Hopefully things have changed for the better since I was in college and grad school, but my experience was that financial aid advisors did a poor job of describing how interest works and showing you how much you would actually owe for your education in a concrete way you could understand. That coupled with the naïveté of youth and the excitement of pursuing your dreams can be a dangerous combination. Although I have no regrets, I hope there is a better process in place and today's students are better informed about they're signing up for. As with any other loan, I believe refinancing should be an option.