Refinancing your current loan can help you save money in the long run, but it comes with some costs. The new loan will be a private student loan, which means you won’t get the same benefits available to federal education loans.
If you want to lower your monthly payments, explore all of the government’s repayment options on studentaid.gov. You may find that you can keep your loans federal and get a more affordable payment.
After you do that, if you believe refinancing your consolidation loan is best for you, shop around with different lenders to find the best rates. But consider holding off on refinancing until the payment pause ends this August.