More than 4 in 10 college graduates carry student loan debt, according to the Federal Reserve. The median debt ranges between $20,000 and $24,999. But even a smaller amount can make it challenging to save for other long-term goals, like retirement, especially if your loans have high interest rates.

Refinancing can help you reduce how much you owe under the right circumstances. But it's not a good move for everyone. Here are three signs it could be a smart decision for you right now.

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Source Fool.com