If you have stellar credit and can qualify for a lower interest rate than what you’re currently paying, refinancing might be a good idea for you. Keep in mind that it’s not the right move for everyone. If you don’t qualify for student loan refinancing or you want to explore other options to manage your loans, consider these repayment options:
Income-driven repayment plans allow you to pay back your loans based on your income and family size. After 20 or 25 years of making student loan payments, the remaining balance on your loans is forgiven. Read more about how to get student loan forgiveness after 20 years.
Student loan consolidation lets you combine all of your federal student loans into one loan with a manageable payment. Your interest rate is the weighted average of all the loans included in the consolidation application, so you won’t get a lower interest rate as you might through refinancing. But you’ll keep the protections — like deferment and forbearance — that come with having federal student loans.