Federal vs. private — the biggest decision
Refinancing federal loans into a private loan is irreversible. You lose: Income-Driven Repayment plans (SAVE/PAYE/REPAYE), Public Service Loan Forgiveness (which forgives the balance after 120 qualifying payments in public service), unlimited deferment + forbearance, and the death/disability discharge that automatically wipes federal loans on death. The right call depends on your job: a teacher 4 years into PSLF should never refinance; a software engineer with a stable $200K income often should.
- • Public sector / nonprofit job: don't refi federal loans.
- • Private sector, stable income, 720+ FICO: refi can save $5K–$50K.
- • Mixed loans: refi only the private/grad PLUS portion, keep undergrad federal.
Variable vs. fixed rate refi
Variable rates start 0.75–1.5% below fixed. Tempting on a 5-year refi (rate exposure is limited) but dangerous on a 15–20 year refi. The 2022–2023 rate cycle saw variable student loan rates jump from 3% to 9% in 18 months. Lock fixed unless you'll repay in <5 years.
Cosigner release vs. parent refi
If a parent cosigned your student loan, refinancing in your name alone (without the cosigner) removes them from the obligation — useful for parents nearing retirement or mortgage qualifying. Most private lenders also offer 'cosigner release' after 24–48 months of on-time payments without a full refi.
Where to actually shop a refi
Top 2026 private student loan refinancers: SoFi, Earnest (Navient), ELFI, Splash Financial, LendKey, PenFed. Use a marketplace like Credible to soft-pull 4–6 offers in 2 minutes without affecting your credit. Take the best fixed rate and best variable rate; ignore everything else.
Related guides
Long-form playbooks on the same topic, written by the RevenueLab editorial team.
FAQ
Does refinancing hurt my credit score?
Soft pulls for rate quotes don't affect your score. The hard pull when you accept causes a temporary 5–10 point drop, recovered within 3–6 months.
Can I refinance to a lower payment without a lower rate?
Yes — extending the term lowers monthly cost but raises lifetime interest. Use this strategically (e.g., during medical residency) and then refinance again to a shorter term once income recovers.
Should I refi if I'm in PSLF?
Almost never. PSLF forgives the remaining balance tax-free after 120 qualifying payments. A teacher with $80K in loans 5 years into PSLF is looking at $40–60K in forgiveness — far more than any refi savings.
Will I qualify for refi with bad credit?
Most private refinancers require 670+ FICO and a stable income (W-2 or self-employed with 2+ yrs returns). Below 670, only Earnest and a few credit unions consider applications, and rates will be 8–11%.
Are student loan refi fees tax-deductible?
Origination fees on refinanced student loans are amortized over the loan term and can be included in the student loan interest deduction ($2,500/year cap, phases out at $80K/$165K income for 2026).
What's the SAVE plan situation in 2026?
The SAVE IDR plan is in legal limbo after multiple court rulings. Many borrowers are in administrative forbearance with interest not accruing. Confirm your loan status before assuming a refi math comparison — your effective rate may be 0%.
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Last reviewed
June 2026. We re-check every figure on the platform on a rolling quarterly cycle.
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