Should you refinance? Compare payments, lifetime interest, and the federal-protection trade-off in one view.
Federal trade-off: refinancing into a private loan permanently gives up income-driven repayment, federal deferment/forbearance, and forgiveness programs like PSLF. Only proceed if those protections have no value to you.
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It compares your existing student loan against a refinance offer side by side: monthly payment, total interest, and payoff timeline. Refinancing replaces one or more loans with a new private loan at today's rates. Before running numbers, review how student loan interest actually accrues so the inputs reflect reality.
Graduates with strong credit and stable income holding older loans above 6% APR, especially private loans or high-rate Grad PLUS loans. It also helps federal borrowers evaluate the trade-off consciously rather than by default, and anyone whose credit score improved 50+ points since graduation.
Example Input
Balance: $42,000 private loans at 7.9% with 8 years left. Refinance offer: 5.4% over 8 years.
Sample Output
Monthly payment drops from ~$589 to ~$538. Total interest falls from ~$14,500 to ~$9,650, saving roughly $4,850 over the life of the loan.
Example Input
Balance: $30,000 at 6.8%, 10 years left. Refinance to 5.0% over 5 years.
Sample Output
Payment rises from ~$345 to ~$566, but interest drops from ~$11,400 to ~$3,960, saving about $7,440 if the higher payment fits your budget.
When a lender mails you a pre-qualified rate, when market rates fall below your current APR, or annually as part of your financial review. Collect quotes from 3-4 lenders (pre-qualification uses soft pulls) and enter the best one here.
Pull your exact payoff balance from your servicer (not the original principal), your current rate from your statement, and the precise remaining term in months. For offers, use the APR including any autopay discount, and compare identical terms when possible so the rate is the only variable changing.
Refinancing federal loans into a private loan permanently forfeits income-driven repayment, federal deferment and forbearance, and forgiveness programs such as PSLF. This tool shows interest math only; it does not value those protections. Also avoid extending the term just to shrink the payment if your goal is maximum interest savings.
Most lenders approve refinancing around 650+, but the best advertised rates generally require 720-740+ plus stable income or a co-signer. Every lender soft-pulls for pre-qualification, so shop freely without score damage.
Yes, and it is often the smart play. Refinance high-rate private loans while keeping federal loans intact for their protections. List only the balances you plan to move in this calculator.
As a rule of thumb, each full point of APR reduction saves roughly $900-$1,100 per $25,000 borrowed over ten years. A 2-point drop on a typical $38,000 balance frequently exceeds $7,000 in interest.
Calculations run locally in your browser across Chrome, Safari, Edge, and Firefox. We never ask for your loan account numbers or Social Security details. Test unlimited scenarios instantly, then verify final figures directly with your servicer before signing anything.
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