The Student Loan Refinancing Act of 2026 aims to amend the Higher Education Act of 1965 to allow borrowers to refinance certain federal student loans, providing them with the chance to secure lower interest rates and manage their debt more effectively. This legislation introduces a refinancing program overseen by the Secretary of Education, enabling borrowers to replace their existing Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, and Federal Direct Consolidation Loans with new loans that feature more favorable terms.