My first question: Do you have Private Loans (from a bank, credit union, etc.) or Federal Student Loans (from your college or university DIRECTLY) ?
Federal Student Loans: I am a financial aid professional at a community college and have Federal Student Loans myself. I have Federal Student Loans and will never refinance them with my credit union, even if they offer me a better interest rate. This may sound crazy, but the Federal Student Loans actually have many unknown benefits, such as Death Benefits (loans forgiven 100% if you die, Private Loans aren't forgiven if you die), more flexible re-payment options, "generally" lower fixed interest rates, etc. My personal advice, if you have Federal Student Loans (also known as Federal Direct Loans, Subsidized Loans, Unsubsidized Loans, Direct PLUS Loans, etc), DO NOT refinance your loans.
Private Loans: These loans are generally given through banks, credit unions, and other third parties. While these loans can a good "last resort" to pay for school if needed, they generally have much high interest rates and have fewer benefits. If you have these type of loans, you should look into refinancing the loans. If this was me, I would avoid refinancing with Navient, Sallie Mae, etc. Instead, refinance with a local credit union or community bank that will offer you a better interest rate.
Botton line: If you have Federal Student Loans, keep them as is. If you have Private Loans, refinancing with a reputable bank/credit union to get a lower interest rate would be wise.
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