Student Loan Refinance Calculator: Should I Refinance? | Credible

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. By refinancing your mortgage, total finance charges may be higher over the life of the loanword.
credible Operations, Inc. NMLS # 1681276, is referred to here as “ credible. ” Refinancing is a good idea if:

  • You want to save money. The point of refinancing your student loans is to secure a lower interest rate, so you can save money over the life of your loan.
  • Your finances are in good shape. If you have a good credit score and a steady income (or you have a cosigner with a qualifying score and income), you are a great candidate for refinancing. A good credit score is usually considered to be 700 or higher.

Student loan refinancing calculator

If you know the terms of your loans, you can enter them into the student loanword refinancing calculator below to see how much money you might save through refinance .
here ’ s the data you ’ ll motivation for the calculator :

  • Loan amount: This is the amount you want to refinance. Keep in mind that you can choose to refinance some or all of your student loans.
  • Remaining term: This is the number of years left on your current loan term.
  • New loan term: This is the repayment term you’re considering for your new loan. Terms on refinancing loans generally range from five to 25 years, depending on the student loan refinancing company.
  • Interest rate: In the interest rate fields, enter the interest rate for your current loan and enter the potential interest rate you might have after refinancing your student loan.
  • Monthly payment: While the monthly payment will populate automatically after you add the interest rate and loan term, adjusting the amount will show you how increasing or decreasing your payment could affect your loan term and overall cost.

footstep 1. Enter your lend balance
Loan balance


Enter the remaining amount of the loans you’d like to refinance


gradation 2. Enter current loan information
interest rate


Enter the average annual interest rate of the loans you’d like to refinance


monthly payment


Enter the monthly amount you currently pay on your loans (or enter remaining term)


Remaining term


Enter the amount of time left to repay your loan (or enter monthly payment)


step 3. Enter your newfangled loan information to start calculating your savings
sake rate


Enter an estimated new interest rate.


monthly payment


Enter the monthly amount to pay on your new loan (or enter new loan term)


New loan term


Enter the amount of time you have to repay your loan (or enter monthly payment)


Lifetime Savings

Increased Lifetime Cost


New Monthly Payment $

Monthly Savings

Increased Monthly Cost


If you refinance your student loan at % matter to pace, you can save will pay an extra $ monthly and pay off your loanword by . The total cost of the new loanword will be $ .
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings .
Check Personalized Rates
Checking rates wo n’t affect your credit score

How to decide if you should refinance your student loans

While refinancing could be the best choice in some cases, it isn ’ t right for everyone. here are two keystone factors that can help you decide whether you should refinance your student loans :

1. How much do you owe?

The foremost step to deciding if refinance is justly for you is knowing how much you owe and what your pastime rates are. here ’ s how you can check this information depending on the type of loans you have :

  • To find your federal student loan balance: Check the National Student Loan Data System (NSLDS) or with your school’s financial aid office.
  • To find your private student loan balance: Check your credit report to find your private lender, then contact them or login to their site to view your balance.

Learn More: How to Find Your Student Loan Balance

2. What rates can you qualify for?

To be eligible to refinance your scholar loans at a better interest pace, you ’ ll typically need a good credit score and steady income. This tells lenders that you should be able to repay your scholar loans without an issue .

Should I refinance my federal student loans?

While you can refinance both federal and individual loans, refinancing federal scholar loans will cost you entree to federal benefits and protections — such as income-driven refund plans and scholar loan forgiveness programs .
besides keep in heed that due to the COVID-19 pandemic, payments and interest accumulation on federal student loans have been paused by the CARES Act until Aug. 31, 2022. If you refinance your federal loans, you ’ ll no long be eligible for this administrative patience .
however, in some cases, refinancing your federal student loans might be a full idea. here are a few scenarios where refinance could be worth it and others where it probably isn ’ t the best estimate :

Scenario Should you refinance?
You have high interest rates and your credit is strong Yes, refinancing might make sense
You have stable income and want to pay off your loans faster Yes, refinancing might make sense
You know someone with strong credit who is willing to cosign your loan Yes, refinancing might make sense
You’re on track to qualify for loan forgiveness No, you likely shouldn’t refinance
You have poor credit and no cosigner No, you likely shouldn’t refinance
Your income is low or unstable No, you likely shouldn’t refinance

How to refinance your student loans

If you ’ re fix to refinance your scholar loans, follow these four steps :

Check Out: How to Refinance Your Student Loans

Frequently asked questions

here are the answers to respective normally asked questions about student loanword refinance :

When should I refinance my student loans?

A good time to refinance is when you can qualify for lower interest rates than those on your existing student loans. typically, this is once you ’ ve graduated, have a firm job, and have established your citation .
If you don ’ thyroxine qualify to refinance correct after commencement on your own, you could be eligible with a creditworthy cosigner ( or you can try again once your fiscal site improves ). But if you ’ re still not sure if you qualify, credible makes it easy to see your prequalified rates from multiple lenders in fair two minutes .
Learn More: When to Refinance Student Loans

How much will refinancing my student loans save me?

According to a holocene analysis of self-reported data provided by borrowers who refinanced their student loans through Credible, Credible users who refinanced into a shorter term lend saved an average of $ 16,943 over the liveliness of their modern loan.1
But keep in take care the amount you save will depend on your specific position .
1Click here to see how this save was calculated .

How can I qualify for refinancing?

Qualifying for student lend refinancing depends on a number of factors like your recognition score, debt-to-income ( DTI ) ratio, the school you graduated from, and how a lot you want to refinance .
Adding a creditworthy cosigner could besides improve your chances of prequalifying for a loan. credible allows you to compare options with different cosigners, so you can see which helps you prequalify with better rates .
Check Out: How to Improve Your Credit

Do I make enough to refinance?

Some lenders have minimum income requirements if you want to refinance your student loans with them. Although it varies by lender, the minimum income is typically $ 24,000 or more ( this besides depends on whether you have a modify cosigner or not ). This is generally considered by lenders as separate of their DTI calculation to determine if you have enough income to cover your current monthly debts .
however, the most important thing is that you have a steadily caper and consistent income. This will show lenders you ’ ra responsible and can pay your loans back .

How often can I refinance my student loans?

Although many refinance their student loans just once, there ’ s actually no limit to how frequently you can refinance your student loans. In some situations, refinancing again could help you save flush more money than you did when you refinanced your scholar loans the first time .
just make sure you do your due application to ensure it makes sense to refinance a second or tied one-third time. Your goal is to qualify for a lower pace so that you can save more money — if you can ’ metric ton get a lower rate, it probably isn ’ t the best estimate for you .

How long before you can refinance student loans?

You can refinance your scholar loans vitamin a soon as you meet the requirements set by the lender, such as having good credit arsenic well as verifiable income. You might besides be required to have graduated before you can refinance, depending on the lender .
Some lenders allow borrowers to refinance their loans without a academic degree or even while they ’ re hush in educate. however, keep in mind that many students don ’ t however have the command income and accredit history to qualify for refinancing. In most cases, you ’ ll want to build a good credit history, secure a stable income, and possibly graduate ( depending on the lender ) before you can refinance your scholar loans .

Other student loan calculators

hera are a couple of other calculators that could come in handy .
Best for:

  • Estimating your monthly student loan payments
  • Seeing how much you’ll pay in interest over time
  • Checking whether a different interest or loan term will help you save money

Best for:

  • Estimating how long it will take to pay off your loan
  • Checking your expected interest costs
  • Seeing how making extra payments could change your payoff date

Rates displayed include Automatic Payment and Loyalty Discounts, where applicable. Note that such discounts do not apply while loans are in deferment. The lenders on the platform offer fixed rates ranging from 3.34% – 14.50% APR and Variable interest rates from 1.04% – 13.19% APR. Variable rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include Automatic Payment and Loyalty discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.

About the writer
Taylor Medine Taylor Medine
Taylor Medine is a credible assurance on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She ’ second besides the generator of The 60-Minute Money Plan, a self-published presentation to budgeting guide for people who hate budget .
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