Student Loan Refinance Calculator

About this calculator

Refinancing a student loan means taking out a new private loan, ideally at a lower interest rate, to pay off one or more existing student loans — the new loan then replaces the old ones, with a new rate, term, and monthly payment. Because interest compounds over the life of the loan, even a modest rate reduction can produce meaningful savings, both in the monthly payment and across the full repayment term.

Refinancing federal loans with a private lender does come with a tradeoff worth noting: it forfeits federal protections such as income-driven repayment plans and loan forgiveness programs, so the decision is not just about the rate. This calculator compares your current loan's payment and total interest against a refinanced rate and term to show the monthly savings and lifetime interest savings.