Erase Student Debt Fast With Genius Payment Tricks

Refinancing for Lower Interest Rates

Refinancing your student loans can be an effective strategy to lower your interest rate and monthly payments. By consolidating your loans into a new private loan with a lower interest rate, you can save money over the life of the loan⁴. However, it's important to note that refinancing federal loans into private loans means losing access to federal benefits such as income-driven repayment plans and forgiveness programs. Carefully weigh the pros and cons before making this decision.