My interest rate at Navient is 8.25, I could get 3,375 at my credit union. I am 65 retired and living on a limited income. I can't make the huge payment Navient wants and I could get a much lower payment at my credit uniopn. I need advice about this. I have been in forebarence for years.
Navient is a Federal loan, which has options such as income-driven repayment. You simply need to apply and you could have a payment as low as $0 if you don't make much money. Forbearance is a terrible option - get on an income-driven repayment plan.
All you have to do is call and ask for this, fill out the paperwork, and you're set (you just need to re-certify your income annually). You can also do it online at StudentLoans.gov.
If you refinance, you lose access to these plans. So while you may save on interest, you likely wouldn't be able to afford your new loan.