Student Loan Refinance Calculator: Explore Your Lender Options

Compare Student Loan Refinancing Options
Compare Student Loan Refinancing Options
Find the best refinance rates for you
See Offers

on SimpleTuition's secure website

Powered by

Refinancing your student loans can save you a significant amount of money if you can find the right lender and qualify for lower rates. However, determining whether you should refinance your student loans will depend on your current situation, including what type of loans you have, your interest rate and whether you can qualify for a new loan.

Use our student loan refinance calculator to estimate how much you can save by refinancing your student loans. Enter your current student loan balance, interest rate and loan term and compare it to your new interest rate and loan balance if you were to refinance. We've also listed some of the best student loan refinance lenders below for you to consider in your search.

Student loan refinance lenders to consider

If you’re still looking for a lender to refinance your student loans, we’ve compiled a list of some of the best options available. Check out the lenders below. Keep in mind that if you have federal student loans, you will lose certain benefits by refinancing with a private student lender, such as student loan forgiveness and income-driven repayment plans.

Best For

Recommended LenderAPR*
Low ratesCommonBond
  • 3.48% - 8.44% fixed APR
  • 2.37% - 8.05% variable APR
Apply Now

on CommonBond's secure website

Unemployment BenefitsSoFi
  • 3.49% - 7.94% fixed APR
  • 2.27% - 7.55% variable APR
Apply Now

on SoFi's secure website

Flexible RepaymentEarnest
  • 3.47% - 7.72% fixed APR
  • 2.37% - 6.99% variable APR
Apply Now

on Earnest's secure website

Best BankCitizens Bank
  • 3.45% - 9.62% fixed APR
  • 2.46% - 9.24% variable APR
Apply Now

on Citizens Bank's secure website

Parent PLUS RefinancingLaurel Road
  • 3.50% - 7.02% fixed APR
  • 2.43% - 6.65% variable APR
Apply Now

on Laurel Road's secure website

Lender Disclosure
{"onCurrent":true,"clickable":true,"message":"All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation\u2019s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit \u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/www.laurelroad.com\" href=\"https:\/\/www.laurelroad.com\"\u003Ewww.laurelroad.com\u003C\/a\u003E.","showIcon":false,"tooltipLabel":"Lender Disclosure"}

Recommended Lenders

CommonBond
Apply Now

on CommonBond's secure website

SoFi
Apply Now

on SoFi's secure website

Earnest
Apply Now

on Earnest's secure website

Citizens Bank
Apply Now

on Citizens Bank's secure website

Laurel Road
Apply Now

on Laurel Road's secure website

Lender Disclosure
{"onCurrent":true,"clickable":true,"message":"All credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation\u2019s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit \u003Ca class=\"ShortcodeLink--root\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/www.laurelroad.com\" href=\"https:\/\/www.laurelroad.com\"\u003Ewww.laurelroad.com\u003C\/a\u003E.","showIcon":false,"tooltipLabel":"Lender Disclosure"}

*Rates include a discount with auto-pay

Is it worth it to refinance student loans?

Refinancing your student loans can be a good option depending on your financial situation and the type of loans you have. If you have federal student loans and you are looking to refinance, only switch to a private lender if you’re able to get a lower interest rate, as you will be giving up many benefits that private loans don’t offer, including student loan forgiveness and income-driven repayment options.

If you have a private student loan and can qualify for a lower interest rate with a reputable lender, you should definitely consider refinancing those loans, as it will save you tons of money over time. Ideally, you should try to pay as little interest on your loans as you can. So, it is always worth it to look into the options available to you.

How much does it cost to refinance a student loan?

The amount you will pay when you refinance your student loan will be based on your financial information, including your credit history, credit score and income and the student loan refinance lender you end up with. It shouldn’t cost you anything to apply to refinance your student loans; however, some lenders may charge an origination fee when you receive the loan. Generally, refinancing your loan should save you money.

Does refinancing student loans hurt your credit?

Refinancing your student loans shouldn’t have a significant effect on your credit. However, when you apply for a loan, lenders will perform a hard credit check, which will temporarily lower your credit score. And if you send loan applications to multiple lenders, you will have multiple hard credit inquiries on your credit report, which will lower your credit score further. See if you can check your rates with a lender, in which they will likely perform a soft credit check, before sending a full application so you can decide whether to apply.

While repaying your refinanced student loan, like any other loan, you can hurt your credit by missing payments. If you are having trouble paying off your loans, talk to your lender about what you can do to make sure it doesn’t affect your credit. They may allow you to extend your loan term, lower your interest rate, declare forbearance or offer other options. For example, in the event that you lose your job, SoFi offers one-on-one career coaching to help borrowers find employment opportunities and continue paying down their loans.

Comments and Questions

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.