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Having graduated you may consider refinancing your student loan because it makes sense now because your credit score might have improved since the time you applied for the loan and your options have widened to lower rates.

Refinancing helps you replace your student loan with a new loan under better terms like the better interest rate that requires you to pay low monthly payments. However, if you are thinking of having an income-based repayment model or seeking the possibility of loan forgiveness then refinancing will be a bad idea as it will make the benefits of being in the federal system unavailable

Employment and credit score

If you are employed with a stable income, then you can consider refinancing your student loan because you will get lower interest rates. Lenders will want to be sure that you have a stable income source enabling you to pay off your debt. Without a stable income source that is if you are underemployed or unemployed, it will be difficult to get approved for refinancing.

Lenders will always evaluate your credit profile before approving credit as they want to be certain that you will meet your monthly obligations. With a higher credit score, you qualify for better interest rates, thus saving you a lot in interest and help you repay your student loan quicker at lower rates.

Know interest rates

Interest rates tend to vary, and you may find that currently, you are paying higher than what banks are offering.  Find out the rates you are currently paying and consider refinancing if banks are offering lower rates. Different lenders have different credit conditions and rates based on credit score.  With a good credit score, you qualify for lower rates, and if you are going to save money by refinancing, then consider doing it.

Why refinance?

Refinancing can help you lower interest rates as well as enhance your cash flow if you can reduce monthly payments. Equally, if you have several loans, it can help put the loans under one monthly payment, thus saving you the hassle and making payments simple. Similarly refinancing your student loans can make you qualify to sign for the loan without needing a cosigner.