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

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

Like other types of mortgage insurance, private mortgage insurance (PMI) protects the lender in the event the borrower stops making payments on the loan. The lender obtains PMI from a private insurance provider.