Refinancing federal student loans into a private loan can lower your interest rate — but permanently eliminates federal protections (IDR, forgiveness, forbearance). Refinancing makes sense primarily for borrowers with stable income who don't plan to use federal repayment programs. Here are 3 lenders worth comparing for refinancing.
Competitive rates + Unemployment Protection (payment pause if you lose your job — rare among private refinance lenders). No origination fees. Career coaching and financial planning included. Strong for borrowers with high balances who want a safety net.
Precision pricing — customize your exact monthly payment within a range and Earnest picks the corresponding rate/term. Skip-a-payment once per year. No origination fees. Strong for borrowers who want payment control.
Best rates for healthcare professionals (physicians, dentists, nurses, residents). Physician-specific refinance program accepts residents with their upcoming attending salary considered. Strong niche for medical borrowers with high loan balances.
You permanently forfeit federal protections: income-driven repayment (IDR), Public Service Loan Forgiveness (PSLF), and broad forbearance/deferment options. Once refinanced into a private loan, there is no going back. For borrowers pursuing PSLF or working in public service, refinancing is almost never the right move. For high earners in private industry with stable careers and no forgiveness plans, refinancing can save thousands.
When: (a) You have stable income and won't need IDR protections; (b) You're not pursuing PSLF or other federal forgiveness; (c) Your credit score is 700+ and income strong enough to qualify for meaningfully lower rates; (d) The rate reduction makes the math work — typically 1%+ improvement makes refinancing worth the loss of federal benefits.
Most refinance lenders require 650+ FICO; the best rates require 700+. Income, debt-to-income ratio, and graduation status also factor in — many lenders require borrowers to have graduated. The Consumer Financial Protection Bureau has student loan refinancing guidance at consumerfinance.gov and the Department of Education covers federal repayment options at studentaid.gov. See our full guide (/blog/best-student-loan-refinance-2026). Reviewed by Brian's ClearValue Lending Team. Updated May 2026.