Student loan refinance calculator
See what a private refinance saves on your student loans, then weigh it against the federal protections you would give up.
Your current student loan
todayCurrent payment (principal & interest): $601.52/mo
The refinance offer
newTotal still to pay, including refinance costs
- New payment
- $683was $602
- Monthly change
- +$81more each month
- Break-even
- 0 mosimple method: never
- After 7 yrs
- $6,588ahead
- Interest left, current
- $16,964
- Interest, new loan
- $9,368
Your net position, month by month
Counts refinance costs, the payment difference and the difference in what you still owe. Crossing zero is the true break-even.
Ask about these numbers
An AI analyst reads your inputs and results above and explains them. The calculator works without it.
What you give up with federal loans
Refinancing federal student loans into a private loan cannot be undone. The Department of Education's Federal Student Aid office lists what goes with them:
- Income-driven repayment, where payments track your income.
- Public Service Loan Forgiveness for government and nonprofit workers.
- Federal deferment and forbearance if you lose your job or go back to school.
- Discharge on death or total and permanent disability (some private lenders offer this, not all).
If any of these could matter, a savings figure is not the whole decision. Private loans you already have carry none of these protections, so refinancing those is a pure rate decision.
Getting the best refinance
Private lenders price mainly on credit score, income and debt-to-income ratio. Checking rates with several lenders usually uses a soft credit pull. A creditworthy co-signer can lower the rate, but makes them fully liable.
Shorter terms get lower rates. In the example, moving from 9 years at 7.05% to 7 years at 5.2% raises the payment slightly but cuts total interest substantially. Try other terms to find a payment that fits.
Several offers in hand? Paste them into the loan comparison tool.