When can you refinance a student loan

Most lenders won't let you refinance student loans while you're still in school. If a lender does allow this, you may need to be close to graduation to qualify and will likely have to start repayment immediately. Typically, you must have already finished or left college to refinance your loans.

Is it possible to refinance student loans?

You can refinance federal student loans, although you will need to do so with a private lender. This means that you'll give up federal protections like deferment and forbearance, as well as access to benefits like income-driven repayment plans.

Why is it hard to refinance student loans?

Lenders want to ensure that you have sufficient monthly income to pay off student loans. If you have a regular paycheck coming each month, that will give lenders confidence in your ability to make monthly student loan payments. If you don't have stable monthly income, it may be harder to refinance student loans.

Can you refinance student loans as soon as you graduate?

You can get a 25-year student loan refinance with Nelnet Bank and Splash Financial, and there may be other lenders out there with this option. Most, however, typically offer 5- to 20-year student loan refinances.