Refinancing student loans is a financial strategy that allows borrowers to replace their existing loans with a new one, ideally under more favorable terms. Many graduates consider this option as they seek to manage their debt more efficiently, reduce interest rates, or consolidate multiple loans into a single, manageable payment. However, what happens when you refinance a student loan is not always straightforward, and understanding the full implications of this financial move is essential. While refinancing can provide significant benefits, it also comes with potential downsides that every borrower should consider carefully.