If you're stuck with high interest rates or managing multiple payments each month, refinancing your student loan could be a smart move. This student loan refinancing calculator helps you quickly determine how your current loan setup compares to current refinancing options.
Input a few basic information points, including your APR, credit score, monthly payment, and student loan balance. After which, you'll discover your personalized Student Loan Score and explore whether refinancing makes the best financial sense.
Highlights
Identify whether you're overpaying in student loan interest
See how your current student loan payment compares to current going rates
Estimate your savings from student loan consolidation
See and use personalized data to potentially save money over the life of your loan
What’s a Good Student Loan APR?
While federal student loan APRs are currently fixed, private student loan rates vary widely depending on the lender and your credit score details. If your current rate is above 6% or 7%, and your credit score has improved since you graduated or left school, student loan refinance options may allow you to qualify for a lower fixed interest rate or avoid potentially rising variable rates.
Using this calculator, you’ll see if you may be paying more than necessary, and if you could receive a better offer from one of the top student loan refinancing providers available.
How to Calculate If Student Loan Refinancing Is Worth It
Refinancing your student loan is about more than just securing a lower rate. It’s also about improving your financial picture. Here’s a simple formula to estimate your potential savings:
(Old Monthly Payment × Loan Term) – (New Monthly Payment × Loan Term) = Estimated Interest Saved
While this is a very simplified example, the equation helps estimate your potential savings. The loan refinance calculator below does this for you instantly using the information you provide.
Use it to evaluate how much you could save money by locking in a lower rate or switching from variable interest rates to a fixed rate.
Average Loan Scenarios and Potential Savings
Loan Balance | APR | Monthly Payment | New APR (after refinancing) | Estimated Savings (life of loan) |
$15,000 | 9.0% | $200 | 6.0% | $2,100 |
$30,000 | 7.5% | $350 | 5.25% | $4,500 |
$50,000 | 8.2 | $610 | 4.75% | $10,300 |
Table estimates assume 10-year terms. Your actual results may vary. Use the student loan refinancing calculator for personalized data.
Who Should Consider Student Loan Refinancing?
You might benefit from student loan refinance options if:
Your current student loan payments include high interest rates
You’ve improved your credit score since taking out your loans
You’re ready to consolidate multiple loans into one simple payment
You want to shorten the life of your loan or lower your monthly payment
If you’re thinking about refinancing federal student loans, be aware that doing so may remove your access to federal benefits like income-driven repayment plans or future student loan forgiveness.
Tips Before Using the Student Loan Refinance Calculator
To get the most accurate results from the student loan refinancing calculator, have these items ready:
Your current APR or interest rate or rates
Your student loan balance or balances
Estimated monthly payment amounts
Your credit score
Your results can help you determine how favorable your current loan is, and whether refinancing your student loan might help you save money or simplify your financial life.
Who to Talk to About Refinancing
If your results suggest that you could benefit by refinancing your student loans, the next step is to compare real offers. Credible Student Loan Refinancing is a trusted platform that lets you compare prequalified rates from multiple lenders in minutes, without impacting your credit score.
You can also check your rates with Credible and its network of lenders here: Credible Website
Whether you're refinancing private student loans or planning to refinance federal student loans, it’s a great place to start your search for better terms, lower payments, or shorter payoff timelines. Credible also offers many of the best options for private student loans.
Credible and its lending partners typically consider your debt-to-income ratio, employment history, and credit profile when offering rates.
Frequently Asked Questions
About Author
Deane Biermeier
Deane Biermeier is a certified financial educator through the University of Minnesota and a respected authority in financial research, writing, and editing, renowned for his in-depth analyses and expert advice. With a distinguished career that previously spanned home improvement, real estate, and finance topics, Deane's role at Trusted Company Reviews focuses exclusively on finance. Deane has contributed to leading publications such as Forbes Home, US News and World Report, Newsweek Vault, and others. Since joining TrustedCompanyReviews.com in 2023, he has solidified his reputation as a crucial resource for clear, factual financial guidance.