How should I attack my student loans?

Okay, I have been racking my brain about how to attack a student loan problem. Maybe someone out there has some advice.

I am currently starting my second year of a four year law school program. I go to school full time and work full time. I took out two loans to fund my first year. Here is a break down of the loans:

#1 - $8,500 at 0% interest and deferred payments (Subsidized)
#2 - $12,000 at 6.8% interest (accruing at time of issuance) and
deferred payments (Unsubsidized)

When I initial took out these loans I was under the impression that all of the interest was deferred, not just the interest on the subsidized loan. As a matter of fact, I remember distinctly asking about the interest deferment, but apparently the person I spoke withdidn’t understand the question, and now I am stuck with a LOT of interest accruing over the next three years. Additionally, I took out the same two loans for this year’s tuition and expenses.


Should I just hang onto these loans until after graduation and refinance it at a lower rate.

Should (or can I) refinance it now and start making payments?

Should I start applying payments to it? Should I just hold onto my savings, make payments on the interest accrued, and refinance at the end of school?

Financial Snapshot: NetworthIQ