 TITLE: Didn’t Get CARES Act Relief on Your Student Loans? Consider Refinancing CONTENT: How Student Loan Refinancing Works\n----------------------------------\nStudent loan refinancing involves replacing one or more existing student loans with a new one offered by a private lender. You can refinance federal loans, private loans and even both together if you want.\nThere are several private lenders that offer student loan refinancing options, and most of them allow you to get prequalified before you apply. This process allows you to easily shop around and compare rate offers from multiple lenders to ensure you get the best one.\nTo give you an idea of the potential benefit, let's say you have $20,000 in student loans and an average interest rate of 5.75%. With a 10-year repayment plan, your monthly payment would be $220, and you'd pay $6,345 in interest over the life of your loans.\nIf you were to refinance those loans at a 4.5% interest rate, it would reduce your monthly payment to $207, which is only a $13 decrease. But over 10 years, you'd save $1,472 in interest.\nDepending on how much debt you have and the interest rate you qualify for, you could get even more savings through refinancing. END