God how I love how they never teach you personal finance in high school or even college and having to learn it on your own. Anyway, I am looking to refinance some private student loans that I have. The ones that I have now have variable interest and are at 8.75% right now. Now I am only 2 years out of college and have never refinanced anything in my life. How exactly does this work? Will the bank give me a check for the amount that my loans are for so that I can pay them off and then start charging me monthly? Will the bank just simply talk to the company that owns my loans and pay them off for me? Are there going to be any extra fees involved? Also what are some good companies for refinancing student loans? I want to refinance with a decent or good company that will have a FIXED interest (at the lowest possible of course). Also, the student loan interest payments should still be tax deductible once I refinance right? This past month my student loan payments made me so mad. I paid $170 at the beginning of the month for the loan and only $3 of that went to the actual principal. Any other advice before I start shopping around would be greatly appreciated.