Should you refinance your student loans? Compare rates, terms, and calculate total interest savings side-by-side.
Best rates: 4-5.5% for 720+ credit
60, 84, 120, or 180 months
Over the life of the loan
New payment: $518
| Current Monthly Payment | $677 |
| New Monthly Payment | $518 |
| Monthly Savings | $159 |
| Current Total Interest | $14,965 |
| Refinanced Total Interest | $12,183 |
| Interest Saved | $2,782 |
| Current Total Paid | $64,965 |
| Refinanced Total Paid | $62,183 |
| Total Saved | $2,782 |
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Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Interest Saved = Current Total Interest − Refinanced Total Interest. Assumes fixed rates for both scenarios.
A hard inquiry drops your score 5-10 points temporarily. On-time payments on the new loan build credit over time. Net effect is usually positive.
Yes — many lenders let you consolidate both federal and private loans into one refinanced loan. But you lose federal protections on the federal portions.
Most lenders require 670+. For the best rates, you need 720+. Some lenders also consider income, debt-to-income ratio, and degree type.
As many times as you qualify. If rates drop further, refinancing again is free (no prepayment penalties). Shop annually.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.