Interest is the price you pay for borrowing. It's a fact of life that you'll owe your creditor extra money beyond your principal balance. But that doesn't mean paying interest is fun -- especially when you've taken out student loans and have thousands of dollars in debt you'll be paying back over many years. Interest costs can really add up in this situation.

The good news is, there are ways to reduce the interest rate you're charged on your student loans. Here are three possible solutions for reducing your rate that you can potentially try out, depending on what kind of loans you have and where you are in the borrowing or repayment process. 

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Source Fool.com