When I got out of college, I consolidated all of my loans into one at the current interest rate as the loan counsellors recommended. Unfortunately, the interest rate was high then, over 7%. My friends who procrastinated, consolidated when the rates were lower. If I am about 1/2 way through my 30 year payment schedule. If I could refinance to a lower rate, I would be able to pay them off sooner and then free that $300/month to save for my children’s college or buy some ice fishing equipment or take a family vacation up north! My wife has even more than I do in student loans.