As someone with a six-figure educational debt, the answer to this is a hell YES students should be allowed to refinance loans at a lower interest rate. I'm currently under an income-based repayment (IBR) plan but if it weren't for that option, I'd never be able to pay back my loans. Refinancing can potentially save me thousands of dollars. I worry constantly about this under the Trump administration. (Well I worry about many things under Trump but this is something that directly affects me in a major way).