3 reasons to explore refinancing your student loans now, while interest rates are low - Business Insider

. But, homeowners are not the only borrowers that could benefit from lower interest rates — student loan borrowers could also save.

"There is a direct relationship between market interest rates and the interest rates that consumers have access to," says David Klein, cofounder of online lender . "That's what we've seen since market rates have decreased quite precipitously over the last few weeks. Now, people have an opportunity to refinance their student debt at rates that folks haven't seen before."— borrowers who have had a big drop in their credit score, a recent bankruptcy, or who don't have a steady income may not see the benefit. As with anything you're considering for your money, make sure to shop around and get multiple quotes for a refinance.

If you're in one — or more — of the following situations, you might want to explore your options to refinance:For borrowers struggling to keep track of multiple loans, refinancing can help. "The average student loan borrower in this country has over five loans by the time they graduate, many times with different lenders. That's just really difficult to manage," Klein says. Refinancing brings all of those loans into a single loan, with one monthly payment.

Note that if you do refinance, any federal loans will become private loans and you'll lose the ability to take advantage of2. You have a much better credit score now, and that can increase a lot after college. "When people get student loans to go to college, they tend to come in at a higher interest rate than what is available to them once they graduate," Klein says.

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