The "Student Loan Refinancing Act of 2026" amends the Higher Education Act of 1965 to create a new federal student loan refinancing program. This program, to be established by the Secretary of Education within 30 days of enactment, allows borrowers to refinance existing Federal Direct Loans and Federal Family Education Loan (FFEL) Program loans . The primary goal is to enable borrowers to obtain potentially lower interest rates on their federal student debt. Under this program, eligible Federal Direct Loans can be refinanced into new Federal Direct Loans of the same type, covering the unpaid principal, accrued interest, and late charges. Similarly, FFEL Program loans can be refinanced, converting them into corresponding Federal Direct Loans. The interest rate for most refinanced loans will be set at the current rate for new loans of that type on the date of refinancing, and this rate will be fixed for the life of the loan. For refinanced Federal Direct Consolidation Loans, the interest rate will be a weighted average of the component loans, with each component loan's rate being the lesser of its original rate or the current rate for a new loan of that type. Importantly, refinancing does not incur origination fees, nor does it subject the loan to new annual or aggregate loan limits. While refinancing does not automatically extend the repayment period, borrowers retain the flexibility to choose a different repayment plan at any time. A loan can be refinanced a maximum of twice within a 10-year period . The Secretary, in coordination with the Director of the Bureau of Consumer Financial Protection, is mandated to conduct a campaign to inform eligible borrowers about their ability to apply for this refinancing program, including developing consumer information materials and requiring servicers to provide this information. The bill also clarifies how refinancing impacts income-driven repayment plans and Public Service Loan Forgiveness (PSLF). For both Income-Contingent Repayment and Income-Based Repayment, all monthly payments made on the original loan will count towards the required repayment period. However, for PSLF, while payments on original Federal Direct Loans will count, for refinanced FFEL loans, only payments made after the refinancing date will be considered for PSLF eligibility.