If you are struggling to repay your student loans then you most certainly are not alone. Many times students and graduates that hold student loans look to refinance in order to lower their monthly payments. Before considering this, please read the following article. It may just change your mind.

Refinancing student loans can be a good idea under certain circumstances, but not always. As of late, interest rates have been low but they are in fact rising and most economists agree that they will continue to rise. Most student loans are based on a variable interest rate and will not be locked-in until you refinance or get a loan consolidation.

The option to refinance is only available to those individuals who have established good credit by paying their loans back on time. If you have missed payments or have been late then you can pretty much forget about it. As a rule, refinancing rates are usually offered at 1 or 2 points below what your current rate is. This is to make the loan more attractive, but you must take caution.
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Should You Refinance Your Student Loan?

Student debt and “undue hardship”
If you are buried deep in debt but your debt is mainly student debt you may want to reconsider bankruptcy since almost all student loans are non-dischargeable. The law is clear when it comes to student loan debt: Unless repayment causes the debtor undue hardship, courts won’t allow discharge of student debt. The above is applicable to Chapter 7 Bankruptcy and Chapter 13 Bankruptcy too. So in order to be able to get discharged from student debt you’ll need to meet the “undue hardship” requirement. This concept implies an excessive poorness caused by the debt that would affect the ability of the debtor of paying for basic needs. The main difficulty is to prove undue hardship.
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Are Student Loans Dischargeable When You Fill for Bankruptcy?

There are many questions that need to be answered before rushing in to apply for a student loan: Which loan do I need? How much money will I request? How long do I want the loan to last? What if I already have outstanding loans? How about the interest rate? Let’s go step by step and answer these questions before going on:

Loan Types
There are mainly two types of student loans: Government student loans and private student loans. Federal Student Loans come with lower interest rates and are provided without consideration of credit score or history while private student loans carry higher interest rates, have more flexible terms that can be negotiated with the lender and approval is subject to credit checks. In order to get a federal student loan you need to meet several requirements that are not necessary for private student loans.
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How do I Make Sure I get Approved for a Student Loan?