You still have to qualify for a loan to refinance. However, the idea is that over time your credit score has improved and you are now bringing in a steady income with the degree you got. A better credit score could mean more attractive loan terms and rates. With a steady income, you would also be viewed as a lower-risk refinancer.

You would need to carefully consider when refinancing federal student loans though because they often come with benefits, such as loan forgiveness in certain career paths. When refinancing, you’d lose those student loan benefits—so decide whether or not you’d use any of them before refinancing.