Take a look at the example below, which compares the total amount of interest paid for loans with different terms and interest rates. (studentloans.com)
Another use of refinance is the possibility to modify the type of interest rate paid for the loan. (badcreditloanservices.com)
However, there will always be several 3rd party companies and entities that get paid for each loan. (madisonmortgageguys.com)