3 times you should consider refinancing your student loans, according to a financial planner

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Refinancing student loans means taking out a new loan to replace your old ones, usually at a lower interest rate.

If you have private loans with a high interest rate, if your credit score has increased since you took out your last loans, or if you need a lower monthly payment now, you might want to look at refinancing.

However, refinancing may lengthen the number of years you make payment on your loans, meaning you'll pay more overall.

If you have federal loans, note that refinancing will turn them into private loans, losing benefits like loan forgiveness and income-driven repayment plans.

A financial planner can help make a plan to tackle your debt. Find one with SmartAsset's free tool

If you have student loans, you've probably wondered whether or not you should refinance them.

Maybe you've heard that's a great way to save money. Or perhaps you know there are downsides to going this route that make the potential upside not worth as much, especially if you have federal loans.See the rest of the story at Business InsiderNOW WATCH: Behind the scenes with Shepard Smith the Fox News star who just announced his resignation from the networkSee Also:I put off retirement savings until I paid off my student loans, and now I regret that decision for 4 reasonsI didn't believe in saving for retirement in my 20s, but I changed my ways when I realized how much I'd have to save each month to retire by 65By age 30 I'd saved 0 for retirement, but a strategic plan means I should be able to retire in 20 years

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