One of the typical reasons people want to refinance their student loans is to achieve a lower interest rate, but that is not the only reason to refinance. Finding a new loan to meet your goals over time is also an important thing to consider. Repaying the loans at a lower interest rate but taking more time to do so may not result in saving money. Choosing to refinance your student loans with a shorter time frame will increase the monthly cost in the short term, but save you thousands of dollars in the long run. This is why it is important to consult with financial experts to see that you are making the right choice to fit your needs and long term financial health.