 TITLE: Didn’t Get CARES Act Relief on Your Student Loans? Consider Refinancing CONTENT: The Drawbacks of Student Loan Refinancing\n-----------------------------------------\nWhile there are some clear benefits to refinancing your student loans, there are also some potential problems that could make your situation more challenging.\n*   **No guarantee**: Refinancing isn't available to everyone. The average FICO® Score☉ and annual income for approved borrowers are 774 and $98,156, respectively, according to Purefy, a student loan refinancing lender. If you can't get approved on your own, you may be able to apply with a cosigner. But that's not always feasible.\n*   **Loss of federal benefits**: If you have federal student loans, you have access to certain benefits that private loans don't offer. That includes student loan forgiveness programs and income-driven repayment plans. Also, if you're struggling financially, the federal government typically offers more generous forbearance options than private lenders.\n*   **Possible variable interest rates**: If your goal is to lower your interest rate, make sure you understand which type of rate you're getting. Variable interest rates generally start off lower than fixed rates, but they fluctuate over time with the current market rates, and you may end up with a higher interest rate than the one you have now. Fixed rates may be higher than variable rates, but they provide the certainty of a rate that won't change for the life of your loan.\nDepending on your situation, these drawbacks may not be deal breakers. But it's crucial that you take the time to understand how refinancing could potentially hurt your financial situation even more instead of making it better. END