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What are my private student loan options?

Student Loan Refinance Calculator

Looking to find out what your payment will be after refinancing your loans? We can help. Our student loan refinancing calculator will show you how much you can shave off your monthly payments.

To use this calculator, you need your loan amounts, interest rates and the length of repayment (term) of your current loans. You can always plug in estimates if you’re not sure.

* Disclaimer: This calculator is provided for informational purposes only. Calculated results are based on many factors, including the assumptions provided by the user. We cannot and do not provide any guarantees, conditions or warranties as to result accuracy or applicability to the user’s particular circumstances. It is the responsibility of the user to verify that all of the output and resulting calculations are correct. This calculator should not be used by anyone to make material financial decisions and should be used solely for informational purposes. We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues.

Student Loan Refinance Calculator
Current Loan Summary
Types of origination loans with payment terms and costs.
Loan Type Amount Borrowed Current Payment Current Term Total Cost of Loan
Current Monthly Payments:
Your Consolidation Loan Summary
Types of consolidation loans with payment terms and costs.
Loan Type Amount Borrowed New Payment New Term Total Cost of Loan

New Monthly Payments:

View My Loan Options

Student Loan Refinance Frequently Asked Questions

Find answers to some of the most common student loan consolidation and refinancing questions.

How Do I Find My Student Loans?

If you're not sure what type of loans you have or who services them, there are ways to find out. Learn how to find your student loans so you can begin the refinancing or consolidation process. Remember, if you want to consolidate your loans into a federal Direct Consolidation Loan, you can only include federal student loans. However, if you want to refinance your student loans, you can refinance both private and federal student loans together.

Student Loan Consolidation Rates

Federal student loan consolidation always applies a weighted average interest rate to the new loan. Learn how a weighted average interest rate is calculated.

Student Loan Refinance Rates

Unlike a federal Direct Consolidation Loan, private lenders offer competitive rates as low as around 1.87%. Go to our refinance comparison page to start shopping for your preferred lender. Rates advertised may be variable or fixed, so make sure to read any disclaimers to understand if the lower rates offered have the potential to increase over time. We also wrote a helpful article about refinance interest rates to give you an even broader understanding.

If you choose to consolidate or refinance, you do not have to include all of your loans, however, it’s important to understand how student loan consolidation and refinancing affects your wallet. If your goal is to lower your interest rate, you may want to consider refinancing. Some common approaches are:

  • Refinance private and federal student loans together with a private lender
  • Consolidate federal student loans with the Direct Consolidation Loan program and refinance your private student loans separately
  • Refinance some, but not all, of your loans
  • Consolidate some, but not all, of your loans

When to Refinance Student Loans

Still not sure if you should consolidate or refinance your student loans? We’ve gathered advice from experts to help you decide.

What Will My New Student Loan Payment Be?

For purposes of using our calculator, payment before refinancing is the sum of your monthly payments for all of your loans, assuming a 15-year repayment term.

Payment after refinancing assumes a 20-year repayment term and calculates a new interest rate based on PRIME + a margin (i.e. the percentage added on top of PRIME) depending on a student's credit (1.00% good credit, 3.375% average credit, 5.75% bad credit).

Your payment after refinancing is also based on the length of your repayment term (number of months in repayment), and the new interest rate of your loan. The terms of your student loan refinance (such as loan benefits, length of your repayment term, and interest rate) will be set by your lender.

You will need to know this information before your new monthly payment can be determined.

If your goal is to lower your interest rate, a creditworthy cosigner may help you qualify for the best rates.

What are my private student loan options?