In some cases, you might even save money or lower your monthly payment.
However, private lenders (not the federal government) refinance student loans and your new interest rate depends on the market rates and your financial profile.
You might get different terms depending on which lender you use to refinance.
Pros: Refinancing combines your student loans into a single loan.
When you start repaying those loans, tracking multiple lenders and payments each month might be a pain, but you can simplify things by consolidating or refinancing your student loans into one new loan.
You may be able to consolidate your federal student loans, which involves combining most or all of your federal loans into one new Federal Direct Consolidation Loan.
The application to refinance is similar to an application for a new loan and market rates and your financial profile determine the new loan's interest rate.
Both consolidating and refinancing can take away the headache of managing multiple student loans, but there are pros and cons to consider before you apply.