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Student Loan Refinance Calculator — Compare Rates and Save

Compare your current student loan against a refinanced option. See monthly savings, total interest saved, and how long it takes to break even on refinancing fees — all with a clear recommendation based on your numbers.

Current Loan

$
%
months
months

Refinance Options

%
months
% of balance

❌ Keeping your current loan is better

Break-even: 10 mo · Total savings: $0

$415
Current Monthly Payment
$378
New Monthly Payment
+$37/mo
Monthly Change
$44,870
Current Loan Total Cost
$45,409
Refinanced Total Cost
$350
Refinancing Fee

Remaining Balance Comparison

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Federal Loan Warning

Refinancing federal student loans to private loans permanently eliminates access to income-driven repayment (IDR), Public Service Loan Forgiveness (PSLF), and federal forbearance. This tool measures financial costs only. If you work in public service or rely on IDR, do not refinance.

Who Should Use This Calculator?

  • •Borrowers with private student loans looking for lower interest rates
  • •Federal loan holders considering refinancing (with awareness of trade-offs)
  • •Graduates with strong credit scores who may qualify for significant rate reductions
  • •Anyone wanting to compare the total cost of their current loan vs. a refinanced alternative
  • •Financial advisors helping clients evaluate student loan refinancing options

Student Loan Refinance FAQ

When should you refinance student loans?+
Refinancing makes sense when you can qualify for a meaningfully lower interest rate (typically 1%+ reduction), you have stable income and good credit (670+), and you don't need federal loan protections like income-driven repayment or Public Service Loan Forgiveness (PSLF).
What are the risks of refinancing federal student loans?+
Refinancing federal loans to private loans permanently removes access to income-driven repayment plans (IDR), Public Service Loan Forgiveness (PSLF), federal forbearance and deferment options, and potential future federal loan forgiveness programs.
What credit score do I need to refinance?+
Most private lenders require a minimum credit score of 650-680, but the best rates typically go to borrowers with 720+ scores. You can often add a creditworthy co-signer to access better rates.
What is a break-even point for refinancing?+
The break-even point is how long it takes for your monthly savings from refinancing to cover the upfront refinancing fee. If your fee is $350 and you save $50/month, break-even is 7 months. Only refinance if you plan to keep the loan past break-even.
Can I refinance just some of my student loans?+
Yes. Many borrowers refinance only their private loans while keeping federal loans intact to preserve federal protections. This is often the safest approach if you have a mix of federal and private loans.

Disclaimer: Results are estimates for educational purposes only. Refinancing federal loans removes important borrower protections. Consult a student loan specialist before refinancing.

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