Refinancing student loans allows you to replace existing student loan debt while saving money.

You must have credit ratings nearby 600 and preferably higher.

Both government loans and commercial loans are allowed for refinancing.

You can even release your parents from repayment obligations by refinancing the federal PLUS loans for your college.

If you want to refinance less than $150,000, PenFed Credit Union requires a minimum credit score of 700 and a minimum income of $42,000.

You can enjoy benefits, including a 0.125% interest rate discount if you have at least credit core 650 and are a SoFi subscriber.

Citizens Bank provides variable APRs ranging from 2.24% to 9.24% and up to a 0.50% interest rate discount, with no declared forbearance limit.

With Laurel Road, graduates can refinance federal PLUS loans, and borrowers can discharge co-signers after 36 months.

No degree is necessary, and Discover provides a variable APR of 3.49% to 7.99% with up to 12 months of forbearance.

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Consolidating federal student loans won't result in cost savings.