Are you looking to private refinance your student loans?

Before private refinancing your student loans, it is important to understand a few key concepts. After reviewing this information, if you still have questions we would be happy to provide you with a customized student loan plan and help you determine whether private refinancing is the best option for you. Book an appointment here.

If student loan refinancing is right for you, we have negotiated cash back bonuses and better rates with our trusted refinance partners. Compare rates here.

What is the difference between student loan private refinancing and student loan consolidation?

Student loan consolidation – Combining multiple federal loans into one federal loan. This may qualify you for additional IDR plans or loan forgiveness.

Student loan private refinancing – Using a private student loan to replace your existing loan(s) – whether those loans are federal or private. See our refinancing partners here.

When is the right time to private refinance?

Private Loans
If you have private student loans, it makes sense to private refinance them any time you can lower your interest rate. There is no cost to refinancing private student loans, and with a lower interest rate, you should be able to either lower your monthly payment or keep paying the same payment and have more money each month apply to the loan principal. Compare current refinancing rates here.

Federal Loans
Federal student loans should be private refinanced only if you are done with your training, not planning on using PSLF and can receive a lower rate than the effective rate after the REPAYE subsidy is applied. Once federal loans have been private refinanced, you are no longer eligible for these government programs, so it is critical to make sure that private refinancing is the right decision for you.

Should I private refinance my loans before the payment and interest rate freeze ends in January?

Interest rates are on the rise and it’s possible they will go up before the federal rate freeze is over. Private refinancing offers usually have a 30 day window in which you can make decisions, so one month before the rate freeze ends, you may want to apply to private refinance your loans and lock in an interest rate. We recommend holding off on private refinancing until payments are actually set to resume. Check out our trusted refinance partners here.

Is private refinancing for everyone?

No. If you are going for PSLF or long term IDR forgiveness, you shouldn’t private refinance your federal student loans. If you do and have left the federal loan forgiveness programs, you are not able to enter back into federal loans or programs. You forfeit the ability to receive federal student loan forgiveness. You also have shorter forbearance eligibility and there is typically no loan discharge if you are totally/permanently disabled or pass away.

What determines the interest rate?

Trends in the stock market and economy will cause interest rates to fluctuate for federal and private student loans.

Lenders take many factors into consideration including your:

  • Income
  • Job history
  • Savings
  • Credit score
  • Debt

The better you are in each of these categories, the better rate you will generally receive. Check out possible rates here.

Can I private refinance more than once?

Yes. And if you have private loans, we recommend you private refinance those each time the interest rates drop. Even if you only have some private loans, those loans can be refinanced multiple times. Refinance today.

Should I private refinance at variable rates or fixed rates?

Variable rate loans are generally offered at lower interest rates than fixed rate loans. The risk is that rates may go up during the term of the loan. We recommend looking into variable rate loans if you plan on paying your loans down in 2-5 years. Fixed rate loans have no risk of the rates going up, but the rate will probably be higher. Compare fixed and variable rates here.

Ok, I want to private refinance my loans, what’s the process?

Step 1 – Request quotes from a few of the companies on our recommended list. Initial applications won’t hurt your credit score (soft credit check) and it’s quick and easy.

Step 2 – Compare each of the quotes – this is easiest done in a spreadsheet.

Step 3 – Determine how much you plan to pay each month toward your loans.

Step 4 – Determine which loans you’d like to include in the private refinance. You can include as many (or as few) as you want in the refinance.

Step 5 – Select the lender that provided the lowest interest rate and shortest repayment length that you can afford.

Step 6 – Proceed through the application with the selected lender.

This process should be simple and only take a few weeks.

Here’s some of the best lenders to private refinance your student loans. We have negotiated excellent rates and a cash back bonus with each of these lenders.

** White Coat Investor accepts advertising compensation from these companies. Page order does not guarantee best possible rate and terms.
† Bonus includes cash rebates and value of free course. Borrowers who refinance more than $60,000 in student loans using the WCI links will be enrolled in The White Coat Investor’s flagship course, Fire Your Financial Advisor: ATTENDING for free ($799 value). Borrowers will still receive the amazing cash rebates that WCI has negotiated with each lender. Offer valid for loan applications submitted from May 1, 2021 through October 31, 2024. Free course must be claimed within 90 days of loan disbursement. To claim free course enrollment, visit

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