Can I Refinance My Student Loans More Than Once? Should I?

Multiple US coins

Flickr user Brandon Menth

Yes, you can refinance your student loans more than once.

But then that begs the question: Should you? Just because you can refinance your student loans again, doesn’t mean you have to or even should. That depends on your reason for wanting to refinance more than once.

When Multiple Refinancing May Be a Good Idea

Choosing to refinance your refinanced loan is a good idea if the lending rates have gone down and you pay a lower interest rate on your new loan. Even a small drop in the interest rate will help you pay off your student debt faster, and who doesn’t want to get out of debt sooner? For this to happen, you must keep an eye on prevailing interest rates so you can get the benefit when the rates go down.

Another time when you may want to consider refinancing your refinanced loan is if your goals or financial situation have changed and you want to change your repayment terms. For example, let’s say you chose to make lower monthly payments when you refinanced the first time. If your monthly income has increased since then, refinancing a second time with higher monthly payments will help you pay off your loan faster. On the other hand, if you have other monetary commitments, you may want to refinance again to lower your monthly payments even more. In other words, refinancing your loans change your repayment schedule and amount to better suit your current financial situation.

Are There Any Downsides to Multiple Refinancing?

The major downside to multiple refinancing is the effect it will have on your credit score. Credit inquiries will lower your credit score by a few points—though it’s a temporary measure. If you shop around for student loan refinancing, be sure to do it all at once, because multiple credit checks in a small amount of time will let the credit bureaus know you’re shopping around.

Another downside is the time and effort that goes into keeping tabs of interest rates, applying to multiple lenders and comparing rates, and then setting up the new payments. Sure, you don’t have to commit to any one lender, but it still takes a lot of time and organization to get all your options straight. You’ll have to stay on top of all the lenders so you know which one gets you the best deal, but that process can feel like a lot.

Should You Refinance Multiple Times?

At the end of the day, it’s up to you and what your financial situation is. If you feel like refinancing your student loans again may be beneficial to you, start shopping around. Don’t refinance again just because you feel like you’ll get a better deal, especially since interest rates can and will change. And of course, there are downsides to refinancing multiple times, like the time and effort you’ll have to put in to find a new lender. So make certain that refinancing again will truly be beneficial before you put in the effort of going through the process again.


Lender Rates (APR) Eligibility
Earnest company logo.
Variable APR: 1.99%* +
Fixed APR: 2.98%* +
Undergraduate and Graduate
Lendkey company logo.
Variable APR: 1.90%* +
Fixed APR: 2.95%* +
Undergraduate, Graduate, Parent PLUS
Credible company logo.
Variable APR: 2.13%* +
Fixed APR: 2.58%* +
Undergraduate and Graduate
Laurel road company logo.
Variable APR: 1.89%* +
Fixed APR: 2.50%* +
Undergraduate and Graduate
Commonbond company logo.
Variable APR: 2.46%* +
Fixed APR: 2.59%* +
Undergraduate, Graduate, Parent PLUS
Fixed APR: 2.74%* +
Undergraduate, Graduate, Parent PLUS
VISIT ISL Education Lending
Variable APR: 1.95%* +
Fixed APR: 2.55%* +
Undergraduate, Graduate, Parent PLUS
VISIT Nelnet
Variable APR: 2.94%* +
Fixed APR: 2.99%* +
Undergraduate and Graduate
VISIT College Ave
Variable APR: 2.39%* +
Fixed APR: 2.58%* +
Undergraduate and Graduate, Parent PLUS

*APR includes a 0.25% interest rate reduction for enrollment in automatic payments.

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