The most common reason to refinance a student loan is to get better terms, especially a lower interest rate. Federal loans typically have more favorable terms, so you may have less incentive to

Consider refinancing your federal student loans if doing so will get you a lower interest rate. Even if the interest rate isn’t lower, refinancing may still make sense if it allows you to consolidate multiple existing loans into a single loan.

Most students who borrow to finance their education use federal loan programs, because government lenders generally offer more flexible terms. Medical students, though, are almost always better off refinancing through a private lender

You can often get a lower interest rate on your student loans by refinancing them, which could save more than $20,000 over the term of the loan. The refinancing process generally begins with the consolidation of existing loans