So you've got a student loan from college that is weighing hard on your current budget. Maybe all the money you expected to make in your new job, just didn't go according to plan and you want to save some money by refinancing. But you're worried about the possible effects this will have on your credit and your life. Well, while we will not be held liable for any type of information given in this article. We will still like to walk you through your options. Student loan refinance is a great option that is available if you believe you need it. It works just like any other refinancing. Think of this as a "debt-free" type deal for your sudent loans. A comapany will pay off your student loans completely, 100% and offer you a new contract. A new loan if you will, normally at a lower interest rate than what your current loan is offering. This in turn will drop your monthly or quarterly payments down to a minimum saving you money each month, however make sure you check into if the new loan is for a longer period of time because if so this will most likely cost you more money in the long run however it might still be worth to save the extra money in your bank account for other things now! That is the main thing you need to look over and discuss. Will the extra $xx or $xxx I save every month help me get where I need to be even if I do have to pay for a longer amount of time. For most people, saving money now, is what they want and need so it does work out for them. Keep in mind that student loan refinance can and normally will appear on your credit report, which may effect the score but shouldn't drop it to any significant extent. Since this is a student loan it gets less weight than say if you were consolidating a $50,000 credit card debt. There is blankets of information across the world on this topic and we encourage you that if you feel that student loan refinancing if an option that you need to take than please take a look around, gather up as much information as possible. Maybe get some quotes from different companies, and always read every piece of paper a company gives you before you sign anything!