 TITLE: Can You Refinance a Student Loan to a Term Longer Than 20 Years? CONTENT: How Student Loan Financing Works\n--------------------------------\nWhen you refinance a student loan, much like a mortgage, a lender will qualify you for a new interest rate based on your creditworthiness.\nIdeally, you'll receive a new rate that's lower than the original student loan interest rate you received, thanks to your stronger current financial standing (or the use of a cosigner if you have one). Student loan refinancing generally requires good or excellent credit, meaning a score of 670 or higher, and lenders will also look at your income and the amount of debt you have relative to it.\nPrivate student loans, whose interest rates are often higher than federal loans' rates, are especially good candidates for refinancing. Federal student loans also come with unique benefits, like longer payment-postponement periods and forgiveness programs, that you'll lose when you refinance them. Make sure you're willing to give up these protections when you refinance a federal loan.\nIf you're approved, the refinance lender will pay off your existing loan, or multiple loans if you choose to refinance several, and issue you a new loan at the rate you're eligible for. You'll make payments to your new lender according to the terms of the loan agreement. END