Student Loan Refinance Calculator
Compare your current student loans with a refinanced loan. See the new monthly payment, total interest saved and how long it takes to recover any fees.
What does it mean to refinance student loans?
When you refinance student loans, a new lender pays off your existing loans and gives you one new loan, ideally with a lower interest rate, a different term or a single monthly payment. This calculator compares your current loans with the new loan so you can see the monthly change, the total interest and whether fees eat the savings.
How the student loan refinance calculator works
- It calculates your current payment from your balance, rate and years left.
- It calculates the new payment from the same balance at the new rate and term.
- It adds up total interest for both loans and subtracts any fees.
- If there are fees, it shows how many months of savings it takes to recover them.
Worked example
Balance $35,000, current rate 7% with 10 years left, new rate 5% for 10 years, no fees.
- Current payment: about $406 a month
- New payment: about $371 a month, so about $35 less
- Total interest now: about $13,800. New loan: about $9,500
- Interest saved: about $4,200
The rates here are examples, not offers.
When refinancing can make sense
- You can get a clearly lower rate than you pay now.
- You have a stable income and good credit.
- You do not need federal protections.
When to be careful
- Federal loans. Refinancing them with a private lender means giving up federal benefits such as income-driven repayment plans and federal forgiveness programs. This cannot be undone.
- Longer terms. A lower payment over a longer term can cost more in total interest. Try the same term as your current loans first.
- Fees. Some lenders charge origination fees. Enter them to see the real saving.
This calculator gives estimates for education only and is not financial advice. Compare quotes from several lenders. If you also carry other debts, try our debt consolidation calculator, or see how fast you could clear a loan with the student loan payoff calculator.
Frequently asked questions
How do I know if refinancing my student loans is worth it?
Compare total interest and monthly payment before and after, including fees. If the new loan costs less overall and you do not need federal protections, it may be worth it.
Should I refinance federal student loans?
Only if you are sure you will not need federal benefits. Refinancing federal loans with a private lender ends access to income-driven repayment and federal forgiveness programs.
Does a longer term lower my cost?
It lowers the monthly payment but usually raises total interest. Compare using the same term first.
Are fees included in the calculator?
Yes. Enter fees as a percent of the balance. The calculator subtracts them from interest savings and shows months to recover them.
Is this financial advice?
No. It gives estimates only. Compare real offers from lenders.
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