Consolidating student loans borrowed from the Department of Education can simplify your payments, but consolidation loans won't reduce your interest rate.

The Federal Reserve is currently in a holding pattern of keeping the Fed Funds Rate low, making refinancing of student loans a good time to take into account.

Using Credible, you can compare loan refinancing rates from different private loan service providers without having to change your credit score. You can get started here.

If you're new to being approved for credit, you may need a cosigner, since you'll be checking out your credit history and credit score. And consider using an online student loan refinancing calculator to estimate your savings