Do NOT refinance your student loans to a private lender.

&#x200B;<br><br>You will receive calls/emails from private student loan companies that promise you a "lower rate", "lower payment", etc. <br><br>&#x200B;<br><br>You will be denied to any interaction with your federal loans with a loan that is with a private company or creditor. This will limit your options for repayment and forgiveness. You will also lose the ability to take advantage of the long term interest rates (1.58%-2.75%) that were made available by the government as part of the CARES Act. The government set that rate for a reason, and they were made to provide relief to the consumer. The rate is variable and is much, much higher than the 1.58%-2.75% offered by the government. You will also lose the ability to participate in loan forgiveness programs offered by the government. During the time that the government is paying your interest, the companies like Navient, SoFi, etc. will not and the interest will continue to compound and grow. The long term effect of this is that your total amount borrowed will increase and negatively effect your credit score.<br><br>&#x200B;<br><br>Refinancing your student loans is a decision that should be carefully made and considered very seriously. Remember, the government is not here to screw you over to the tune of tens of thousands of dollars, but private creditors are.<br><br>&#x200B;<br><br>Edit::2/6/21<br><br>&#x200B;<br><br>Thank you for the awards and the silver and gold that was gifted! I appreciate the feedback and would like to add some additional information.<br><br>&#x200B;<br><br>There are some occasions where refinancing your loans make sense: acquiring a credit score (more than 600), may not have interaction of your federal loan for an extended period of time (long term deferment or forbearance). In this case, the government still does not guarantee your loan and you will not be protected by any interaction of your loan and the U.S. Department of Education. Please consider this before making your decision.<br><br>&#x200B;<br><br>Thank you again for the support and please stay safe and healthy!<br><br>&#x200B;<br><br>&#x200B;<br><br>&#x200B;<br><br>Edit::3/12/21<br><br>&#x200B;<br><br>I would like to thank everybody for all the information that you have provided regarding the government holding you back from interaction, etc. I have decided to delete this post so that it does not contain any information that may cause any potential harm or limit access.