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This can make keeping track of your total debt, minimum payments, and monthly due dates confusing.Sometimes it might even cause you to miss payments.

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Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.

The new, refinanced loan can have completely different terms, too.

If your goal is to save money on your student loans, refinancing may be a better option for you than consolidation.

Here are some reasons you might consider refinancing instead: 1. When you refinance, lenders will offer you different loan terms.

In addition, if you opt to extend your repayment term, you could pay back more in interest over time.