Student Loan Refinance Calculator
Compare your current loans with refinancing options to see if you could save money
Should You Refinance Your Student Loans?
Refinancing student loans can potentially lower your interest rate, reduce monthly payments, or help you pay off your debt faster. Our calculator helps you compare your current loan terms with refinancing options to see if refinancing makes financial sense for your situation.
Before refinancing federal student loans, carefully consider the federal benefits you might lose, such as income-driven repayment plans, loan forgiveness programs, and federal deferment/forbearance options.
When Refinancing Could Make Sense:
- You have high-interest private student loans
- Your credit score has improved significantly
- You want to change from variable to fixed-rate loans
- You want to consolidate multiple loans into one
Refinance Savings Calculator
Your Current Loan Details
If left blank, we'll calculate based on other values
Refinanced Loan Options
Refinancing Analysis
Enter your loan details above and click calculate to see your potential savings
Federal vs. Private Refinancing: What You Need to Know
| Comparison | Federal Loans | Private Refinancing |
|---|---|---|
Interest Rates | Fixed rates set by Congress | Based on credit score, income, and market rates |
Repayment Plans | Income-driven plans available | Typically fixed schedule only |
Loan Forgiveness | Various forgiveness programs | Not available |
Hardship Options | Deferment, forbearance, and income-driven plans | Limited, varies by lender |
Rate Reduction | Not possible (without refinancing) | Potential for significant reduction |
Potential Benefits of Student Loan Refinancing
Lower Interest Rate
Potentially secure a lower interest rate based on your improved credit score or current market conditions.
Simplified Payments
Consolidate multiple loans into one, with a single monthly payment and one due date.
Adjusted Term Length
Choose a shorter term to pay off loans faster, or a longer term to lower monthly payments.
Frequently Asked Questions About Student Loan Refinancing
Will refinancing my federal student loans affect my benefits?
Yes. When you refinance federal student loans with a private lender, you permanently lose access to federal benefits including income-driven repayment plans, federal loan forgiveness programs, and federal deferment/forbearance options.
What credit score do I need to refinance student loans?
Most lenders require a credit score of at least 650-680 to qualify for refinancing, with the best rates typically reserved for borrowers with scores above 720. Some lenders may also consider factors like income, employment history, and debt-to-income ratio.
Can I refinance just some of my student loans?
Yes, you can selectively refinance specific loans. For example, you might choose to refinance only your private loans or higher-interest loans while keeping your federal loans intact to preserve federal benefits.
How often can I refinance my student loans?
There's no limit to how many times you can refinance student loans. You may want to refinance again if your credit score improves significantly, interest rates drop, or your financial situation changes. Many lenders don't charge origination or application fees, making multiple refinances more feasible.
Calculate Your Refinancing Savings Today
Use our comprehensive suite of student loan calculators to make informed decisions about your student loans.
Explore All Student Loan Calculators