Refinancing means replacing your student loan with a new private loan, ideally at a lower rate. Enter your numbers below to see what you could save, and whether a lower payment is really a better deal.
Student Loan Refinance Calculator
Compare your current student loan with a refinanced one.
Federal loans? Refinancing them into a private loan permanently ends federal benefits like income-driven repayment and Public Service Loan Forgiveness. Estimates only; assumes fixed rates and no fees.
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Before you refinance
If any of your loans are federal, refinancing them with a private lender means giving up federal benefits like income-driven repayment and Public Service Loan Forgiveness, and that change can’t be reversed.1 Also watch the term: a longer term lowers the payment but usually raises the total interest you pay.1
Read 5 questions to ask before you refinance.
Sources
- Should I consolidate or refinance my student loans?, Consumer Financial Protection Bureau.
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