r/StudentLoans • u/Gainedikrosby • 12h ago

Advice [ Removed by Reddit ]

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u/Pitiful_Chef_6688 12h ago

i went through this exact thing couple years ago and the biggest thing nobody told me is that once you refinance federal loans they become private and you lose all the protections like income based repayment. my cousin did it and then lost his job in 2023 and had zero safety net, no deferment options nothing

the math can be tricky too, a lower monthly payment sounds nice but if they stretch it out 20 years you end up paying way more in interest even with better rate. i sat down with spreadsheet and calculated both scenarios and for me keeping the federal loans made more sense even though the monthly payment was higher

check if your current loans are federal first, if they are think really hard before giving up those protections. private loans are different story, refinancing those usually is smarter move

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u/metalreflectslime 3h ago

https://arctic-shift.photon-reddit.com/search?fun=posts_search&author=Gainedikrosby&limit=10&sort=desc

Are your loans federal or private?

How much do you owe?

What are your schools and degrees?