I have two large student loans right now (one private one federal) that are through two separate services. As of now, these loans have recurring payments at different times of the month and have floating interest rates that usually stay around 6-7%. In total, my payments each month going towards loans are about $900 and needless to say I don't have much left over after these are paid. Recent circumstances have made me need to buy a car and this would likely not be possible with the $900/month payments.
If I were to refinance my loans what would be the potential downsides to this? Will I be paying roughly the same interest rates? Does refinancing essentially just push back the date at which my loans are paid in full?