Student Loan Refinance Comparison
Put your current loan next to a refinance offer to see the change in monthly payment and the difference in lifetime interest before you decide.
Lower rate, or just a lower payment?
A refinance offer is easy to read the wrong way, because a lower monthly payment can hide a higher total cost when the term is longer. Comparing both the monthly payment and the lifetime interest at once tells you whether a new rate genuinely saves money or just spreads the same debt over more years. For federal borrowers, the numbers are only half the decision — the protections you give up matter too.
Before you refinance, it can be worth checking the Loan Payoff Estimator to see whether extra payments get you there without a new loan, and the Student Loan Calculator for your current baseline.
Frequently Asked Questions
How does refinancing actually save money?
Refinancing replaces your existing balance with a new loan at a different rate and term. A lower rate means less interest accrues on the same balance, so both the monthly payment and the total interest usually fall. The tool amortizes your balance under the current terms and the new terms and shows the difference in monthly payment and in lifetime interest, so you can see exactly what the new rate buys.
Can refinancing cost me more even at a lower rate?
Yes — if you also lengthen the term. Stretching a loan over more years lowers the monthly payment but adds months of interest, and that can outweigh the savings from a lower rate. This is why the comparison shows lifetime interest, not just the monthly figure: a refinance that drops your payment can still raise the total you pay. Match or shorten the term to be sure a lower rate translates into real savings.
Should I refinance my federal student loans?
Be careful. Refinancing federal loans into a private loan gives up federal protections — income-driven repayment plans, deferment and forbearance options, and potential loan forgiveness — that a private lender does not offer. Those protections have real value that no interest calculation captures. This tool compares the pure numbers; weigh the lost benefits separately, and generally keep federal loans federal unless you are certain you won't need those options.
Is this financial advice?
No. This is an educational estimate that compares two sets of loan terms using standard amortization. It does not include origination or refinancing fees, your credit or eligibility, or the value of federal protections. Confirm any real offer's rate, term, and fees with the lender, and speak to a qualified financial professional before refinancing.
Estimates only; excludes fees and the value of federal loan protections. Not financial advice — confirm any offer with the lender and weigh what you would give up.