Refinance your student loans.

While a recession is difficult for any age demographic, it can be especially challenging for young Americans paying off their student loans. An economic downturn usually results in lost jobs and reduced salaries, which is magnified for those who haven’t established a lot in savings (or an emergency fund) and need to pay student loans while juggling other monthly bills in their budget.

For many Americans, graduating college means entering the real world and joining the workforce. For others, however, educational pursuits roll on at the postgraduate level, whether it's to obtain a medical, law, business, or other master’s degree. With that comes another two to four years of tuition to shell out, depending on the career you wish to pursue.

For young adults entering the real world, there are many benefits to refinancing one or multiple student loans. Whether the goal is to consolidate numerous debts for convenience, or simply to qualify for a lower rate, there are several great options available for student loan refinancing.