Student Loan Refinance Calculator
Calculate your potential savings from refinancing your student loans with a new interest rate and term.
Student Loan Refinancing Calculator
See how much you could save by refinancing your student loans at a lower interest rate
Understanding Student Loan Refinancing
What is Student Loan Refinancing?
Student loan refinancing replaces your existing student loans with a new private loan, ideally at a lower interest rate. This can reduce your monthly payment, decrease total interest paid, or help you pay off debt faster with a shorter term.
When Should You Refinance?
- Your credit score has improved since graduation
- You have stable income and employment
- Current rates are lower than your existing loans
- You don't need federal loan benefits
- You want to combine multiple loans
Federal vs Private Loans
- Federal loans: Have income-driven repayment and forgiveness options
- Private loans: Often have higher rates, good refinance candidates
- Refinancing federal loans = losing federal protections
- Consider keeping federal loans separate if you need safety net
Tips for Best Refinance Rates
- Improve your credit score to 750+
- Show stable employment history
- Compare offers from multiple lenders
- Consider a cosigner if needed
- Choose shorter terms for lower rates