Student Loan Refinance Calculator
Refinancing federal or private student loans can cut your rate — but it can also cost you federal protections. This calculator compares the payment and interest math so you can decide with numbers.
How this calculator works
The calculator computes your payment on the remaining balance at your current APR and at the new APR, each over the term you pick, then compares the total interest each schedule would cost. Monthly savings minus any fees gives the break-even — how long you must keep the new loan for the refinance to pay for itself.
Frequently asked questions
What do I lose by refinancing federal loans?
Federal protections: income-driven repayment, PSLF, and pause programs all disappear once a private lender owns the loan. If you work in public service or might need an income-driven plan, refinancing federal debt is usually a mistake regardless of the rate.
When does refinancing make sense?
For private loans, or for federal loans you will never use IDR or PSLF, refinancing to a meaningfully lower rate cuts both payment and interest. Keep a similar term: dropping from 6.5% to 5% on a 10-year balance saves real money without stretching the payoff.
Should I refinance variable-rate loans?
Locking a variable private loan into a fixed rate can be smart when rates are moderate — it removes the risk of rising payments. Compare the fixed rate against today's variable, and against what you think rates will do over your term.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.