Student Loan Refinance Calculator
Could refinancing your student loans save money? Compare your current rate to a new offer and see the interest you’d save.
Compare student-loan refinance rates
Learn moreLower rate, real savings
Refinancing replaces your loans with a new one at a lower rate, cutting interest over the life of the loan. The catch: refinancing federal loans into a private loan forfeits federal protections like income-driven repayment and forgiveness. Refinancing makes the most sense for high-rate private loans or stable, high-income borrowers.
How it’s calculated & sources
We amortize the balance over the chosen term at both your current and the new rate, then compare monthly payments and total interest. The comparison assumes the same term so it isolates the rate difference.
Benchmark: refinancing helps only when the new rate beats your current one — and weigh the loss of federal benefits before refinancing federal loans.
Results update as you type and are general estimates, not personalized financial, tax, medical or legal advice. Verify with a professional.
Worked example
Refinancing $40,000 from 7% to 5% over 10 years drops the payment by about $40/month and saves roughly $5,000 in total interest.
Frequently asked questions
Should I refinance federal loans?
Be cautious — you’d give up income-driven plans, forgiveness and generous deferment. For private loans, refinancing to a lower rate is usually a clear win.
Does refinancing hurt my credit?
A rate check is a soft pull; formally applying is a hard inquiry with a small, temporary effect. The long-term savings typically outweigh it.