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Many of us have been in a position where asking for help with our finances seemed like the only way to get out of a pinch. And as difficult as it may be to lean on someone else for support, there are times when it’s a necessity. 

If the bills are stacking up and you’re running into problems refinancing your student loans, you might be wondering if you’ll ever get out of debt. While it might not feel like it right now, there is a way to get some relief — even if you can’t refinance on your own. 

You've heard about all the practical reasons for refinancing your student loans: It can lower your monthly payment, lower your interest rate, and even help you pay off your debt sooner. 

But how does refinancing affect your credit score? 

Since graduating from college, you may have buckled down and gotten serious about your finances — improving your credit score by paying your bills on time and establishing a good history of stable employment. 

Unfortunately, this doesn't change your terms for the student loans you borrowed years earlier. While it may not have occurred to you, you may be paying too much for you student loans, and you may be eligible for better interest rates or a lower monthly payment through refinancing.

If you’re in medical school, chances are you’ll accumulate six figures in student debt before you earn a dime in your new career.

And for several years after school, you’ll be working a medical residency that pays far less than you’ll earn as a full physician—the average is around $51,000-$60,000 per year. Meanwhile, your student loan debt is hanging above your head.

So you've made the decision to transfer your Parent PLUS Loan to your child. That's great news! Many parents choose to do so in the years after their child graduates. That's because while the payments may seem doable at first, it's sometimes difficult to pay off the debt over time, particularly as you reach retirement age.

However, not all lenders allow you to transfer your loan burden to your child. Laurel Road is one of the few exceptions. Let's take a look at their application process. 

If you’re like a lot of college graduates, you have multiple student loans, all through different lenders. 

To cut down on the confusion, you can consolidate your federal loans through a Direct Consolidation loan—or you can refinance them through a private lender, which may yield a lower interest rate. But is it the right choice for you? Let's take a closer look at the pros and cons of refinancing.