Is Refinancing Your Student Loans Right For You?

Refinancing means creating a new loan with a private lender — which can be a bank, credit union, or company like those listed. The advantage of you could get a lower interest rate.

There is a major drawback to refinancing, though. Because refinancing means your loans are no longer on the federal system, you give up some benefits and flexible options forever. And ever. AMEN.

Those benefits and options you forfeit are:

• Income-driven repayment plans (i.e. IBR, PAYE, REPAYE)
• Extended forbearance and deferment in periods of hardship
• Federal Loan Forgiveness programs such as PSLF

Remember, refinancing your loans to a private lender is irreversible. Be sure refinancing is your best option before you refinance.

Refinancing Options for Medical Families

There are many companies out there that refinance loans, and each will have their own offers. For example, some offer unemployment benefits, some don’t. Others offer lower rates than others. Make the effort to apply to all of to companies below so you can choose the one that offers you the best deal for you.

Cash Back Bonuses!!

I have also negotiated large cash back bonus rates if you refi through my affiliate links below. Many other bloggers also offer this, but you may find that my bonuses are more generous.

Below rates updated 2/15/2019

Laurel Road
Variable rates 3.23%-6.65%
Fixed rates 3.50%—7.02%
$350 sign-up bonus

Variable rates 2.560% to 7.295%
Fixed rates 3.899% to 8.024%


Variable rates start at 2.57%
Fixed rates start at 3.25%
$250 sign-up bonus


Variable rates 3.12% – 7.86%
Fixed rates 3.75% – 7.03%
Up to $500 sign-up bonus