 TITLE: Student Loan Refinancing: What It Is and How to Do It CONTENT: What Are the Advantages of Refinancing a Student Loan?\n------------------------------------------------------\nThe most compelling reason to refinance a student loan is to get a lower interest rate, which could save you a significant amount over time.\nFor example, say you have $10,000 in student loans, with five years left to repay, at an average rate of 7%. If you refinance to a five-year loan term at 4% interest, you'd save more than $800 in interest by the time you pay it off. The higher your current rate, and the better your credit, the more you stand to save if you qualify.\nRefinancing to a shorter loan term could increase your monthly payment, but it would mean saving even more in interest. You could also pay off your loan faster, which frees up more cash to save for a home, retirement, your child's college education or other goals.\nPlus, combining loans with a range of due dates and terms into a single loan could help you keep track of your bills more closely and help you prevent late payments from affecting your credit scores. END