Last updated: 1/19/2022

A Note to Colorado and Maine Applicants

Think carefully before taking out a private refinance loan to pay off any loan including your Federal student loans. You may lose certain benefits and protections applicable to the existing Loan.

For example, if you refinance your Federal student loans through a private refinance loan program, you will not be able to select Income-Driven Repayment or other flexible payments plans that are available to Federal student loan borrowers. In addition, Federal student loans offer deferment (e.g., Economic Hardship Deferment), forbearance, and loan forgiveness options (e.g., Public Service Loan Forgiveness) that are not available to you if you take out a private refinance loan.