After four years of college and four years of grad school, I was up to my ears in student loan debt. I didn't want a long repayment period , so I went into a 10-year repayment plan with payments of over $3,000 a month. The money we had left over was enough to pay the bills, but not for much else.
For many years, I had no luck with refinancing options, until one day, I stumbled across some information about refinancing student loans through private banks at low interest rates. After looking into it a little more, I decided to apply and ended up cutting my monthly payments by about $750 a month. Although I had to re-start the 10-year repayment plan, the low interest rate left me paying about the same amount in interest as what I was paying with my federal loans.
My only regret was not having been able to do this sooner. I am so grateful to have the extra wiggle-room in my budget and can now comfortably provide for my family without have to struggle with finances.