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Student Loan Refinance Calculator
Refinancing replaces a student loan with a new private loan at a new rate and term. This calculator shows the monthly change, the total cost change and whether the new payment fits your income.
How to read the result
The headline is the change in your monthly payment. The two columns put your current loan beside the refinanced one: the monthly payment, the months left until it is paid off, the interest still to come and the total you would pay from today. A lower payment is not the same as a cheaper loan, so read the total cost row before the payment row.
Break-even matters only when a lender charges an origination fee. It is the first month in which what you save each month adds up to more than the fee. With no fee, any saving starts immediately.
When a refinance usually helps
A refinance usually helps when the loans are private, your credit is strong, the new rate is at least a full percentage point below the old one, and you can repay on a term of ten years or less without strain. Private loans carry no federal protections, so refinancing them gives up nothing but the old rate.
When it usually does not
It usually does not help when the loans are federal and you might need to pause payments, when you work in public service or might, and are counting on Public Service Loan Forgiveness, or when your federal loans are from the 2020-21 or 2021-22 award years, when undergraduate rates were 2.75 and 3.73 percent and graduate rates 4.30 and 5.28 percent. No private refinance available in November 2026 beats those rates.
Deciding whether to refinance at all? See who should and should not refinance, or model new borrowing with the borrowing calculator.
Frequently Asked Questions
Can I refinance federal loans back later?
No. Refinancing moves the debt to a private lender permanently. Federal consolidation is only available for federal loans, and a refinanced loan is no longer federal.
Does a longer term save money?
Usually not. A longer term lowers the monthly payment and usually raises the total you pay, because interest runs for more months. A shorter term does the opposite.
Does prequalifying hurt my credit?
Usually not. Most refinance lenders show a rate estimate with a soft credit check that generally does not affect your score; the hard inquiry generally comes only when you accept an offer. Each lender sets its own process, so check before you apply.
What is the 1 point auto pay reduction?
Direct Loan borrowers who enroll in auto pay get a full percentage point off their federal rate from July 1, 2026. The Department of Education extended the enrollment deadline to December 31, 2026. Compare a refinance offer against your federal rate after the reduction, not before.