Is it worth refinancing my student loans when interest rates are high?

Often not, especially for federal loans. Refinancing federal loans into a private loan permanently forfeits income-driven repayment, forgiveness programs, generous forbearance, and death or disability discharge, and when rates are elevated you may not even get a lower rate. Refinancing makes the most sense for high-interest private loans, or for a high-income borrower with stable employment and a large private balance who will never use federal protections. Get quotes from several lenders, since rates are personalized to your credit and income, and compare the new rate to your weighted-average current rate. If your goal is a lower monthly payment on federal loans, switching to an income-driven plan is safer than refinancing away your federal benefits.