Student Loan Refinance Calculator
See how much refinancing your student loans could save you per month and over time. The sensitivity table shows shorter and longer term scenarios so you can pick the right balance for your budget.
How it works
Current and new monthly payments both use the standard amortization formula. Savings are the difference in monthly payment and in total cost over the respective remaining terms. The sensitivity table calculates three scenarios: your selected term minus 5 years, your selected term, and your selected term plus 5 years — helping you visualize the payment vs. savings tradeoff.
Frequently Asked Questions
Should I refinance federal student loans?
Refinancing federal loans into a private loan permanently removes access to federal protections: income-driven repayment, Public Service Loan Forgiveness (PSLF), deferment, and forbearance. Only refinance federal loans if you have stable income, no plans to pursue forgiveness, and can secure a meaningfully lower rate.
What is a weighted average interest rate?
If you have multiple student loans at different rates, the weighted average is a single rate that represents your overall cost. Calculate it as: sum of (each balance × its rate) divided by total balance. Use this as your current APR in the calculator for an accurate picture.
How does the term affect total savings?
A shorter refinance term increases monthly payments but reduces total interest paid — often dramatically. A longer term lowers monthly payments but you may pay more in total interest even at a lower rate. The sensitivity table in this calculator shows three scenarios so you can see the tradeoff clearly.
What credit score do I need to refinance student loans?
Most private refinance lenders require a minimum credit score of 650–680, with the best rates going to borrowers at 720+. Lenders also consider income, debt-to-income ratio, and employment status. Adding a creditworthy cosigner can unlock lower rates if your score is borderline.