College loans are financial aids that students can take advantage of and apply for to help them pay their way through college. After graduating from college, there usually is a grace period that is given to students before they have to start the loan repayment process. There are different repayment programs that students can choose from to suit their needs.BenefitsCollege loan refinancing is an option that helps students reduce their loan payments, but most people often overlook this option. The objective of college loan refinancing is to reduce monthly student loan payments. People can save hundreds or thousands of dollars when refinancing student loans. This is possible because refinancing can lower interest rates. Refinancing or consolidating loans usually allows students to stretch their repayment period up to 30 years. This enables them more financial flexibility when it comes to paying for living expenses.StrategiesThere are several strategies for refinancing student loans. One is to separate refinancing of federal student loans from private loans. It is easier to get lower interest rates for federal loans compared to private student loans. Combining both types of loans when refinancing might lead to paying higher interest rates than when they are applied for separately.Another strategy is to have a good credit history. Refinancing programs often look at the credit history of the applicant/student. It is advised that, before going for refinancing, the applicant review his or her credit report, see if there are any issues, and complete the appropriate steps to fix problems.Different lenders have different rates. It is good practice to review what each one is offering.Where to StartThere are a lot of companies that offer refinancing and most of these companies have their own websites on the Internet. Borrowers are advised to go with credible and established companies. These companies have consultants with the resources to customize refinancing plans up to a certain extent to fit the needs of their clients.