Student loan refinancing is the process of getting a new loan, with new loan terms (interest rate, monthly payments, etc.) to replace an old loan. (studentdebtwarriors.com)
The main benefit of refinancing, on the other hand, is that it typically offers new loan terms like a lower interest rate or smaller monthly payments. (studentdebtwarriors.com)
You lender will need to see new loan terms to give you the benefit of lower payments. (themortgagereports.com)