Should I refinance my federal student loans?

Refinancing federal loans into a private loan means losing federal benefits like income-driven repayment and forgiveness programs. Only do this if you value interest savings more.

What is the difference between interest rate and APR?

The interest rate reflects the cost of borrowing the principal. APR typically includes fees and other costs, making it a better number for comparing loan offers.

How do I compare two loans correctly?

Compare monthly payment, total interest paid, and total cost. If fees differ, compare APR as well so you are comparing the true cost of borrowing.

Does a longer term always mean a cheaper loan?

A longer term usually lowers the monthly payment, but it often increases the total interest paid. Shorter terms cost more per month but can reduce total cost significantly.

Can I save money by making extra payments?

Yes. Extra payments reduce principal faster, which reduces future interest. The impact is larger early in the loan when the balance is highest.

Student Loan Refinance Calculator

Written by Calcida Team

Reviewed by Financial Review Process

Last updated: April 2026

Calculations are rooted in standard financial formulas and are provided as educational estimates only. They do not constitute professional financial advice. Results may vary based on actual interest rates and fees. You should verify all numbers with a certified financial professional prior to making significant financial commitments. Read our editorial commitment →

Compare your current student loans to a new refinanced rate to see how much you can save on interest and monthly payments.

Built specifically for borrowers estimating monthly payments and total interest on a fixed-rate loan, this engine analyzes Loan amount, Interest rate, Loan term to output monthly payment, total interest, and total cost.

Context:Loan Calculators Main Directory Student Loan Calculator: Payoff Estimator Loan Comparison Calculator: Compare Side-by-Side

Current Balance ($)

Current Interest Rate (%)

New Refinance Rate (%)

New Term (Years)

Estimated Savings

$46/mo

New Payment$415

Interest Saved$5,492

Financial Insight Placement Zone

What should you do next?

Manage your loans with these additional calculators:

Debt Payoff Planner

Budget Calculator Credit Card Payoff

How This Calculator Works

This calculator estimates results using standard financial math based on the inputs you provide. It is designed for quick comparisons so you can understand how key variables affect the outcome.

Enter realistic inputs (amounts, rates, and time periods).
Review the computed result and any breakdown shown in the tool.
Change the loan amount, rate, and term to compare monthly payments and total cost.

For related tools and deeper comparisons, browse Loan Calculators.

Financial Insight Placement Zone

Formula

M = P × [ i(1 + i)^n ] / [ (1 + i)^n − 1 ]

monthly payment Description

principal (loan amount) Description

monthly interest rate (annual / 12) Description

number of monthly payments Description

•Total Interest ≈ (M × n) − P.

Example Calculation

Loan amount$25,000

Rate6.50%

Term5 years

Calculated Outcome

Estimated monthly payment

≈ $489

Financial Insight Placement Zone

Tips for Better Estimates

Use the best available rate (quote, current APR, or a conservative assumption).
Model multiple scenarios by changing one input at a time.
Include fees, taxes, and deductions when they materially affect the total.
Compare alternatives using the calculators directory or the related calculators section.

Explore Related Tools

Continue with Loan Calculators to compare similar calculators and validate your assumptions across different scenarios.

Common Questions

Financial Insight Placement Zone

Continue Your Analysis

Student Loan Calculator: Payoff EstimatorCalculate now →Loan Comparison Calculator: Compare Side-by-SideCalculate now →Mortgage Refinance Calculator: Is It Worth It?Calculate now →Parent PLUS Loan CalculatorCalculate now →Auto Loan Calculator: Estimate Monthly Car PaymentsCalculate now →Mortgage Payment Calculator with Taxes and InsuranceCalculate now →

Toolkit

Financial Insight Placement Zone