For students and parents looking at college loans, make sure to explore your options thoroughly before deciding to take out any private loans. Exhaust all potential federal grants and loans first, and apply for tons of scholarships. If you still need to take out private loans to cover additional costs, our Compare Rates tool is a great place to start.

The best tip I can offer is do your research. For refinancing, check out what benefits one lender has over another as it pertains to your goals — whether that’s interest rate, term length, taking over loans, or combining loans with a spouse. Pay attention to the interest rates offered because interest accrues daily on student loans — every fraction of a percent makes a difference.

The most common uncertainty most borrowers have is credit score. Sign up for an accountable and reputable free credit report app, so that you can monitor your credit and see where you stand. These apps can help give you an idea of how much you can afford, and how to approach the refinancing process.

Shop around and know what questions to ask. Rate comparison tools like ours are great, but also don’t be afraid to pick up the phone if you have a question about something like deferment policies or if you can set up multiple payments in the same billing cycle (which saves you money).