student loan refinancing

Student loan refinancing involves replacing your existing student loans with a new loan, typically from a private lender, often at a lower interest rate or different repayment terms. This can help reduce your monthly payments or overall interest costs. However, refinancing federal loans into private ones may eliminate benefits like income-driven repayment, forbearance, or loan forgiveness. It's important to weigh the potential savings against losing federal protections before proceeding. Refinancing is best suited for borrowers with strong credit who want to optimize their repayment and potentially lower their debt burden.