveness programs.

Keep in mind: Refinancing is different from federal student loan consolidation, which combines federal student loans into one while also keeping federal student loan benefits.

Is refinancing student loans a good idea right now?

Due to the COVID-19 pandemic, federal student loan payments and interest accrual have been paused by the CARES Act through May 1, 2022. If you refinance your federal student loans, you’ll no longer be eligible for this administrative forbearance.

Because of this, it might be a good idea to wait before refinancing, depending on your situation.

Tip: If you’re wondering how competitive your loan is, the loan score tool below can help.

Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.

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Learn More: Coronavirus Relief for Federal Student Loan Borrowers in Place Through 2021

Benefits and risks of refinancing

While refinancing your federal student loans might be a good choice in some cases, it isn’t right for everyone. If you’re thinking about refinancing your student loans, it’s important to consider the pros and cons first.

BenefitsRisks
  • Might get a lower interest rate
  • Can extend your repayment term to get a lower monthly payment
  • Might be able to pay off your loan sooner
  • No federal deferment or forbearance programs
  • No income-driven repayment plans
  • No student loan forgiveness

Advantages of refinancing

Here are some of the benefits of refinancing to keep in mind:

  • You could get a lower interest rate. If you refinance, you might qualify for a lower interest rate, which could save you money over the life of your loan.
  • You could get a lower monthly payment. If you choose a longer repayment term, you could get a lower monthly payment. Just keep in mind that extending your repayment means you’ll pay more in interest over the life of your loan.
  • You could pay off your loans sooner. If you’re able to get a lower interest rate by refinancing, you’ll have fewer interest charges over the life of your loan. Because of this, you might be able to pay off your loan faster than if you hadn’t refinanced.

If you choose to refinance, be sure to consider as many refinancing lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in just two minutes.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)Loan amounts

advantage education loan student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
2.94%+ N/A10, 15, 20$7,500 up to up to $200,000
(larger balances require special approval)
  • Fixed APR: 2.94%+
  • Variable APR: N/A
  • Min. credit score: Does not disclose
  • Loan amount: $7,500 up to $500,000
  • Loan terms (years): 10, 15, 20
  • Max. undergraduate loan balance: $250,000 - $500,000
  • Time to fund: 4 months
  • Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a resident of Kentucky
  • Customer service: Phone
  • Soft credit check: No
  • Cosigner release: After 12 months
  • Loan servicer: Kentucky Higher Education Student Loan Corporation
  • Max. graduate loan balance: $250,000 - $500,000
  • Credible Review: Advantage Education Loan review
  • Offers Parent PLUS Refinancing : Yes

brazos student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
2.35%+ 2.45%+ 5, 7, 10, 15, 20$10,000 up to $250,000
(depending on degree)
  • Fixed APR: 2.35%+
  • Variable APR: N/A
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $400,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 - $149,000
  • Max. Graduate Loan Balance: $200,000 - $400,000
  • Offers Parent PLUS Refinancing: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
3.74%+1 1.99%+1 5, 7, 10, 15, 20$10,000 to $500,000
(depending on degree and loan type)
  • Fixed APR: 3.74%+1
  • Variable APR: 1.99%+1
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $750,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $150,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
3.49%+2 3.44%+2 5, 7, 10, 12, 15, 20$5,000 to $300,000
(depending on degree type)
  • Fixed APR: 3.49%+2
  • Variable APR: 3.44%+2
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 12, 15
  • Repayment options: Military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: All states except for ME
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: College Ave Servicing LLC
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $300,000
  • Offers Parent PLUS Refinancing: Yes

edvestinu student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
3.41%+5 3.46%+5 5, 10, 15, 20$1,000 to $250,000
  • Fixed APR: 3.41%+5
  • Variable APR: 3.46%+5
  • Min. credit score: 700
  • Loan amount: $7,500 to $200,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Granite State Management & Resources (GSM&R)
  • Max. Undergraduate Loan Balance: $150,000 to $249,000
  • Max. Graduate Loan Balance: $150,000 to $199,000
  • Offers Parent PLUS Refinancing : Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
2.73%+3 1.86%+3 5, 7, 10, 12, 15, 20$15,000 to $250,000
  • Fixed APR: 2.73%+3
  • Variable APR: 1.86%+3
  • Min. credit score: 680
  • Loan amount: $15,000 to $250,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Forbearance
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: Mohela
  • Max. Undergraduate Loan Balance: $250,000
  • Max. Graduate Loan Balance: $250,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
3.47%+4 2.45%+4 5, 10, 15, 20$5,000 - $250,000
  • Fixed APR: 3.47%+4
  • Variable APR: 2.45%+4
  • Min. credit score: 670
  • Loan amount: $5,000 to $250,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Academic deferment, military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be U.S. citizen or permanent resident
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: Yes
  • Max undergraduate loan balance: $250,000
  • Max graduate loan balance: $250,000
  • Offers Parent PLUS refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.44%+ 7N/A5, 7, 10, 12, 15, 20Up to $300,000
  • Fixed APR: 4.44%+ 7
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: Up to $300,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Time to fund: Usually one business day
  • Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 24 months
  • Max. undergraduate loan balance: $300,000
  • Max. graduate balance: $300,000
  • Offers Parent PLUS loans: Yes
  • Min. income: None


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
2.69%+ 2.14%+ 5, 7, 10, 15Up to $300,000
  • Fixed APR: 2.69%+
  • Variable APR: 2.14%+
  • Min. credit score: 700
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 15
  • Max. undergraduate Loan Balance: $125,000
  • Time to Fund: 10 to 30 days
  • Repayment options: Immediate repayment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: LendKey Technologies Inc.
  • Max. graduate Loan Balance: $175,000
  • Credible Review: LendKey Student Loans review
  • Offers Parent PLUS Refinancing: No


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
3.45%+ N/A7, 10, 15$10,000 up to the total amount of qualified education debt
  • Fixed APR: 3.45%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $10,000 up to the total amount
  • Loan terms (years): 7, 10, 15
  • Repayment options: Military deferment, loans discharged upon death or disability
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: AES
  • Max. Undergraduate Loan Balance: No maximum
  • Max. Gradaute Loan Balance: No maximum
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.49%+ N/A5, 8, 12, 15$7,500 to $300,000
  • Fixed APR: 4.49%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $7,500 to $300,000
  • Loan terms (years): 5, 8, 12, 15
  • Repayment options: Does not disclose
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: PenFed
  • Max. Undergraduate Loan Balance: $300,000
  • Max. Graduate Loan Balance: $300,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.29%+ N/A5, 10, 15$7,500 up to $250,000
(depending on highest degree earned)
  • Fixed APR: 4.29%+
  • Variable APR: N/A
  • Min. credit score: 680
  • Loan amount: $7,500 to $250,000
  • Loan terms (years): 5, 10, 15
  • Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Rhode Island Student Loan Authority
  • Max. Undergraduate Loan Balance: $150,000 - $249,000
  • Max. Graduate Loan Balance: $200,000 - $249,000
  • Offers Parent PLUS Refinancing: Yes
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Drawbacks of refinancing

And here are a few of the risks to be aware of when it comes to refinancing federal student loans:

  • You’ll lose access to deferment and forbearance options. There are various situations that might qualify you for federal deferment or forbearance. If you refinance, you’ll no longer have access to these programs. Instead, the ability to pause payments will be at the discretion of your lender.
  • You’ll lose access to income-driven repayment. Once you refinance, you can’t sign up for any of the income-driven repayment plans. Instead, your repayment options will depend on the terms from your lender.
  • You won’t qualify for federal student loan forgiveness. Unlike federal student loans, a refinance private student loan won’t qualify for student loan forgiveness programs.

Check out: Student Loan Refinancing Risks

Refinancing vs. consolidation

The terms refinancing and consolidation are often used interchangeably. However, they mean something different for federal student loans.

  • Federal student loan consolidation: You can consolidate your federal loans into a Direct Consolidation Loan. While this won’t lower your interest rate, you can extend your repayment term up to 30 years to lower your monthly payments — though this means you’ll pay more in interest over time. Federal consolidation also lets you maintain your federal benefits.
  • Private student loan refinancing: This process (also known as private student loan consolidation) lets you combine multiple student loans — leaving you with just one loan and payment to manage. Depending on your credit, refinancing might get you a lower interest rate. Or you could opt to extend your repayment term to reduce your payments. Just remember that refinancing federal loans will cost you access to federal benefits.
 Federal student loan consolidationPrivate student loan refinancing
Are federal loans eligible?YesYes
Are private loans eligible?NoYes
Will it combine all my loans into one?YesYes
Will I get a lower interest rate?NoPossibly
(depending on your credit)
Is a credit check required?NoYes
Will I keep my federal benefits?YesNo

How to refinance federal student loans

If you’re ready to refinance your federal student loans, follow these four steps:

  1. Shop around and compare rates. Be sure to compare your rates from as many lenders as possible to find a loan that fits your needs. This might include deciding between a fixed or variable rate, considering different loan repayment terms, and more.
  2. Pick a loan option. After comparing lenders, choose the loan option that best suits your needs.
  3. Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. Also be prepared to provide information regarding each of the loans you want to refinance.
  4. Manage your payments. If you’re approved, continue to make payments on your old loans while the finance is processed. Afterward, you might consider signing up for autopay so you won’t miss any future payments — many lenders offer a rate discount to borrowers who opt for automatic payments.

If you decide that refinancing is right for you, you can easily compare your rates from multiple lenders with Credible after filling out a single form.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutes
  • Won’t impact credit score – Checking rates on Credible won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

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Find out: Cost to Refinance Student Loans: Fees & Discounts Explained

Frequently asked questions

Here are the answers to several commonly asked questions about refinancing federal student loans:

What types of loans are eligible?

Most federal student loans are typically eligible for refinancing, including Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans. You can refinance all or some of your federal student loan balance into a new private loan.

You’ll also need to meet the lender’s other requirements, which often includes a minimum credit score and verifiable income.

Learn More: How to Refinance Your Student Loans

Are there fees that come with refinancing federal loans?

There might be fees that come with refinancing your federal student loans, depending on the lender. Some common fees include:

  • Origination fees
  • Loan application fees
  • Prepayment penalties
  • Late fees for missed payments

If you refinance through Credible, though, you won’t have to worry about prepayment penalties, loan application fees, or origination fees since our partner lenders don’t charge these. This could help you save money by refinancing with Credible right from the start.

Compare Rates Now

What credit score do I need?

Every lender has its own requirements for refinancing student loans, which often includes having a minimum credit score to qualify. For example, most of Credible’s refinancing partners accept credit scores between 670 and 700.

If you don’t meet a lender’s credit requirements, having a creditworthy cosigner might help you qualify for a loan.

Learn More: Refinancing Student Loans With Bad Credit

Do I need a cosigner?

While more than 90% of private student loans you take out during school have a cosigner, having a cosigner isn’t required for all refinance loans. If you have decent credit and income to qualify for a loan on your own, you won’t need one.

Keep in mind, though, that even if you don’t need a cosigner, having one could help you qualify for a lower interest rate.

Tip: If you do refinance with a cosigner, you might be able to also qualify for cosigner release depending on your lender. This means that after making on-time monthly payments for a certain amount of time, you can remove your cosigner from the loan.

What happens if I can’t make my payments?

If you can’t make your payments on a refinanced student loan, it’s a good idea to contact your lender as soon as possible. They might have options to temporarily pause your payments.

If you’re dealing with a long-term financial hardship, you might consider refinancing again to extend your repayment period, as this could reduce your monthly payments. Just keep in mind that this can also lead to paying more in interest over the life of the loan.

Keep Reading: 11 Strategies for Paying Off Your Student Loans Faster

About the author
Eric Rosenberg
Eric Rosenberg

Eric Rosenberg is an expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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Student Loan Refinancing Basics


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