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Refinancing: A Strategic Move

Refinancing student loans is another strategy that can offer significant savings. By refinancing, you can potentially lower your interest rate, reduce your monthly payments, and shorten your loan term. Many private lenders offer competitive rates and terms, allowing you to choose the best fit for your financial goals. However, it's crucial to compare offers and ensure you understand the terms before committing, as refinancing federal loans with a private lender means losing federal benefits like income-driven repayment and loan forgiveness⁵.