There is no perfect time to refinance because many variables are at play. Student loan refinancing is a tactic to help you pay off the debt. It’s best used when part of an overall student loan payoff strategy.
For one, don’t wait until you can no longer afford to make the payments. Waiting until you’re financially tight, may lead to loan application denial. If you’re drowning in other types of debt, most likely your credit score has taken a substantial hit or you may not have the necessary debt-to-income ratio for approval.
Many lenders offer student loan refinancing for recent college graduates. They take into consideration the probability your income will grow as you enter the workforce and begin your career.
Look into refinancing when you have graduated from college or have made a strong commitment to repaying your student loans off sooner.