Federal student loans are issued by the government and offer fixed interest rates, income-driven repayment plans, and forgiveness programs. Private student loans come from banks or lenders and may have variable rates with fewer borrower protections. Federal loans are generally recommended first due to their flexibility.

Yes, refinancing combines your existing loans into a new one, ideally at a lower interest rate. This can reduce your monthly payment or shorten your repayment timeline. However, refinancing federal loans into a private loan means losing access to federal benefits like income-driven repayment and loan forgiveness.

The standard federal repayment plan is 10 years, but extended and income-driven plans can stretch to 20 or 25 years. The actual time depends on your loan balance, interest rate, and how much you pay each month. Making extra payments when possible can significantly shorten your repayment period.