Student Loan Refinancing Calculator
Student Loan Balance
Average Interest Rate
Remaining Loan Term (years)
New Interest Rate (%)
New Loan Term (years)
Compare The Best Student Loan Refinance Rates For 2020
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 5.64% |
| Fixed Rates: | 2.98% – 5.79% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5-20 years |
| Borrower Residency: | All States except KY or NV |
| Hardship Deferment: | Yes |
| Co-signer Option: | No |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.39% – 6.01% |
| Fixed Rates: | 3.19% – 5.99% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
| Minimum Loan Amount: | $15,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 7.10% |
| Fixed Rates: | 2.88% – 7.27% |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5 – 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Varies |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 6.24% |
| Fixed Rates: | 2.99% – 6.24% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 ($10,000 in CA) |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 6.65% |
| Fixed Rates: | 3.20% – 7.02% |
| Minimum Credit Score: | 700 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Overall Rate: | 1.95% – 3.85% |
| Variable Rates: | – |
| Fixed Rates: | 1.95% – 3.85% |
| Minimum Credit Score: | None |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $25,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15 years |
| Borrower Residency: | Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming |
| Hardship Deferment: | No |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.61% – 5.25% |
| Fixed Rates: | 3.39% – 7.75% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $24,000 |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states, except ME, ND, NV, RI, WV |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
What is a student loan refinancing calculator?
How do I use a student loan refinancing calculator to find the best refinance rates?
This student loan refinancing calculator shows you much money you can save based on the refinance rates that you input in the loan refinance calculator. To check the latest refinance rates, please see the best student loan refinance rates.
Will this student loan refinance calculator tell me which student loan refinance rates I can qualify for?
This student loan refinancing calculator shows you much money you can save through student loan refinancing. When you refinance student loans, you receive a lower interest rate for your student loans, which potentially can save you tens of thousands of dollars on your student loans. In addition to using this loan refinance calculator, you can compare the best refinance rates and also check eligibility for student loan refinancing.
How do I use this student loan refinance calculator?
This student loan refinancing calculator is easy to use and will help show you much money you can save from student loan refinance.
Step 1: Enter your current student loan balance
Step 2: Enter your average rate
Step 3: Enter your remaining loan term (which is how many years left until your student loans are required to be paid off)
Step 4: Enter your new student loan interest rate (this interest rate should be lower than your current interest rate. You can view and compare Make Lemonade’s latest student loan rates.
Step 5: Enter your new loan term when you refinance your student loans (typically this is between 5-20 years)
Then, this student loan refinancing calculator will automatically calculate your savings. This loan refinances calculator will tell you how much you can save each month and how much money you can save over the life of your student loans.
Should I refinance my student loans?
Student loan refinance is an important choice to evaluate when it comes to your student loan debt. Here are some helpful resources to help you make an informed decision:
Is refinancing student loans worth it?
With student loan refinancing, you can potentially save tens of thousands of dollars on your student loans. As shown in this student loan refinancing calculator, you can cut your student loan payments and participate in the following key benefits when you refinance student loans:
- Receive a lower interest rate
- Reduce the total amount of interest that you pay
- Combine your existing federal and private student loans into a single student loan
- Make one student loan payment per month
- Have only one student loan servicer
- A lower monthly payment means you will lower your debt-to-income ratio, which can help you qualify for other financial products such as a personal loan, mortgage or auto loan
- You can pay off your student loans faster
- You can choose either a fixed rate student loan or variable rate student loan
- You can lower your monthly payment, which means you could have extra money for other life expenses
