Debt

Used 12.4k+ times

Student Loan Refinance Calculator

Calculate savings from refinancing student loans. See new monthly payment and total interest saved.

Quick Answer

Refinancing student loans can lower your rate and monthly payment. Private lenders often offer rates 1-3% below federal loans for borrowers with good credit. Compare your current terms against refinance offers to see potential savings.

Results update automatically as you type

Current Loan

Remaining Balance

Interest Rate

Remaining Term

New Loan

Amount

$50,000

New Interest Rate

New Loan Term

Interest Savings

$5,409

Monthly Savings

$45

Per month

New Payment

$530

vs $575

New Total Cost

$63,639

Refinancing could save you money! You would save $5,409 in total interest over the life of the loan.

Pro Tips

•Run multiple scenarios with different values to understand your options
•Bookmark or share your results to reference later
•Check the FAQ section below for answers to common questions

Common Mistakes

•Not accounting for inflation over long time periods
•Forgetting to include all relevant fees and costs
•Using estimates when actual numbers are available

What's Next?

Debt Guide

Learn more about debt strategies

Related Calculators

Explore more tools for your financial planning

Save Your Results

Upgrade to save unlimited scenarios

Sources & Accuracy

Last updated: January 12, 2025

Reviewed by: CalcGrid Editorial Team

Data Sources:

Federal Student Aid(2025)

Learn more about how we calculate and our editorial standards.

Was this calculator helpful?

Premium Features

Save unlimited scenarios
Compare side-by-side
Export to PDF

Upgrade to Premium

Related Calculators

Credit Card Payoff

Debt

Debt Consolidation

Debt

Debt Payoff

Debt

Debt-to-Income

Debt