Student Loan Refinance Calculator
Compare your current student loans against a refinance offer, see the interest saved and the payment change, and weigh the federal protections refinancing gives up.
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Federal protections in play
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The saving is real and so is what you give up
Refinancing replaces existing student loans with a new private loan at a different rate and term. For a borrower with a strong income and good credit carrying federal loans at seven or eight percent, the interest saving over the remaining term can run to tens of thousands. The arithmetic is straightforward and usually favourable. What makes the decision difficult is that refinancing federal loans into a private loan is irreversible and forfeits every federal protection permanently.
What is lost, specifically
Income driven repayment plans that cap payments at a share of discretionary income. Public Service Loan Forgiveness, which cancels the balance after 120 qualifying payments in eligible employment. Deferment and forbearance rights during unemployment or hardship. Death and disability discharge. Access to any future federal relief measure. Private lenders may offer some hardship forbearance, but it is discretionary rather than statutory and it can be withdrawn.
Weigh the saving against the insurance
The right way to frame this is that the federal protections are insurance you are currently paying for through a higher rate. If your income is stable, high relative to the balance, and not in a forgiveness eligible sector, that insurance may be worth less than the rate premium. If your income is variable, you work in public service, or the balance is large relative to your earnings, the insurance is worth more than the saving. The calculator quantifies the saving so it can be weighed against the protections rather than assumed to dominate them.
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Frequently Asked Questions
Should I refinance federal student loans?
Only if you are confident you will not need income driven repayment, forgiveness or hardship deferment. Refinancing federal loans into a private loan is permanent and cannot be reversed. Private loans carry none of those protections, so refinancing those is a much simpler decision.
Does a longer term save money?
It lowers the monthly payment and almost always increases total interest, because the balance is outstanding for longer. The calculator shows both so the trade off is explicit rather than hidden behind a lower payment.
What is Public Service Loan Forgiveness?
A United States programme cancelling the remaining federal balance after 120 qualifying monthly payments while working full time for a government or qualifying non profit employer. Refinancing to a private loan ends eligibility permanently and forfeits any payments already counted.
Will refinancing hurt my credit score?
The application produces a hard inquiry and a small temporary dip. The larger effect is usually positive over time as the balance falls. Rate shopping across lenders within a short window is generally treated as a single inquiry.
Can I refinance more than once?
Yes, and borrowers often do as rates fall or their credit improves. Each refinance is a new loan with a new term, so refinancing repeatedly into a fresh long term resets the amortisation and can increase total interest even at a lower rate.
Privacy & Security
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How to Use
Enter your current loans and a refinance offer to compare total cost and monthly payment.
Disclaimer: This tool is provided "as is" without warranty of any kind. Results are for educational and utility purposes.
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