Even if your total loan payments aren't killing your pocketbook, you may be having trouble tracking multiple loans. The more student loan bills you're juggling — each with its own amount and payment date — the more likely you are to mess up and miss a payment, which is bad news. Refinancing could consolidate multiple student loans into one student loan, making it easier to stay on top of your debt. If you can get better terms, like a lower interest rate, that's good news, too.