Student Loan Refinance Calculator 2026
See how much you could save by refinancing — and what you'd give up.
Current Loan
Refinance Offer
Total Interest Savings
$5,455
Monthly: Pay $57.60/mo
Current Payment
$428.91/mo
Interest: $11,322
Refinanced Payment
$486.51/mo
Interest: $5,867
Federal Benefits You Would Lose
- Income-Driven Repayment (IDR) plans (SAVE, PAYE, IBR)
- Public Service Loan Forgiveness (PSLF)
- Federal forbearance and deferment options
- Subsidized interest during deferment
- Death and disability discharge
Term Options at 4.5% Rate
| Term | Monthly | Total Interest | Savings |
|---|---|---|---|
| 60 mo (5yr) | $652.51 | $4,151 | $7,172 |
| 84 mo (7yr) | $486.51 | $5,867 | $5,455 |
| 120 mo (10yr) | $362.73 | $8,528 | $2,795 |
| 180 mo (15yr) | $267.75 | $13,195 | -$1,873 |
| 240 mo (20yr) | $221.43 | $18,143 | -$6,821 |
Disclaimer
- Refinancing federal loans into private loans forfeits federal protections.
- Compare multiple lender offers (pre-qualification uses soft credit pull).
- Consider IDR forgiveness timeline before refinancing federal loans.
Should You Refinance Your Student Loans?
Refinancing replaces one or more existing student loans with a new private loan — ideally at a lower interest rate. If you have strong credit (700+), stable income, and a low debt-to-income ratio, refinancing can save thousands in interest. But the decision isn't always straightforward, especially for federal loan borrowers.
Federal Loans: What You Lose by Refinancing
When you refinance federal student loans into a private loan, you permanently give up access to:
- Income-Driven Repayment (IDR) — SAVE, PAYE, IBR plans that cap payments at 5-10% of discretionary income
- Public Service Loan Forgiveness (PSLF) — Tax-free forgiveness after 10 years of qualifying payments
- Federal forbearance and deferment — Payment pauses during hardship without default
- IDR forgiveness — Remaining balance forgiven after 20-25 years of payments
- Death and disability discharge — Federal loans are forgiven upon borrower death or permanent disability
When Refinancing Makes Sense
Refinancing is typically a good move if you have private student loans (which already lack federal protections), a credit score above 700, and a stable job. It's also worth considering if your federal loan interest rate is significantly higher than current refinance rates and you're confident you won't need IDR or PSLF.
Current Student Loan Refinance Rates (2026)
| Term | Fixed Rate Range | Variable Rate Range |
|---|---|---|
| 5 years | 4.5% – 7.5% | 4.0% – 7.0% |
| 10 years | 5.0% – 8.0% | 4.5% – 7.5% |
| 15 years | 5.5% – 8.5% | 5.0% – 8.0% |
| 20 years | 6.0% – 9.0% | 5.5% – 8.5% |
Fixed vs Variable Rate
Fixed rates stay the same for the life of the loan — predictable and safe. Variable rates start lower but can rise over time. If you plan to pay off the loan quickly (5-7 years), a variable rate may save money. For longer terms, fixed is usually the safer choice.
How to Get the Best Refinance Rate
Lenders consider credit score (aim for 700+), income stability, debt-to-income ratio, and education level. Adding a co-signer with excellent credit can significantly lower your rate. Most lenders let you check rates with a soft credit pull — compare at least 3-5 offers before committing.
Frequently Asked Questions
Can I refinance just some of my student loans?
Yes. You can choose to refinance only your private loans while keeping federal loans intact. This lets you preserve federal protections on your government loans while securing a lower rate on private ones. You can also selectively refinance only the highest-rate federal loans.
How soon after graduation can I refinance?
There's no waiting period, but most lenders require proof of income or a job offer. Applying 3-6 months after starting a full-time job — when you can show steady pay stubs — typically gets you the best rates. A co-signer can help if you're newly employed.