Student loan borrowers can now expect an abundance of options for consolidating or refinancing their loans. On the financial front, the timing is perfect to exercise some good old-fashioned decision making with your student loans. Here are great reasons to refinance now:

A lower interest rate.

As always, the lowest interest rate wins. If you have a steady monthly income and some decent credit, you are eligible to get that low, low interest rate. Some banks are even willing to lower student interest rate through refinancing just because they see it as a decreased credit risk. Eliminate school debt faster with a better interest rate.

2. Bring down those monthly payments.

Modify repayment terms with refinancing. If you refinance a 10 year payment to a 20 year payment, the benefit is a significant amount cut from the monthly payment. For those looking to be rid of college loan debt, this would not be the best option. Yet, for others who need a financial reorganization due to income or hardship, go for it. Beware of accruing more interest this way; you could end up paying more in the long run.

3. Release your cosigner.

If you were required to have a cosigner and found someone brave enough to do it, you can say thank you by releasing them from the loan. After a set amount of on-time monthly payments, many financial institutions will drop the cosigner. The cosigner is free to go on and improve their credit and obtain loans easier as a result. It is a win-win situation for refinancing.

4. Get a bank which cares about you.

Switch to a bank with a reputation for great customer service and end the frustrations. Great customer service and support has a vital role in student loans. Student loan terms can be up to 20 years! This is a long time relationship with a bank. If customer service is horrible, you are at more risk to fall. Simply said, if you are late on a payment or need grace period relief and the customer service department is threatening, the frustration can be too much. People help people. Expect that from your lending institution.

5. Bundle your loans.

Consolidate multiple loans into one simple easy payment. The average student loan borrower has 7 loans with 2-3 lenders. This is risk just waiting to happen. What is worse is when your student loans are also being sold every few years by your lenders. Many people have been through this, to the degree where they don’t know what is going on. It becomes impossible to filter or track the messy situation. The stress alone is enough to fold. By bundling student loan debt, you are organizing and tracking a potentially huge problem. Refinancing is the solution.

6. A Flexible repayment plan.

There is a good reason to refinance when programs such Pay As You Earn and Income Based Repayment exist. The flexibility is realistic to your life situation. Income Contingent Repayment, Interest only payments, Economic Hardship Deferment, and Grace Period are all implemented for flexible repayment plans. Remember, interest accrues. Federal loans will rise to a ridiculous amount owed if not managed correctly. Imagine borrowing $24,000 and now over time, the interest has doubled or tripled the loan. Compound interest is alive and well. Don’t let your student loans get the best of you. Sometimes life throws curve balls, get help right away when a hardship happens.

7. Because you can!

You studied hard, you worked hard, and now it is all starting to pay off. If the credit is looking good, and the salary is promising, then why not take all the reasons above and apply it to your life? Having a lower interest rate or combining multiple loans is being proactive on your part. Getting a grip on student loan debt is one of the hardest hurdles students face today. The issue is growing, causing a national stir in college educational policies. Borrowers are overwhelmed.

Being straddled with endless debt is no easy road to drive. If you are a success story, then take full advantage of what is available in refinancing your student loan debt.