Consider your options when consolidating your student loans.

If you qualify, student loan refinancing is one way to cut down your student loan payments or shrink the number of years they weigh on you.

Refinancing replaces your current loans with a new, private student loan at lower interest rate.

Plus, if it’s federal loans that you’re refinancing, you’ll lose access to certain student loan repayment plans and forgiveness programs.

Lower your debt by throwing extra funds at your credit card balance, student loans and car loans.

Qualifying borrowers are likely to save money if their private or federal student loans carry interest rates of 6.5% or higher.

Parents who took out loans to pay for their children’s education can often get a good deal when they refinance parent PLUS loans, for instance.