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Imagine having thousands of dollars in extra money to put toward a new car, new home or dream vacation. If you have federal student loans, refinancing could make this possible, but you should be aware of its potential downsides, too. Because refinancing is available only through private lenders, it’s important to know both the benefits and the risks of leaving a federal student loan program.

No academic degree takes longer to earn—or is more expensive to pay off—than a medical degree. The average medical school student now graduates with $192,000 in student loan debt, according to the Association of American Medical Colleges.

So if you’re feeling overwhelmed by your student loans, you’re not alone.

It’s that time of the month again: yep, the day when you grit your teeth and check your bank balance. Will there be enough left to make ends meet after you make your student loan payments? 

Whether you’re paying off private or federal loans, there are several options that could improve your financial outlook. In fact, you might be able to pay less on your student loans each month—and end up with more for things like groceries or a vacation. 

You’ve already consolidated your loans but now you’d like to refinance to get a lower interest rate. The question is, can you?  Or, does consolidating mean that you’re no longer able to shop for better terms and conditions that could save you money?

Struggling each month to afford a high student loan payment can be pretty demoralizing. Having to put off big financial steps like buying a home or having a child because you can’t find room in your budget ... well, that's even worse.

Let’s just come right out say it: some of the jargon associated with refinancing your student loan can be tough to get your head around. 

But here’s the good news: refinancing isn’t nearly as complicated as you might think. In fact, it’s possible to apply and even get a conditional acceptance in less than an hour.