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Student Loan Refinance Calculator

This student loan refinancing calculator estimates the monthly and total savings possible by refinancing your student loans. You can also compare different loan terms and interest rates to find the right refinance loan for you. See the list of refinancing lenders below the calculator to see their current interest rate ranges. Remember, your interest rate will be determined by your credit profile and length of loan term, with higher terms carrying a higher interest rate.

Loan Comparison

info icon vector The total amount you owe as of today. An estimate is just fine!

info icon vector The interest rate you are currently paying, or the average interest rate across the multiple loans you have. Not sure what that is? Try a standard 5% for starters and play what-if games with different rates.

info icon vector The number of years you have left to pay off what you borrowed. If you started with a 10 year repayment term 3 years ago, this number would be 7.

info icon vector The interest rate on the loan you are considering. The exact rate you end up getting depends on the lender's review of your credit history.

info icon vector The number of years you will have to pay off the loan you are considering. Standard repayment is 10 years.

Refinancing student loans means that you trade your current student loan debt for an entirely new private student loan. The new loan pays off the old loans. Refinancing your student loans might provide a lower interest rate, which saves you money and could eliminate your debt sooner. Refinancing yields a completely new lender. You need to apply and be approved just like any other loan. The terms of your new loan and any perks from federal student loans will not apply to this new loan.

The difference between student loan consolidation and a refinance depends on how the interest rate is determined. You can consolidate most federal loans, which combines multiple loans into one payment. Consolidating loans does not give you a lower interest rate like refinancing potentially can. If you consolidate your student loans, your interest rate is based on the weighted average of your current interest rates. If you consolidate federal student loans into a federal consolidation loan, you can still have most federal student loan benefits, unlike refinancing to a private lender. Refinancing your student loans also combines your loans into a single loan, but the interest rate is based on your current credit score and not the current interest rates on your loans.

Eligibility requirements for refinancing student loans depend on the lender. In many cases, lenders want to see a debt-to-income ratio under 50%, a minimum credit score of 650, steady income, a minimum loan amount to refinance (usually $5,000), loans that aren’t in default, and degree completion. Once you’re ready to apply, you’ll need your loan information ready to complete the process.

Refinancing a student loan can lower your interest rate, which reduces the amount of total interest you will pay over the life of the loan. Lowering the interest rate also means that more of your payments are applied to your principal student loan balance, paying off your loan faster. If you choose to have a longer payment term, it could lower your new monthly payment. Combining multiple loans into one new one means it’s easier to keep track of your loan, make payments, and reduce the chance of late payments. Many private lenders offer optional perks, including skipping a payment, choosing your due date, and pausing payments. Other benefits of refinancing include releasing a cosigner from responsibility of your loan and getting a new loan servicer if you’re dissatisfied with your current one.

If you’re a new graduate, you may lose your grace period (unless you refinance with SoFi or Earnest, which honor your grace period). If you refinance federal student loans into private student loans, you will lose many federal benefits. These include the possibility for student loan forgiveness, enrolling in an income-driven repayment plan and more generous deferment options in times of unemployment and economic hardship.

Refinancing student loans offers many pros and cons. Before you decide to refinance, really take time to understand your current loans. Are they private, federal, or a mix? If you have federal loans, will you likely take advantage of student loan forgiveness or an income-driven repayment plan? If yes, then refinancing isn’t right for you. If you have private student loans and want to lower your interest rate, it is worth exploring further. Consider both your potential monthly savings and savings over the life of your loans to decide if refinancing is worth it.

Refinancing federal student loans means you will lose the perks that come along with federal loans. These include the option for income-driven repayment plans, the possibility of student loan forgiveness and the opportunity for more generous deferment options in times of unemployment and economic hardship.

When choosing a lender, consider the interest rate and repayment term they offer you. When researching a lender, there are many other questions to ask. Are there any origination, late payment, or prepayment fees? Do they offer variable interest rates or fixed interest rates that are better than your current student loan rates? How do your potential new payment amounts compare to your existing payments? Do they offer protections like forbearance or deferment options if you have trouble making student loan payments? If you’re applying with a cosigner, do they offer a cosigner release? Are there any other perks that come along with it, such as choosing your payment day or skipping a payment? Is there an autopay discount?

Yes, you can use a cosigner when applying to refinance your student loans. If you don’t have a great credit report or are lacking in another area, a cosigner can help you get approved. Even if you have solid credit, having a cosigner with good credit could mean an even lower interest rate. Keep in mind, as with any other loan, your cosigner is completely responsible for repaying this loan as well.

Yes, you can refi your loan multiple times to get a lower interest rate. Some lenders, such as Earnest, even allow you to refinance while you’re still in school.