Borrowers who want to pay off their student debt more quickly and save money on interest can consider refinancing their loans - this is the process of selling the debt to a different private lender like a bank or credit union.
Borrowers with private loans should always consider refinancing for a lower interest rate.
Borrowers with federal loans may or may not want to refinance depending on their situation and priorities. Refinancing federal loans will make them private loans - they won’t be eligible for federal loan benefits like deferment/forbearance, income-driven repayment, and Public Service Loan Forgiveness. If a borrower decides they won’t need access to those programs, they can certainly refinance for a lower interest rate.
Private refinancing lenders typically require a very good credit score and a low debt to income ratio.