Refinance student loans, but only when the math wins.

Usually no. Refinancing federal student loans into private loans permanently gives up federal borrower protections: income-driven repayment plans, Public Service Loan Forgiveness (PSLF), deferment, forbearance, and $0 monthly payments during unemployment. Refinancing federal loans makes sense only when you have stable W-2 income well above all IDR plan thresholds, you're confident you won't pursue PSLF or public service, and your private-loan APR offer is at least 200 bps below your federal loan rate. For most borrowers, those conditions are rarely all met.

Refinancing private student loans is usually a clear win when (a) the new APR is at least 100 bps below your current rate, (b) your credit has improved since the original loan (typically 1-3 years post-graduation with on-time payments), and (c) the remaining balance is large enough for the APR improvement to matter (typically $20K+). On a $50K balance with 7 years remaining, a 100-bps improvement saves roughly $2,000-$2,500 over the life of the loan.

Most major student-loan refinance lenders require 680+ FICO with stable income; the best published rates require 740+ FICO. SoFi, Earnest, and Laurel Road extend approval to high-income borrowers in the 660-680 range with strong income relative to debt level. Below 660 FICO, options narrow significantly. The right move at thinner credit is usually to wait 12-24 months while building credit.

Almost always fixed. Variable APRs start lower than fixed (sometimes by 50-100 bps) but float with the broader rate environment. In a rising-rate environment, variable APRs can climb significantly over a 10-15 year refinance term, eroding any savings. Fixed APR locks in your rate for life of loan. The only scenario where variable wins: very short payoff timeline (3-5 years) AND high confidence rates will stay flat or decline.

Yes — there's no limit. Each refinance is a new loan with new terms. Borrowers commonly refinance twice: first 1-3 years post-graduation when income stabilizes, and again when rates have dropped or income has grown substantially. The hard inquiry from each application costs 5-10 FICO points and ages off in 12 months — minor compared to the rate improvement when refinancing genuinely pencils.

Almost all major student-loan refinance lenders charge no fees: no origination fee, no application fee, no prepayment penalty. Origination fees and application fees are rare in this market because lenders compete aggressively for prime-credit borrowers. Be wary of any private lender charging an origination fee — better options exist for almost every credit profile.