Student Loan Refinance Calculator
Student Loan Refinance Savings
Compare current student loans with refinance options
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Formula
Monthly = L[r(1+r)^n]/[(1+r)^n - 1]. Savings = Current Total Interest - New Total Interest.
Frequently Asked Questions
Should I refinance my student loans?
Refinancing makes sense if you can get a significantly lower rate, have stable income, and don't need federal loan protections. Be aware that refinancing federal loans into private ones means losing access to income-driven repayment and forgiveness programs.
What rate can I get when refinancing?
Refinance rates typically range from 3% to 9% depending on your credit score, income, and the lender. Borrowers with excellent credit and high income may qualify for rates well below their current federal loan rates.
Can I refinance federal and private loans together?
Yes, you can refinance both federal and private student loans into a single private loan. However, your federal loans will lose government protections like income-driven repayment, deferment, and Public Service Loan Forgiveness.
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Free income-driven repayment (IDR) calculator. Estimate monthly payments under SAVE, IBR, PAYE, and ICR plans based on your income, family size, and loan balance.
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