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Why Those Millennials With Tons of Loans Won’t Refinance

They don’t trust the banks. And besides, a lower rate isn't always worth giving up flexibility.

Staring at a subway advertisement, Steve Rousseau pondered upending the delicate balance of his personal budget. The ad promised a lower interest rate and smaller payments for student debtors who were willing to refinance. Rousseau, 27, is five years out of college. He has about $15,000 left to pay on private and federal loans that helped fund a diploma from Hofstra University. What to do?

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