Photo by Seyi Ariyo on Unsplash

Can You Refinance Student Debt Before You Graduate?

An increasing number of student borrowers are looking for payment relief by reducing their interest costs through student loan refinancing. The question is, can you refinance your student loans before you graduate? The answer is yes.

What to consider when refinancing before graduation

For example, if the average rate on your existing student loan balance of $50,000 is 7% and you can reduce it to 5% through refinancing, it could save you around $50 a month over a 10-year repayment period, or more than $6,000 over the life of the loan. That’s money that can be put towards buying a car or a house, saving for retirement, or starting a family.

Income-driven repayment may be an alternative

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