The key is to understand whether these downsides are important to you or not.
When you refinance Federal loans with private loans, you will lose some of the benefits specific to Federal loans
Federal student loans come with protections that can help you if you’re struggling with your payments. You may be able to use repayment plans that decrease these amounts or put them on pause altogether.
You also may qualify to have loans forgiven under certain criteria. Most private loans do not offer options like these, and once you replace your federal loans with a private loan, you cannot move or consolidate the loan back into a federal loan to get these benefits.