Student Loan Refinance Calculator

Model the arithmetic of replacing an existing student-loan balance. Use your actual remaining balance, rate and payment, then test a new fixed-rate term.

Enter all amounts in one currency. Currency selection changes labels, not amounts or jurisdiction. No conversion is performed.

Range: 0–1,000,000,000
Range: 0–100
Range: 0–1,000,000,000
Range: 0–100
Range: 1–600; whole numbers
Range: 0–1,000,000,000

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

Current repayment is simulated from remaining principal, current rate and payment. The new loan amortizes the same principal over the new term. Cash fees are added to replacement cost; payment reduction and total savings are reported separately.

Worked example

A 12,000 balance at 0% paid at 1,000 monthly ends in 12 months. A new 24-month 0% loan pays 500 monthly; 120 in cash fees raises total remaining cost from 12,000 to 12,120.

Assumptions and limits

Does not value loan forgiveness, income-driven payments, federal protections, subsidies, tax effects or eligibility. Refinancing can change those benefits. Assumes constant rates and no financed fees; total savings require the current balance to repay within 600 months.

How to choose your inputs

Identify whether the existing loan is federal or private before copying its remaining balance, rate and payment. Enter a replacement fixed-rate offer and its cash fees, keeping any income-driven or changing payment arrangement outside this fixed-payment model. Federal Direct Consolidation and private refinancing are different transactions; do not treat one as the other.

How to interpret your result

A modeled cost reduction is only a cash-payment comparison. Moving federal debt into a private loan can remove federal protections and benefits that this tool does not value, and variable-rate exposure can change later payments. Review those conditions separately with current official guidance; do not trade them away solely because this result shows a smaller payment.

Primary references

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

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