Additionally student loans should be something you can refinance. When I took out loans in the early 90s, interest rates on subsidized Stafford loans were about 8%. As interest rates dropped during the course of my education, I was locked into that interest rate and the only way to get a lower rate on those high interest early loans was to consolidate loans. Loan consolidation doesn’t get you a market rate new interest rate instead you get the average of the 2 interest rates.