Finance tool

Student Loan Refinance Calculator

Compare monthly payments and interest savings between existing loans and private student loan refinance offers.

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Refinancing Student Loans

Student loan refinancing replaces existing private or federal loans with a new private loan at updated interest rates and repayment terms.

Frequently Asked Questions

What federal benefits are lost when refinancing?

Refinancing federal loans into a private loan permanently forfeits access to income-driven plans (SAVE/PAYE), PSLF, and administrative deferments.

Do private refinancing lenders charge application fees?

Most reputable private student loan refinance lenders charge zero origination, application, or prepayment fees.

What credit score is needed to refinance?

Lenders generally look for credit scores of 660+ alongside stable employment and a debt-to-income ratio under 45%.

Can refinancing reduce monthly payments?

Yes, securing a lower interest rate or lengthening repayment terms lowers scheduled monthly dues.

How to use

Calculate in three steps

  1. 1
    Enter your valuesUse the fields above and check the units shown beside each input.
  2. 2
    Run the calculationSelect Calculate to refresh the result with your latest values.
  3. 3
    Review or shareCompare the result, reset the form, print it, or share this page.
Inputs

What you need

Current Debt Balance$
Current Weighted Interest Rate%
Remaining Term (Years)yrs
New Refinance Rate Offer%
New Refinance Term (Years)yrs
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