If your financial circumstances change, you'll want to re-finance your student loans through consolidation, extending your pay period or lowering your monthly rate. Here's how to re-finance a student loan and get a better interest rate.
Make sure your credit is in good standing. This is essential for getting more favorable terms.
Get a copy of your free credit report. This can be achieved online through one or all of the three major agencies, such as Equifax, Experian and TransUnion. Review it and make sure to fix any problems.
Consolidate your federal loans and private loans separately. Compare rates from different lenders. Shop around, check the Internet, your bank, as well as your original lender.
Work with your lenders to refinance your loans. Extend your repayment period, lower your interest rate or consolidate your payments into one monthly bill according to your needs.
Research your options. You can consolidate private loans and federal loans together, but this usually yields less favorable terms.