Student loan refinancing Decision guide
Explore whether refinancing could fit your situation.
Refinancing can change your interest rate, monthly payment, loan term, and total cost. Compare the tradeoffs first, then decide whether you want to check potential offers through BagMask's partner, Splash Financial.
$500 back
Eligible borrowers who refinance through BagMask's Splash link may receive this bonus. Offer terms apply
Opens Splash Financial in a new tab.
BagMask has a compensated referral relationship with Splash Financial that we use to help fund our annual scholarship. Offers, rates, terms, and approval are determined by participating lenders.
02 Know the tradeoff
What would you gain—and what could you give up?
Private loans
A possible comparison point
Refinancing a private student loan may be worth exploring when a new offer lowers your monthly payment and improves the overall cost. Compare more than the advertised rate.
Federal loans
Benefits can matter more than rate
A lower private refinance rate can still be a poor trade if you need federal repayment or forgiveness protections. Those benefits do not transfer to a private refinance loan.
Comparison list
Read the complete offer
Review APR or interest rate, fixed versus variable terms, monthly payment, payoff timing, total interest, fees, cosigner terms, and borrower protections.
03 Compare a scenario
Test the payment and lifetime cost together.
Quick comparison
Student Loan Refinance Calculator
Compare the estimated payment and lifetime cost of your current balance with a proposed fixed-rate refinance.
Estimate → offers
Compare your estimate with actual offers.
04 Current job benefits
See which anesthesia jobs advertise student-loan help.
We reviewed current full-time W-2 opportunities for each anesthesia profession and separated employer repayment from PSLF-eligible employment.
05 Consequential questions
Five answers to read before replacing a loan.
What happens to federal benefits if I refinance?
Refinancing a federal student loan through a private lender takes that loan out of the federal student aid system. The refinanced loan no longer qualifies for federal income-driven repayment, forgiveness, deferment, or forbearance programs. Review your options in Federal Student Aid's Loan Simulator first.
Is refinancing the same as federal consolidation?
Private refinancing replaces existing loans with a new private loan and new lender terms. A Direct Consolidation Loan combines eligible federal loans into one federal loan and keeps the debt inside the federal system.
What should I compare besides the monthly payment?
Compare APR, fixed versus variable rate, repayment term, total interest, total paid, fees, monthly payment, payoff date, cosigner terms, and the protections you would keep or give up. A lower payment and a lower lifetime cost are separate outcomes.
Does checking rates affect my credit?
Splash says checking rates uses soft credit pull(s), which do not affect your credit score. If you select a product and continue, a hard credit pull may occur and can affect your score.
Are there application, origination, or prepayment fees?
Splash's current student-loan-refinancing FAQ says there is no application fee, no origination fee, and no prepayment penalty. Terms can change, so review Splash's current disclosures before continuing.
Your next step