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When you’re drowning under the weight of high student loan payments, managing your budget can feel like a tightrope walk.

Consolidating your private student loans may be a smart way to get some relief from burdensome bills, but there are facts to consider before you take the plunge.

Interest is the price you pay for borrowing money. It sounds simple enough, but student loan interest rates can be complicated. The National Student Loan Union has put together everything you need to know about student loan interest rates. Read on to find out what the fine print means, how interest rates are determined, and how to score the lowest rate when refinancing college debt.

Refinancing student loans can be a great strategy to make monthly payments more manageable and cut overall interest costs. In recent years, the number of lenders offering refinancing has increased, creating a competitive environment with lots of innovation and new options. But picking a lender can be daunting. Which student loan refinance company is the best? What should you consider besides the interest rate? Which lender should you trust with your money?

Most people with student loans owe at least some of that money to the federal government. Government-backed loans are usually the first step for borrowers, and with good reason. They are widely accessible, have fixed interest rates, and carry many benefits. But there are some significant drawbacks, too. Among the biggest is that there is no way to renegotiate the interest rate through the federal government if economic conditions change.

Paying student loans is a fact of life for more than 70 percent of college graduates – but paying too much for those student loans doesn’t have to be. Many people don’t realize that once they’ve been out of school for a few years, they could be eligible for lower interest rates on their private student loans.

Are you eager to conquer your student loan debt, but wondering if you qualify for refinancing? Here at Comet, we’ve helped people save more than $200 million on their student loans. Refinancing requirements can vary by lender, but we’ve put together a list of the most common things lenders look for.