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Only one number? Try the Student Loan Refinance Calculator

Student Loan Refinance Planner

Refinancing replaces your student loan with a new loan from a private lender, often at a different rate and term. Enter what you still owe, the rate and years left on the current loan, and the rate and term offered for the new one. The calculator shows both payments and the total interest for each.

Your numbers

Your plan is ready.
Current monthly payment 
New monthly payment 
Monthly saving 
Total interest on the current loan 
Interest difference 

Scenario table

Each row changes one number by a tenth, and keeps the rest as you entered them.

ScenarioCurrent monthly paymentNew monthly payment

Scenario chart

The first result for each scenario, drawn to scale.

How to use this planner

Enter your numbers in the boxes. The results update as you type, using the same calculation as the calculator.

The scenario table shows what changes when one number moves. Use it to see which number has the most effect on your result.

Understanding the result

The results are estimates. They use only the numbers you enter, so they can differ from what a bank, lender, or adviser calculates.

Monica Tulips ยท Updated: October 31, 2026

About the author

Monica Tulips

Monica Tulips

Finance Writer, Moni Calculator Pro

Monica Tulips writes the personal finance, savings, and loan guides on Moni Calculator Pro. Each calculator's math is covered by automated tests before its page is published, and the guides explain that math in plain language.

Frequently asked questions

Does refinancing a student loan lower my interest rate?

It can, if the lender offers a rate below your current one. The offer depends on your credit, income, and the loan, so compare the rate in writing before you decide.

Can I refinance federal and private student loans together?

Yes, many lenders combine both types into one new loan. Once federal loans are refinanced, their federal protections are no longer available.

Does a longer refinance term always cost more?

It usually adds total interest, even when the monthly payment falls. Use the interest difference in the calculator to compare the total cost.

Should I refinance if I might need forbearance later?

Probably not for federal loans, because refinancing removes forbearance options. Check the protections you rely on before you apply.

Does checking refinance rates affect my credit?

Some lenders run a soft check first, which does not affect your score. A formal application can cause a small change. Ask each lender which check it uses.