Benny Joseph is testing one of those fresh out-of-the-box ideas that could cut his $70,000 in graduate school debt and also forge invaluable networking connections with alumni and venture capitalists to help build his own upstart business.

Joseph, 33, who grew up in Sterling Heights, Mich., and now lives in San Francisco, refinanced his student loans last October through a young California company called SoFi.

SoFi, short for Social Finance, offers a social platform that mixes online loans and also career mentoring. Graduates save while making career connections. Well-off alumni have a way to give back to the school's students and also connect to bright talent. The company, with its venture capital backing, books revenue by collecting money management fees and the loan payments plus interest.

Borrowers apply online mostly to refinance to a lower fixed rate, though some original loans are available. The student loan refi model won't work for everyone, though. SoFi notes that the loan rates offered would likely be an attractive alternative only to unsubsidized federal Direct and PLUS loans, as well as some private loans.

Once a borrower applies online to refinance, SoFi approaches the current holder of the loan, pays it off and issues a new SoFi loan. The money for the loans is raised from alumni who have at least $100,000 to invest; as well as from venture capital funds and institutional investors.

Joseph cut his interest rate by 1.51 percentage points - to 5.99 percent from 7.5 percent. He kept his payment at $750 a month but will pay off his debt a year early.

Joseph said the connection to the alumni network has helped him with advice on how to work at building his company, GoodApril, which provides year-round tax guidance.

Most of SoFi's work has involved financing or refinancing MBA loan debt, but the borrower base has been gradually expanding to other degree holders, such as those with medical school debt. So far, the company has mitigated financial risk by working with degree-holders in high-earning disciplines.

The idea is young. But with 1,500 student loan borrowers so far, it's catching on. About $100 million in student loans have been made via the program so far. About 85 percent have involved refinancing student debt.

Mike Cagney, SoFi's co-founder and chief executive officer, said the target for this year is $1 billion.

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Refinance your college loan, get mentors