Student Loan Refinance Calculator

Compare your current loan against a refinance offer

Current Loan

Current balance ($)

Current interest rate (%)

Remaining term (years)

Refinance Offer

New interest rate (%)

New term (years)

Frequently Asked Questions

How is my new refinance payment calculated? ▼

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.

Does a lower rate always save money? ▼

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.

Is refinancing the same as federal consolidation? ▼

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.

Should I refinance federal loans? ▼

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.

How student loan refinancing savings are calculated

Refinancing replaces your current loans with a new private loan at a different rate and term. The calculator computes the monthly payment for both loans with the standard amortization formula and compares the payment, total paid and total interest.

Example

A $60,000 balance at 7.5% with 10 years left costs $712 a month and about $25,500 in interest. Refinancing to 5.5% for the same 10 years lowers the payment to $651 and interest to about $18,100, saving about $7,300. Stretching the new loan to 20 years would cut the payment to about $413 but raise total interest to about $39,100, more than you pay today.

What you give up when refinancing federal loans

Refinancing federal student loans with a private lender is permanent. You lose:

Income-driven repayment, including the new Repayment Assistance Plan.
Public Service Loan Forgiveness and other federal forgiveness programs.
Federal deferment and forbearance during unemployment or hardship.
Discharge protections that federal loans offer in some situations.

For private loans, none of these exist anyway, so refinancing is mainly a question of rate and term.

Who gets the best rates

Factor	What lenders look for
Credit score	About 700 or higher for competitive offers
Income and debt-to-income	Stable income with manageable other debt
Rate type	Variable rates start lower but can rise; fixed rates stay the same
Cosigner	Can help if your credit history is short

Tips

Compare several lenders with soft-credit prequalification, which does not affect your score.
Look for autopay discounts, often 0.25 percentage points.
Keep the term the same or shorter if your goal is to save money, not just to lower the payment.

For a month-by-month schedule of the new loan, use the loan calculator. To combine federal loans without losing federal benefits, see the student loan consolidation calculator, and for federal income-based payments the RAP calculator.