Refinancing your loans can lower your interest rate and your monthly payment.
So if you feel like your interest rate is too high, refinancing could help.
This process will also combine all the loans you refinance into one convenient payment.
If you have federal student loans and a) have too many different payments to keep track off or b) would like to qualify for different repayment plans like income-driven repayment or Public Service Loan Forgiveness, consolidation might be a good idea!
Consolidating your federal loans will give you the opportunity to consolidate multiple loans into one (lower) monthly payment, and also let you choose a new repayment term and repayment plan.
Remember though, refinancing your federal loans could mean giving up your certain borrower benefits like deferment and forbearance, loan forgiveness, and income-driven repayment plans.