 TITLE: Should I Refinance or Consolidate My Student Loans? CONTENT: Federal and Private Loan Refinancing\n------------------------------------\nYou can refinance both federal and private student loans with a private lender. Depending on the situation, here are some potential benefits:\n*   Borrowers with good credit may be able to get a lower interest rate.\n*   People who want flexibility can choose a shorter or longer repayment period.\n*   Parents who borrowed money to help their children get through school can transfer the debt to them after they graduate (as long as both parties agree).\nThere are a couple of caveats with refinancing, though. First, there's no guarantee that you'll be able to get better terms than what you have now. To get the best terms, you typically need a high credit score and income, though you may still see an improvement if your credit is simply better now than it was when you opened the accounts. You can get a creditworthy cosigner to apply with you, but that can be difficult.\nAlso, if you refinance federal loans, you'll lose access to loan forgiveness programs, income-driven repayment plans and generous deferment and forbearance options provided through the government. Private lenders may offer some similar benefits, but they're no guarantee. END