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Student Loan Refinance Calculator

Consolidate multiple student loans, estimate refinancing savings, and calculate your break-even point.

Inputs

Current Student Loans

Loan A
$
%
mo
Loan B
$
%
mo

Refinanced Loan Settings

%
mo
$

Results

Net Lifetime Savings

$2,883.92

You will save $2,884 on interest

Comparison Summary

Combined Current Loans

Combined Balance$40,000
Weighted Rate6.31%
Current Monthly Payment$503
Current Total Interest$12,630
Current Total Payments$52,630

New Refinanced Loan

New Loan Amount$40,000
New Interest Rate4.50%
New Monthly Payment$415-$89
New Total Interest$9,746
New Total Payments$49,746

Amortization Balance

Student Loan Refinance payoff timeline chart: Remaining Balance: $0$0$10,000$20,000$30,000$40,000StartYear 2Year 4Year 6Year 8Year 10
  • Remaining Balance

Refinanced Loan Amortization Schedule

YearOutstanding BalanceAnnual PaymentsPrincipal PaidInterest Paid
1$36,759$4,975+$3,241-$1,734
2$33,369$4,975+$3,390-$1,585
3$29,824$4,975+$3,546-$1,429
4$26,115$4,975+$3,708-$1,266
5$22,236$4,975+$3,879-$1,096
6$18,179$4,975+$4,057-$918
7$13,936$4,975+$4,243-$731
8$9,498$4,975+$4,438-$536
9$4,855$4,975+$4,642-$332
10$0$4,975+$4,855-$119
Student Debt Desk

Optimize and Streamline Your Student Debt

Refinancing student loans can help you secure a lower interest rate, combine multiple payments, or change your monthly cash flow. However, by moving federal student loans to a private lender, you forfeit federal protections like income-driven repayment and forgiveness programs. Review options at Federal Student Aid.

"Always weigh interest savings and payment flexibility before signing. Private refinancing is irreversible for federal student loans."

Check Federal Protections

Assess whether you need loan forgiveness (like PSLF), income-driven plans, or temporary deferment, which private refinancing eliminates.

Calculate the Weighted Rate

Compare the new private interest rate to the weighted average of your current interest rates to ensure positive lifetime savings.

Evaluate the New Term

A longer term reduces monthly payments but increases total interest paid. Select a term that balances daily cash flow and total debt cost.

Frequently Asked Questions

  • Student loan refinancing is the process of taking out a new loan through a private lender to pay off your existing student loans. The new loan typically has a different interest rate and repayment term. For more information, check the CFPB Student Loan Guide.
  • Consolidation (specifically federal) combines multiple loans into one loan with an interest rate that is the weighted average of the original rates, preserving federal benefits. Refinancing is done through private lenders, who issue a brand-new loan with a new rate based on your credit score, but you lose federal borrower protections. Learn more at Federal Student Aid.
  • Refinancing federal loans into a private student loan will make you lose federal benefits, including Income-Driven Repayment (IDR) plans, Public Service Loan Forgiveness (PSLF), and generous deferment or forbearance options. If you rely on these protections, refinancing is not recommended.
  • The weighted interest rate is calculated by multiplying each loan’s balance by its interest rate, summing those products, and dividing by the total combined loan balance. This reflects the actual average cost of your debt.
  • Many private student loan lenders offer refinancing with no application, origination, or prepayment fees. However, some lenders might charge administrative or origination fees. Always review the loan disclosures before signing.