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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.

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Inputs that matter
Remaining Balance, Current APR, New APR, Remaining Term
Output to expect
Student Loan Refinance Calculator
  • Check the units and required inputs before comparing results.
  • Keep the assumptions with a copied result so you can reproduce the calculation later.
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Education

Reference & details

How it works

Weighted 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 Balance

Monthly Payment Comparison

Compares your current combined monthly payments against the estimated payment of the new refinanced loan.

Monthly Savings = Current Payment - Refinanced Payment

Net 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 Interest

Updated: 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.