Apr 14, 2017 12:58 PM EDT By Emily Marks, UniversityHerald Reporter

High interest rates make student loan payments such a burden for graduates. There is a way around it, though, through refinancing. Refinancing is different from consolidation since the latter is a process that simplifies federal loan payments. It can also help borrowers be eligible for programs like income-driven repayment plans as well as public service loan forgiveness.

On the other hand, refinancing is a way for students or graduates to lower their interest rate and save money on the total cost of their loans. Mixing up the two terms can have financial consequences, not just in the short-term but also in the long-term.

NerdWallet collated a list of companies that can help graduates with refinancing their student loans. To qualify, graduates will need a credit score in the mid-600s or higher and a steady income.

The publication partnered with Credible, which is a student loan refinancing marketplace. With the website, graduates will just need to fill up one application for multiple lenders.

Citizens Bank is one of the lenders that has partnered with Credible. It requires an average credit score of 781. For undergrads, eligible candidates should have loan balances from $10,000 to $150,000. For graduate students, loan balances of up to $170,000 can be eligible.

College Avenue is an online-only lender by loan servicer Navient. Students with an average credit score of 750+ can be eligible for a loan with College Avenue. Loan balances eligible for this lender should range from $5,000 to $250,000.

Earnest is another online-only lender, needing only a 700+ credit score to be eligible. It has a higher maximum loan balance with $500,000.

iHELP is by loan servicer ACS Education Services. Students will also need a credit score of 700+. Loan balances eligible start with $10,000 for both undergrads and graduate students with $150,000 as the maximum for the former and $250,000 as maximum for the latter.

MEFA requires a credit score of 746. This lender accepts a minimum of $10,000 loan balance up to the full balance of the student.

RISLA requires a balance of $7,500 to $140,000. The minimum credit score required is 778.

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