Should I refinance a 3.86% loan?

Even though you might get a little bit of a lower interest rate, it doesn't worth losing the federal student loan program benefits.

Z. from Alabama, $9.5K of student loans debt

Z. took some of his student loans back in 2013, where rates were as low as 3.86%. He uses Money Compass to track his progress towards becoming debt free and asked whether refinancing was a good option for him. Since Z. doesn't have a steady job, loosing the income driven repayment and potential deferment protection offered by the federal government might not be the optimal move for him. The few dollars that would be saved just not worth the risk of falling behind in payments in case of a job lose.

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