Student Loan Refinance Calculator – Compare Rates & See Savings

23 Aug 2026 By MarkCalculator
Student Loan Refinance Calculator - MarkCalc

Student Loan Refinance Calculator

Last updated: August 22, 2026

Combine multiple student loans into one weighted rate, compare your current payments against a refinance offer, and see exactly how much interest you'd save.

This tool gives a rough educational estimate only. It is not financial advice. Refinancing federal loans into a private loan means losing federal protections like income-driven repayment and forgiveness programs — consider this carefully before refinancing federal debt.
On this page
Refinance Calculator How Refinance Savings Are Calculated FAQs
Your Current Loans
New Refinance Offer
Current (Combined)
$0/mo
$0 total interest
Refinanced
$0/mo
$0 total interest
$0
total interest saved by refinancing

How multiple loans are combined

When you have several student loans at different rates, refinancing rolls them into one new loan. To compare fairly, this calculator first blends your current loans into a single weighted-average rate based on each loan's balance.

Weighted Rate = Σ(Balance × Rate) / Total Balance

How monthly payments are calculated

Payment = P × r(1+r)^n / [(1+r)^n - 1]

Where P is the loan balance, r is the monthly interest rate, and n is the number of monthly payments — the standard amortization formula used for most fixed-rate loans.

Why break-even matters if there are fees

If a refinance comes with origination fees, it takes time for the monthly savings to offset that upfront cost. The break-even point is when your accumulated savings finally cover the fee — refinancing shortly before payoff often isn't worth it if fees are high.

The federal loan trade-off

  • Income-driven repayment plans that cap payments as a percentage of income disappear once refinanced privately.
  • Public Service Loan Forgiveness and other forgiveness programs only apply to federal loans.
  • Deferment and forbearance options are typically more generous on federal loans than private refinance lenders offer.
Frequently asked questions
Is refinancing always the better financial choice?+
Not always. A lower rate can save real money, but if you have federal loans, you'd lose access to income-driven repayment and forgiveness programs, which can be worth more than the interest savings for some borrowers.
Does a longer refinance term always cost more?+
Usually yes in total interest, even at a lower rate, because you're paying interest over more months. A shorter term at a slightly higher rate can sometimes cost less overall than a longer term at a lower rate.
What credit score do I typically need to refinance?+
Private refinance lenders generally look for good to excellent credit, often in the high 600s or above, along with stable income. Rates and approval odds improve significantly with stronger credit and a co-signer if needed.
Can I refinance only some of my loans?+
Yes. You can choose to refinance only your private loans, or only certain federal loans, while leaving others in place — useful if you want to keep federal protections on some balances.
Do refinance rates change based on the term I choose?+
Yes, most lenders offer different rates for different repayment terms, typically with shorter terms carrying lower rates. Check actual quotes from lenders for your specific term options.
MC
MarkCalc Team
Tool built and maintained by MarkCalc
This calculator is built and maintained by the MarkCalc team using standard loan amortization math. It is intended for general estimation only. For advice specific to your loans, consult a financial advisor or your loan servicer.