I would like to refinance my federal student loans since they have a rather high interest rate of 7%.

Is there any way I can refinance and still have some sort of income based repayment plan? The standard payment plan is very high compared to my current monthly income.

  • It depends on who is handling your loan, ask he provider. I know there are a few AES, Great Lakes, etc. They can tell you if you can use a different option. Jun 3, 2014 at 23:08
  • Private loans will generally not give you income-based or income-contingent plans. The lower cost of a federal loan is a gift to you from Uncle Sam.
    – NL7
    Jun 4, 2014 at 14:32

1 Answer 1


You can not currently refi federal loans at lower rates. Federal loans are the only ones that qualify for IBR. The federal government loan servicers are amongst the worst in the industry. If you have Great Lakes, you're not so bad off. However, if you got stuck with Sallie Mae, RUN, don't walk to SoFi or any other private lender if you qualify! Sallie Mae works for Satan himself! There are three private companies that I know of that will allow you to refi federal loans: SoFi, CommonBond, and Darien Rowayton Bank. All three have stringent qualification criteria. Good Luck!

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