Student Loan Refinance Calculator
A lender's calculator shows the money saved. It will not tell you that refinancing federal loans is permanent. You hand over forgiveness, payments that fall when you earn less, and the right to pause if you lose your job. This shows both halves.
Interest you would save
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- New monthly payment
- $0
- Change to your payment
- $0
- Interest as you are now
- $0
- Interest after refinancing
- $0
- Time saved
- -
Where the money goes
The green block is time saved and it stays yours. The orange is new monthly payment and it does not come back.
Move it and watch
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at {v} for total balance
And what you can change
Why your own figure may differ
What you would be giving up
What each term does to the deal
A longer term makes the payment smaller. It does not make the loan cheaper.
| Term | Monthly payment | Total interest | vs staying put |
|---|
Refinancing student loans: real examples
Three refinancing decisions worth seeing in full. Click any card to load it.
- Private loans, easy call
$50,000 at 7%, offered 4.5%
Private loans, so nothing federal to lose.
A clear saving with nothing given up. When the loans are already private, a lower rate is simply better.
Load this scenario in the calculator → - Federal loans, think twice
The same numbers, but federal
Identical money. Completely different decision.
The same saving, but you hand over five protections permanently. including forgiveness and the right to pause if you lose your job.
Load this scenario in the calculator → - The longer-term trap
A smaller payment that costs more
Stretching $50,000 from 10 years to 20.
The monthly payment drops, which feels like winning. You pay far more interest overall. The tool shows both.
Load this scenario in the calculator →
Common questions about refinancing student loans
Should I refinance my student loans?
If they are private loans, and you can get a lower rate, usually yes. There is little to lose. If they are federal loans, stop and think. Refinancing turns them into a private loan for good. You can never turn them back. You give up payments that fall when you earn less, forgiveness, and the right to pause if you lose your job. A lower rate can still be worth it. But only once you know what you are handing over.
What exactly do I lose by refinancing federal loans?
Five things, and they are gone for good. Payments that fall when you earn less. Forgiveness if you work for a government or non-profit. The right to pause if you lose your job. Forgiveness of anything left at the end of a federal plan. And a write-off if you die or become disabled. This tool lists them next to your saving, so you can weigh both.
How much do I need to save for it to be worth it?
There is no single number. It depends what you are giving up. For private loans, any real saving is worth having. For federal loans, ask a harder question. Is the saving worth more than an insurance policy you can never buy back? If your job is secure and your pay is steady, that insurance is worth less to you.
Will a longer term make it cheaper?
It makes the payment smaller, not the loan cheaper. Stretching the term nearly always means more interest overall, even at a lower rate. The tool shows both numbers side by side, so the trade is out in the open.
Can I refinance just some of my loans?
Often yes, and it is worth doing. Refinance the private ones. Leave the federal ones alone. You keep the protections where they matter, and take the saving where it costs you nothing.
Does applying hurt my credit score?
Checking your rate usually does not. Most lenders do a soft check first. Applying does leave a mark. Several lenders in a short window normally count as one, so compare offers close together.