She recently refinanced her private loans through a new lender at a rate of 3.6 percent.Gomes says her monthly payments are now not only lower, but she will pay them off 10 years earlier.
Next year's class is expected to carry even more debt.
"It's been growing every year and it's been going on for decades," says Kantrowitz.
"Adjusting for inflation and adjusting for the number of students, the reality is that for an individual student more of the burden of paying for college has shifted from the government to the student." That burden is enough to keep recent grads financially restricted for many years, hampering their ability to buy a home, launch a business or start a family -- or pay off credit card debt.
Refinancing student loans at a lower interest rate could save them thousands of dollars.
(See box: Debt consolidation versus refinance.) With a refi, you apply for a new loan with new terms to pay off your existing student loans.
As with any good deal, there are important facts to consider before deciding to refinance, especially if you have federal student loans, which offer unique protections.
But only certain borrowers will qualify, and even if you're one of them you should think carefully before jumping in. The class of 2015 is the most indebted ever, according to an analysis of government data by Mark Kantrowitz, senior vice president and publisher at Edvisors, a website about planning and paying for college.
Almost 71 percent of those who received bachelor's degrees in May have student loans, and those loans average a little more than ,000.
Considering some private refinancing options are as low as 1.9 percent with a variable rate, the savings if you refinance can be substantial.