Student Loan Refinance Calculator
Compare federal payments with a private refinance.
Enter your values
Enter the balance in $.
Enter the current rate in %.
Enter the years remaining you are working with.
Enter the new rate in %.
Enter the new term in years.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- Total saving
- $8,145.51
- Current payment
- $457.99
- New payment
- $481.71
- Interest saved
- $8,145.51
Quick answer
Refinancing lowers total cost when the new rate is meaningfully lower, but it permanently gives up federal protections.
saving = old total payments - new total payments
At a glance
| What it does | Compare federal payments with a private refinance. |
|---|---|
| Category | Finance |
| Inputs needed | Balance, Current rate, Years remaining, New rate, New term |
| Main output | Total saving |
| Formula | saving = old total payments - new total payments |
| Cost | Free — no sign-up, no download |
How to use the Student Loan Refinance Calculator
- 1Enter your balance, current rate and years remaining.
- 2Enter the refinance offer's rate and term.
- 3Weigh the saving against losing income-driven repayment and forgiveness.
Inputs explained
- Balance($)
- Enter the balance in $.
- Current rate(%)
- Enter the current rate in %.
- Years remaining
- Enter the years remaining you are working with.
- New rate(%)
- Enter the new rate in %.
- New term(years)
- Enter the new term in years.
Worked example
Using the values the calculator loads with:
Inputs
- Balance45000 $
- Current rate6.8 %
- Years remaining12
- New rate5.2 %
- New term10 years
Results
- Total saving$8,145.51
- Current payment$457.99
- New payment$481.71
- Interest saved$8,145.51
Frequently asked questions
Should I refinance federal loans?
Only if you will never need income-driven repayment, forbearance or forgiveness.
Variable or fixed?
Fixed is safer unless you will clear the balance within a couple of years.
What do I need to enter into the Student Loan Refinance Calculator?
Just 5 values: balance, current rate, years remaining, new rate, new term. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the Student Loan Refinance Calculator work out the answer?
Refinancing lowers total cost when the new rate is meaningfully lower, but it permanently gives up federal protections. It applies the formula saving = old total payments - new total payments and shows the working so you can check each step by hand.
Is the Student Loan Refinance Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.