Student Loan Refinance Calculator
Calculate student loan refinancing savings with current rates. Compare federal vs private refinancing options and determine if refinancing makes sense for your situation.
Calculate Refinancing Savings
Enter your current student loan details to estimate potential savings from refinancing with today's competitive rates.
Student Loan Refinance Calculator
Calculate refinancing savings and payment reductions
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Student Loan Refinancing Rates by Credit Score
781-850 (Excellent)
95%+ ApprovalSpecial Features:
- Lowest rates available
- Rate discounts for autopay
- No origination fees
- Flexible repayment terms
661-780 (Good)
85-95% ApprovalSpecial Features:
- Competitive rates
- Standard terms
- Some rate discounts
- Good refinancing options
601-660 (Fair)
60-85% ApprovalSpecial Features:
- Higher rates
- May require co-signer
- Limited lender options
- Strict income requirements
500-600 (Poor)
30-60% ApprovalSpecial Features:
- Highest rates
- Co-signer often required
- Very limited options
- Strict qualification criteria
Federal vs Private Student Loan Refinancing
Federal Consolidation
Direct Loan Consolidation through federal program
Federal Benefits Kept
- Income-driven repayment plans available
- Public Service Loan Forgiveness (PSLF) eligible
- Forbearance and deferment options
- Death and disability discharge
- No credit check for Direct Consolidation
- Fixed interest rates
Limitations
- Higher interest rates (5.50-7.28% for undergrad)
- Limited consolidation benefits
- No rate reduction through refinancing
- Weighted average rate (no savings)
Best For:
Borrowers seeking federal protections and forgiveness programs
Private Refinancing
Private lenders with competitive market rates
Private Advantages
- Potentially much lower interest rates (3.99-15.99%)
- Can refinance federal and private loans together
- Choice of variable or fixed rates
- No origination fees with most lenders
- Release of co-signers after qualification period
Federal Benefits Lost
- Loss of federal protections and benefits
- No income-driven repayment plans
- No loan forgiveness programs
- Credit-based approval
- Variable rates can increase over time
Best For:
Borrowers with good credit seeking lower rates and faster payoff
Top Student Loan Refinancing Lenders
SoFi
Key Features:
- No fees whatsoever
- Unemployment protection
- Career coaching services
- 0.25% autopay discount
Pros:
- Member benefits beyond loans
- Strong customer service
- No fees policy
Cons:
- Requires strong credit
- No co-signer release
- Limited forbearance options
Earnest
Key Features:
- Customizable payments
- Skip one payment per year
- 0.25% autopay discount
- No fees
Pros:
- Flexible repayment options
- Precision pricing
- Skip payment benefit
Cons:
- High credit requirements
- Limited hardship options
- No co-signer allowed
Laurel Road
Key Features:
- Medical resident rates
- 0.25% autopay discount
- No application fees
- Specialized programs for healthcare
Pros:
- Healthcare professional focus
- Competitive rates
- Specialized programs
Cons:
- Limited to healthcare/high-earning fields
- Strict qualification
- No co-signer release
CommonBond
Key Features:
- Social impact mission
- Forbearance options
- 0.25% autopay discount
- No origination fees
Pros:
- Mission-driven lender
- Good customer service
- Forbearance available
Cons:
- Strict credit requirements
- Limited co-signer release
- No unemployment protection
ELFI (Education Loan Finance)
Key Features:
- No fees of any kind
- 0.25% autopay discount
- Residency/fellowship deferment
- Teacher loan forgiveness match
Pros:
- No fees policy
- Competitive rates
- Professional-focused
Cons:
- Higher minimum loan amount
- Strict underwriting
- Limited customer service hours
Key Refinancing Decision Factors
Interest Rate Savings
Critical ImportancePotential rate reduction vs current loans
Key Considerations:
- Compare weighted average of current rates to new rate
- Consider variable vs fixed rate implications
- Factor in any autopay discounts available
- Calculate total interest savings over loan term
Recommendation:
Refinance if you can save at least 0.5-1% on your interest rate
Federal Benefits Loss
Very High ImportanceGiving up federal protections and programs
Key Considerations:
- Income-driven repayment plan eligibility
- Public Service Loan Forgiveness (PSLF) potential
- Federal forbearance and deferment options
- Death and disability discharge coverage
Recommendation:
Only refinance federal loans if rate savings outweigh lost benefits
Employment Stability
High ImportanceJob security and income consistency
Key Considerations:
- Private refinancing requires consistent income
- Limited hardship options with private lenders
- Variable rates can increase over time
- Consider recession-proof employment sectors
Recommendation:
Ensure stable employment before refinancing federal loans
Loan Forgiveness Eligibility
Very High ImportanceQualification for forgiveness programs
Key Considerations:
- PSLF requires federal Direct Loans only
- State-specific loan forgiveness programs
- Professional loan forgiveness (teachers, healthcare)
- Income-driven repayment forgiveness after 20-25 years
Recommendation:
Do not refinance if pursuing any forgiveness program
Real-World Refinancing Scenarios
High-Income Graduate: $80,000 in Federal Loans at 6.5% Average
Borrower Profile
Refinancing Option
Analysis & Recommendation
Key Reasons:
- 2.25% rate reduction saves $10,200 in interest
- Private sector job (no PSLF eligibility)
- High income provides employment stability
- Excellent credit qualifies for best rates
Risks:
- Loss of federal income-driven repayment options
- No federal forbearance if job loss occurs
Public Service Worker: $45,000 in Federal Loans at 6.8% Average
Borrower Profile
Refinancing Option
PSLF Alternative Analysis:
Analysis & Recommendation
Key Reasons:
- PSLF forgiveness saves $22,680 vs $5,160 from refinancing
- Already 48 payments into PSLF (120 total required)
- IDR payment ($310) lower than standard payment
- Public service employment qualifies for forgiveness
Risks:
- Must maintain qualifying employment for PSLF
- Must stay on income-driven repayment plan
Mixed Loans Graduate: $35,000 Federal + $25,000 Private at Various Rates
Borrower Profile
Refinancing Option
Partial Refinancing Strategy:
Analysis & Recommendation
Key Reasons:
- Keep federal loans for protections
- Refinance only high-rate private loans
- Maintains federal benefits while reducing costs
- Good credit qualifies for competitive rates
Alternatives:
- Refinance private loans only
- Keep federal loans separate
- Maintain federal payment flexibility
Common Student Loan Refinancing Mistakes
Refinancing Without Rate Shopping
Very CommonConsequence:
Missing better rates from other lenders
Solution:
Get quotes from at least 3-5 lenders within 14-day window to minimize credit impact
Refinancing Federal Loans When Eligible for PSLF
CommonConsequence:
Losing potential loan forgiveness worth thousands
Solution:
Calculate PSLF benefits vs refinancing savings before deciding
Choosing Variable Rate Without Understanding Risk
CommonConsequence:
Payments can increase significantly over time
Solution:
Understand rate caps and payment changes; consider fixed rates for stability
Not Reading Refinancing Terms Carefully
ModerateConsequence:
Missing important fees, restrictions, or policy changes
Solution:
Review all terms, including hardship options, co-signer release, and fees
Refinancing Too Soon After Graduation
CommonConsequence:
Lower credit score and income may result in poor rates
Solution:
Wait 1-2 years to establish credit and stable income before refinancing
Student Loan Refinancing FAQ
When should I refinance my student loans?
Consider refinancing when you can get a rate at least 0.5-1% lower than current rates, have stable income above $50,000, excellent credit (720+), and don't need federal protections like income-driven repayment plans or loan forgiveness programs.
What are current student loan refinancing rates?
Current student loan refinancing rates range from 3.99-15.99%, depending on credit score, income, and lender. Borrowers with excellent credit (750+) can qualify for variable rates as low as 3.99% or fixed rates starting at 4.49%.
Should I refinance federal student loans?
Only refinance federal loans if rate savings significantly outweigh lost benefits like income-driven repayment, PSLF eligibility, federal forbearance, and death/disability discharge. Private sector workers with high incomes and stable employment are the best candidates.
Can I refinance federal and private student loans together?
Yes, private lenders allow you to refinance both federal and private loans into one new private loan with a single payment. However, federal loans will permanently lose all federal protections, benefits, and forgiveness program eligibility.
What credit score do I need to refinance student loans?
Most lenders require a minimum credit score of 650-680 for refinancing approval. However, the best rates (under 5%) typically require scores above 750. Borrowers with lower scores may need a co-signer to qualify for competitive rates.
Should I choose variable or fixed rates when refinancing?
Fixed rates provide payment stability and protection against rate increases, making them ideal for longer repayment terms. Variable rates start lower but can increase over time. Choose variable only if you plan to pay off quickly or expect rates to remain stable.
Additional Student Loan Resources
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Calculate your potential savings, compare rates from top lenders, and make an informed decision about refinancing your student loans.