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Refinancing
If you need to take out thousands of dollars of student loans to pay for medical school, it is helpful to know about refinancing. To refinance means to revise the terms of the original loan arrangement. Typically, a borrower refinances a loan so that he/she can pay back a lower interest rate. For example, say that someone took out a loan for $100,000 to pay for medical school. The original loan arrangement was for 6% interest to be paid back. This means that the person would owe $100,000 plus $6000 interest.

When it is time to pay back the loan, economic circumstances in the country may have caused interest rates to decline to 3%. You can then work out a deal with the lending institution to refinance, or change the terms of your original loan arrangement so that you now only owe 3% interest instead of 6%. The end result would be that because you refinanced you only owe $3000 interest instead of $6000 and have now saved a good deal of money.

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