Private student loan refinancing rates have remained relatively level over the past year. Rates have fallen from their recent peaks but are still considerably higher than they were five years ago during the pandemic.

There are many reasons to refinance student loans. While securing a lower rate is the most common, you can also change your loan term, consolidate multiple loans, release a co-signer or switch from a variable to a fixed interest rate.

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A lower monthly payment sounds like an obvious win when you are staring down tens of thousands of dollars in student debt. The pitch from private lenders is direct: swap your old loans for one with a lower interest rate and a single monthly bill.

A proposed federal bill will allow student loan borrowers to refinance their loans while keeping the loans public.

The rules for borrowing for a college education are undergoing a major overhaul.

Federal student loan rules are set to change July 1, and borrowers who wait could have fewer repayment choices than they have now. The changes affect both repayment plans and some loan programs, including Parent PLUS and graduate borrowing.

Looking to refinance your student loan? Check out Money’s top picks for student loan refinance companies.