re: Refinacing student loan and extending term

Why is it a bad idea?
--you will be paying more for the borrowed money, despite the lowered interest rate, simply because you have extended the loan period. Go run the numbers on your present loan and the refinanced amount....look at how much in additional funds you'll be spending on interest to extend the payment period.
--rather than retire the debt quickly, you will have it hanging over your head for a decade more than the original payment schedule. not good for peace of mind...and it extends the debt risk far enough into the future to make uncertainty a factor. what if you hate your job and quit? get laid off? become disabled? for the next 15 years, you have that loan obligation hanging around your neck.

You don't mention why you're trying to "free up" money each month. The better alternative to refinancing debt and extending the repayment period is to EARN more each month. Get a side gig...surely the good Dr has some marketable skills.

Also, be damned sure you're not eligible for loan forgiveness or repayment before you do anything with a refinancing plan.