Most people should not refinance their student loans. However, for some niche situations, it can make sense to refinance your student loans. There are various potential benefits and drawbacks to student loan refinancing. So when you're trying to decide if you should refinance your own student loans, there are multiple factors to consider. The decision will often heavily depend on the type of loan that you have, whether federal or private. If you have federal loans and are currently taking advantage of one or more federal benefits, you might want to avoid refinancing so that you don't lose them. But even if you aren't currently utilizing any federal student loan benefits, that doesn't necessarily mean that you should rush to refinance your loans right now. Here's how to decide when you should refinance your student loans and how to get the lowest rate when you do.