Repayment plans / Refinance math
Last verified Oct 17, 2026 · We don’t list or recommend lenders
Refinancing a federal student loan: the math, and what changes
Enter a rate and term you’ve been offered. We compare the totals with your federal fixed plan. The numbers are only half of it: a refinanced private loan no longer has the federal features below.
What a private refinance loan doesn’t carry over
- Income-driven repaymentFederal loans can use plans that set the payment from your income, like RAP and IBR. Private lenders set their own repayment options.
- Public Service Loan ForgivenessPSLF applies to federal Direct Loans only.
- Federal deferment and forbearanceFederal loans let you postpone or lower payments in set circumstances; private options vary by lender.
- A way backPrivate student loans can’t be consolidated into a federal Direct Consolidation Loan, so refinancing federal loans can’t be undone.
- Fixed federal rateFederal rates are fixed for the life of the loan; private loans can be fixed or variable.
Source: StudentAid.gov, “Federal Versus Private Loans”; 34 CFR 685.219. Not financial advice: this page compares two sets of numbers and doesn’t say which to choose.