Student Loan Refinance Calculator
Compare your current student loan with a refinance offer to see the new payment, the total interest you could save and how the term changes.
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About the Student Loan Refinance Calculator
Student loan refinancing replaces your existing loans with a new private loan, ideally at a lower interest rate. It can cut your total interest or monthly payment, but it can also extend your term. Refinancing federal loans into a private loan means you lose federal benefits such as income-driven repayment and forgiveness programs, so compare carefully.
How to use it
- Enter your current balance, interest rate and months remaining.
- Enter the new interest rate, term and any refinance fee.
- Press Calculate refinance to compare monthly payment and total interest.
Federal benefits you may give up
- Income-driven repayment plans.
- Public Service Loan Forgiveness and other forgiveness programs.
- Federal deferment and forbearance options.
- Possible future federal relief programs.
When refinancing helps
- Your credit has improved or you have a stable income and a cosigner.
- You have private loans at high rates.
- You do not need federal protections.
- You can keep or shorten the term and still lower the rate.
Frequently asked questions
Is it worth refinancing student loans?
It can be if the new rate is meaningfully lower and you keep a similar term. Do not refinance federal loans if you may need income-driven plans or forgiveness.
How much can I save by refinancing student loans?
Enter your numbers above. Lowering a 7.2% loan to 5.25% on $45,000 over 8 years saves several thousand dollars.
Does refinancing hurt my credit score?
Applying causes a small temporary dip from the hard inquiry. A lower balance and on-time payments help over time.
Can I refinance federal and private loans together?
Yes, with a private lender, but federal loans then become private loans.
What credit score do I need to refinance?
Lenders often look for a score in the high 600s or better, or a cosigner.
Last reviewed: November 2026. Estimates only, not financial, tax or legal advice.