 TITLE: How to Pay Off Student Loans Faster CONTENT: Consider Refinancing if Your Credit Has Improved\n------------------------------------------------\nIf your credit is in good shape, you may be able to refinance your student loans to get a lower interest rate and pay down the balances faster. For example, let's say you owe $30,000 on your student loans and have seven years left to make payments. If your current interest rate is 7% and you reduce it to 5% by refinancing, you will save $2,416 in interest.\nLenders will check your credit and confirm you have a steady income source before approving you for a new loan. Many lenders offer a prequalification tool on their website that allows you to check your interest rate without submitting a formal application. It won't impact your credit score since a soft inquiry is generated, and you can get an idea of the loan terms you may qualify for.\nYou can also bring a cosigner, such as a family member, on board if your credit score is a little low but you can afford to make the loan payments. Your cosigner will need to meet the credit and income criteria and agree to make loan payments if you default on the loan agreement.\nKeep in mind that you will lose access to perks, such as deferments, forbearance, income-driven repayment plans and loan forgiveness, if you refinance a federal loan with a private lender. END