Student Loan Refinance Calculator

Refinancing replaces your loan balance with a new loan at a new interest rate and term, using standard amortization math: monthly payment = balance × monthly rate ÷ (1 − (1 + monthly rate)^−months). This calculator applies that formula to both your current loan and the refinance offer so you can compare them directly.

Not necessarily — a lower rate paired with a much longer term can still cost more in total interest, even though the monthly payment drops. This calculator shows both the monthly payment change AND the total lifetime interest change, since they can move in opposite directions.

No. Federal consolidation combines federal loans into one federal loan at a weighted-average rate and keeps federal protections (income-driven repayment, forgiveness eligibility). Refinancing replaces your loan(s) — federal or private — with a brand-new private loan at a market rate, which permanently gives up federal protections. Use this calculator for a private refinance offer; use the Student Loan Consolidation Calculator for federal Direct Consolidation.

This is a meaningful trade-off, not just a math question — refinancing federal loans into a private loan gives up access to income-driven repayment plans, deferment/forbearance options, and any current or future federal forgiveness programs. Many financial advisors suggest only refinancing federal loans if you're confident you won't need those protections.