When you refinance student loans, you can refinance your existing federal student loans, private student loans or both into a new student loan with a lower interest rate.
You can choose a fixed or variable interest rate, and can select a loan repayment term ranging from 5 to 20 years. The federal government does not refinance student loans, so if you want a lower interest rate, a private lender is your best option.
You can check your new interest rate online for free within two minutes with no impact to your credit score. You can also apply online in about 10-15 minutes. To get approved for student loan refinancing, you need to be employed , have a strong credit score and income, and a history of financial responsibility. When you refinance federal student loans, you will no longer have access to income-driven repayment, forbearance or deferral.
Under Trump's proposed budget, the Public Service Loan Forgiveness program would be eliminated. Trump's proposal would impact borrowers who borrow a new student loan starting July 1, 2020, excluding borrowers who are completing their current course study.
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