<prompt> Human: Thoughts on this? My parents had been paying my fedloans, but dad is having trouble with cash. He changed the loan to a 20 year repayment time on a 25,000 loan. There are currently 15 years left. This does not work for me. Current FedLoan rate is 6.69, so I figured To heck with it. Lets refinance. PenFed Credit Union is offering me a 5.59 fixed rate for 8 years. Parents would send me monthly the amount they currently pay to FedLoan, with me paying the remainder of the monthly payment.Figure it will save 6 or 7 thousand in interest to cost me 100 a month. I figure I can also refinance it again in two years to a 5 year repayment, thus cutting another year off.tldr; FedLoan Servicing is a crap lender and you can get a lower rate elsewhere.  <response>: If these are Federal loans, they have protections that a private loan will not have. 