College Loan Refinance A student loan is to obtain student loans to pay for further education. In most cases the loan at an interest rate much reduced. Much lower than conventional loans and is supported by the government. The loan is not paid while students at the school. After graduation there is usually a grace period before loan payments start. Unfortunately, this settlement comes as these students also take a lot of other debts such as getting an apartment, get married or even having children. This is when the time for College Loan Refinance.