Student Loan Refinancing Calculator

This student loan refinancing calculator shows you how much money you can save when you refinance student loans.

Popular Questions

What is a student loan refinancing calculator?

This free student loan refinancing calculator shows you much money you can save through student loan refinancing. With this student loan refinance calculator, you can compare your current student loan payment with your new student loan payment, and see much money you can save with a lower interest rate, lower monthly payment, or both.

When should I use a student loan refinancing calculator?

You should use a student loan refinancing calculator before you refinance student loans. You can also use a student loan refinancing calculator once you have a new interest rate to calculate how much money you can save through student loan refinancing.

Will this student loan refinance calculator tell me which student loan refinance rates I can qualify for?
This student loan refinancing calculator shows you much money you can save through student loan refinancing. When you refinance student loans, you can get a lower interest rate for your student loans, which potentially can save you tens of thousands of dollars on your student loans. In addition to using this loan refinance calculator, you can compare the latest refinance rates and also check eligibility for student loan refinancing.
How do I use this student loan refinance calculator?

This student loan refinancing calculator is easy to use and will help show you much money you can save from student loan refinance.

Step 1: Enter your current student loan balance
Step 2: Enter your average rate
Step 3: Enter your remaining loan term (which is how many years left until your student loans are required to be paid off)
Step 4: Enter your new student loan interest rate (this interest rate should be lower than your current interest rate). You can view and compare the latest rates for student loan refinancing.
Step 5: Enter your new loan term when you refinance your student loans (typically this is between 5-20 years)

Then, this student loan refinancing calculator will automatically calculate your savings. This loan refinances calculator will tell you how much you can save each month and how much money you can save over the life of your student loans.

Should I refinance my student loans?

Student loan refinance is an important choice to evaluate when it comes to your student loan debt. Here are some helpful resources to help you make an informed decision:

Is refinancing student loans worth it?

With student loan refinancing, you can potentially save tens of thousands of dollars on your student loans. As shown in this student loan refinancing calculator, you can cut your student loan payments and participate in the following key benefits when you refinance student loans:

  • Get a lower interest rate
  • Save money on the amount of interest that you pay
  • Combine your existing federal and private student loans into a single student loan
  • Make one student loan payment per month
  • Have only one student loan servicer
  • A lower monthly payment means you can lower your debt-to-income ratio, which can help you qualify for other financial products such as a personal loan, mortgage or auto loan
  • You can pay off your student loans faster
  • You can choose either a fixed interest rate or variable interest rate
  • You can lower your monthly payment, which means you could have extra money for other life expenses

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