Student Loan Refinance Savings Calculator
Thinking about refinancing your student loans? Enter your current loan details and the new offer terms to see how much you could save in monthly payments and total interest over the life of the loan.
About this calculator
Estimate how much you could save by refinancing your student loans to a new interest rate or term, including monthly payment and total interest differences.
Frequently Asked Questions
Does refinancing always save money?
Not always. A lower rate or shorter term usually reduces total interest, but extending the term can lower monthly payments while increasing total cost. Compare both totals before deciding.
Will refinancing affect federal loan benefits?
Yes, refinancing federal loans with a private lender means losing access to federal protections like income-driven repayment and forgiveness programs.
What credit score is needed to refinance?
Most lenders look for a credit score of 650 or higher, with the best rates typically reserved for scores above 720.