Student Loan Refinance Calculator
Free online student loan refinance calculator to compare new rates, monthly savings, and total interest. See if refinancing saves you money now.
Built for Finance Extended1 documented formula2 recommended next stepsPrivate in your browser
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Inputs that matter
Remaining Balance, Current APR, New APR, Remaining Term
Output to expect
Student Loan Refinance Calculator
How it works
1 documented formula across 1 calculation mode
- Confirm that every value uses the unit and time basis shown before comparing scenarios.
- Use the result for planning only and confirm consequential decisions with a qualified source.
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Education
Reference & details
How it works
Updated July 2026
How it works
Updated July 2026Weighted Average Interest Rate
To accurately compare multiple current loans, calculate the weighted interest rate based on outstanding principal balances.
Weighted Rate = Sum of (Individual Loan Balance × Individual Rate) ÷ Total Loan BalanceMonthly Payment Comparison
Compares your current combined monthly payments against the estimated payment of the new refinanced loan.
Monthly Savings = Current Payment - Refinanced PaymentNet Interest Savings
Compares the remaining interest on your current timeline to the total interest on the refinanced loan to find your long-term savings.
Total Interest Savings = Remaining Current Interest - Refinanced Loan InterestUpdated: July 2026
Example Scenarios
Refinancing a combined $60,000 balance at an 8.5% weighted rate down to a 5.5% rate under a 10-year term.
Current Balance: $60,000Current Rate: 8.5%New Rate: 5.5%Term: 10 years
→ Saves ~$95/month; Total interest savings: ~$11,400
Refinancing $45,000 at 7.0% (with 8 years left) into a 5-year loan at 4.8% rate.
Current Balance: $45,000Current Term Left: 8 yearsNew Term: 5 yearsNew Rate: 4.8%
→ Monthly payment increases slightly by ~$40, but total interest savings: ~$8,200
Refinancing $50,000 at 7.5% (with 6 years left) into a 10-year loan at 6.0% rate.
Current Balance: $50,000Current Term Left: 6 yearsNew Term: 10 yearsNew Rate: 6.0%
→ Reduces monthly payment by ~$300, though total interest increases by ~$2,100
FAQ
Not always. While refinancing private loans to get a lower rate is usually beneficial, refinancing federal loans into a private loan means giving up federal protections, income-driven repayment plans, and loan forgiveness options like Public Service Loan Forgiveness (PSLF).
Most reputable student loan refinance lenders do not charge application, origination, or prepayment fees. However, it is essential to double-check the terms of your offer to confirm there are no hidden closing costs.
Lenders typically require a solid credit score (usually 650 or higher), a stable debt-to-income ratio, a history of on-time payments, and a steady income that covers your living expenses and loan payments. If you don't qualify alone, a co-signer can help.
About Student Loan Refinance Calculator
Refinancing replaces your existing student loans with a new private loan at a lower interest rate or different term. This calculator compares your current payments to refinance quotes to see your instant monthly savings and long-term interest reductions.