Student Loan Refinance Calculator
Calculate potential savings from refinancing your student loans
Student LoansRefinancingInterest Savings
Loan Comparison
Enter current and refinance loan details
Current Loan
$
%
Refinanced Loan
%
Refinance Comparison
Current Loan
$575
Monthly Payment
Interest Rate6.8%
Term10 years
Total Interest$19,048
Total Paid$69,048
Refinanced Loan
$518
Monthly Payment
Interest Rate4.5%
Term10 years
Total Interest$12,183
Total Paid$62,183
Refinance Savings
Monthly Savings
+$57
Interest Saved
+$6,865
Total Savings
+$6,865
Rate Reduction
2.30%
Interest rate reduction
Break-Even Point
18
months to recover $1,000 in fees
Should You Refinance?
Benefits of Refinancing
- • Lower interest rate can save thousands in interest
- • Reduce monthly payment for better cash flow
- • Simplify payments by combining multiple loans
- • Pay off debt faster with shorter term
- • Release cosigner from original loan
Things You'll Lose
- • Federal loan protections (forbearance, deferment)
- • Income-driven repayment plan eligibility
- • Public Service Loan Forgiveness (PSLF) eligibility
- • Federal student loan forgiveness programs
- • Death and disability discharge
When to Refinance
- • You have private student loans (less to lose)
- • Your credit score has improved significantly
- • You have stable employment and income
- • Current rates are lower than your loan rates
- • You won't need federal protections
Before You Apply
- • Check your credit score (usually need 650+)
- • Shop around and compare multiple lenders
- • Check for origination fees or prepayment penalties
- • Consider if you're pursuing PSLF
- • Calculate true cost including all fees
💡 Pro Tip
Only refinance federal loans if you're certain you won't need federal benefits. Consider refinancing only private loans to keep federal loan protections.