How Often Can You Refinance Student Loans? (2025 Guide)

Refinancing your student loans can help you pay them off faster while paying less interest over the life of the loan. Generally, refinancing involves taking out a new, private loan to pay off your existing loans. You can refinance student loans with a bank, credit union, or online lender.

It’s possible to refinance private student loans only, or a mix of federal and private student loans. However, refinancing federal student loans means permanently losing access to federal benefits like income-driven repayment plans and forgiveness programs.

This guide will help you understand when and how often refinancing might be the right choice.

Current student loan refinance rates

Can you refinance student loans more than once?

You can refinance your loans as often as you’d like, as long as you meet the lender’s qualifications, which generally include a good credit score, solid past payment history, and a steady income. There’s no limit to how often you can refinance, but it’s important to be thoughtful about it. 

“Every refinance should be approached strategically, taking into account fees, timing, and long-term financial goals,” says Dominick Leuzzi, a financial adviser for Walsh & Nicholson Financial Group in Pennsylvania.

Why would you refinance student loans again?

Refinancing can be a good choice if improvements in your financial situation or the market enable you to reduce the cost of your student loan debt or make the monthly payments more manageable. These are some scenarios when you might consider it:

Interest rates have dropped

A lower interest rate may save you thousands of dollars over the life of the loan. 

“A 1% drop or more in interest rates is enough to consider refinancing,” says James Mwombela, certified student loan professional (CSLP) and senior student loan adviser at Student Loan Planner. A lower interest rate can also lower your monthly payment.

Your credit score or income has improved

You could also qualify for a lower interest rate if your credit score has moved into the “good” or “excellent” range, or if you have a higher, stable income since you took your loans. Some lenders consider a 670 FICO score an ideal minimum score for student loan refinancing, but “higher scores can qualify you for the lowest interest rates,” Mwombela says. 

You want to change your loan term

Your loan term includes not only the length of the repayment schedule but also the interest rate, fees, and consequences for missed payments. Shortening your repayment term generally means higher payments and paying less interest over the life of the loan. 

On the other hand, extending the loan term usually means smaller monthly payments that can free up cash flow for other goals, but you’ll pay more interest over time unless you accelerate payments.

You want to remove a cosigner

You might be ready to assume all responsibility for a private loan. For a lender to release your cosigner, you generally need to demonstrate on-time payments for 12 to 48 consecutive months and show adequate income and a qualifying credit score.  

You found a better lender offer

A better offer should include a lower interest rate, but evaluating the other loan terms is important as well, including the repayment schedule, deferment options, penalties for delinquency, any fees, discounts, and customer support.

Are there any downsides to refinancing multiple times?

Refinancing multiple times could backfire if you don’t do your homework, but the upside of a lower interest rate could outweigh any refinance risks if you handle these events strategically. 

“A common mistake I’ve seen is accepting the first offer you get from an online ad or a bank you already do business with instead of shopping around for rates,” says Mwombela.

Here’s what to be aware of:

Multiple hard credit pulls

When you apply for a loan, the lender performs a hard credit pull to ensure you’re a reliable borrower. The request for your credit information can temporarily lower your credit score by up to five points. But if you “rate shop” for the same type of loan within a specific window of 14 to 45 days, the multiple hard pulls will count as one pull. And even before formally applying, you may be able to prequalify with soft credit inquiries that won’t affect your credit score.  

New payment term and lender

Every time you refinance, you have a new loan, repayment term, and maybe a new lender — even if you’re simplifying by combining multiple loans into one. You’ll need to pay attention to the new terms and not lose track of your current lender’s details.

Losing federal protections permanently

Refinancing federal student loans to a private student loan can have big downsides. The government doesn’t refinance federal student loans, and refinancing with a private lender means you’ll permanently lose the safety net of federal benefits, including income-driven repayment plans, forgiveness pathways, and federal deferment and forbearance. 

“It is rare that I find refinancing federal loans in the best interest of borrowers,” Leuzzi says. “I typically only recommend it for clients with stable income and no intention of using those federal benefits.”

When should you refinance student loans again?

Lenders consider credit score and income as major factors in your application. Refinancing for a better interest rate can be smart when you’ve achieved milestones like a higher salary or an improved credit history since you last refinanced.

Refinancing might be right if you want to lengthen your repayment term to put more money toward other financial goals or give yourself some budgetary breathing room. A longer repayment schedule costs more in interest over time, so weigh the pros and cons. But if you have the means, “you can still make larger payments when the money is available,” Mwombela says.

How to refinance student loans repeatedly without hurting your credit

If you manage the student loan refinancing process well, credit inquiries shouldn’t affect your credit score too much. Here’s how to do it:

• Shop for rates with soft credit checks: Many lenders allow you to prequalify. In return for submitting a few details about yourself and your financial situation, the lender will offer an estimated interest rate and loan term you may qualify for. This “soft check” doesn’t affect your credit score, but it also doesn’t guarantee approval or the estimated interest rate. The final outcome could be different.
• Shop within a short window: Once you’re ready to formally apply, stick to the rate-shopping time frame of 14 to 45 days to reduce the impact of hard credit pulls. Typically, credit pulls within this period are treated as a single event. “I wouldn’t let the hard credit inquiry tie up the longer-term goal, because it’s going to be more of a smudge on your credit report than a lasting stain,” Leuzzi says.
• Avoid extending the loan term too often: Every time you extend your loan term, you increase the amount of interest you pay, adding to the overall cost of the loan.
• Refinance only when there's a clear financial benefit: The best time is when the market has improved or your financial situation has improved enough to garner a lower interest rate. “It’s important to be aware of your purpose behind refinancing,” says Mwombela.