Ok, the last post made me sound like a big cheerleader for refinancing student loans. I am a big cheerleader of refinancing for almost everyone. The math just works out. Lower interest rate = lower payments or shorter loan term and saves you alot of money in the long term. I said almost everyone, though. There are some people who are better off keeping their federal student loans the way they are.
If you can afford your loans and you are not in any special loan repayment programs, refinancing is almost certainly the way to go. If you are in a special loan repayment program or loan forgiveness program, you need to look at your options.
If you cannot afford your loan payments you may be in an Income Based Repayment (IBR) or Pay As You Earn (PAYE) plan. These payment plans will reduce your payment to a percentage of you income and in some instances they will forgive whatever is left after 20 or 25 years. If you are in this situation, go to the federal student loan website to look at your options.
https://studentaid.ed.gov/sa/repay-loans/understand/plans
There are also some federal programs that can lead to loan forgiveness after 10 years. If you qualify for the Public Service Loan Forgiveness (PSLF) plan, you make payments based on your income for 10 years and then the amount left is forgiven.
There are some caveats, though. Many people will have a high enough income that the loan will be repaid after 10 years so the forgiveness is not worth anything. You also must work for a qualifying employer. Often these are government or nonprofit organizations that would pay less than an equivalent job in the private sector. You will have to look at the specifics of your situation and weight the pros and cons. This program will also lock you into the employer for 10 years so your job mobility may be effected. Go here for more information.
https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
Student Loan Refinancing 