Refinancing federal student loans is similar to refinancing private student loans.

First, determine if refinancing federal student loans is right for you. When refinancing federal student loans, you give up specific benefits exclusive to federal student loans such as loan forgiveness.

If refinancing your federal student loans is right for you, determine how much you want to refinance. For example, if you have a $5,000 Direct Subsidized loan and a $3,000 Direct Unsubsidized loan, you have $8,000 total in federal student loans. You can refinance all of your federal loan debt or just one of the individual loans.

Once you know which loans you want to refinance, check your prequalified rates on Sparrow how much you can save. If you prequalify, you’ll be able to see an estimate of the new interest rates and monthly payment options available to you by refinancing through our lending partners. Checking your rate with Sparrow is free and does not impact your credit score.