Refi student loan at a *higher* interest rate to free up cash?

[Jenny Gardner]

Hi BP community - I am looking to save for a downpayment for an investment property (my first after purchasing my home) however I have heavy student debt ($175K+) at a 4% interest rate. In order to improve my financing capabilities, it is wiser to:

A) Refinance at a *higher* rate (no more than 5%) to free up cash? 

Or

B) Continue paying down my current rate to improve my DTI and wait to purchase until I have less debt?

Thanks so much weighing in!