The main goal of refinancing is usually to reduce your monthly student loan payments. Students have several ways to do this. There are lots of banks that offer student loan consolidation programs.
So what should you consider when you refinance your student loan payments?
You have federal student loans and private loans. You need to refinance both loans separately. But why separately? Federal loans are structured in such a way that you can get a much lower interest rate on them than you can on private loans. Initially private student loans are personal loans made with the assumption that your income will increase with more education. So if you mix these two loans you can arrive at wrong conclusions on loan payment size.
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