Financing a home purchase
Refinancing your existing loan
Finding the right lender
Additional Resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Compare Accounts
Use calculators
Get advice
Bank reviews
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Compare by category
Compare by credit needed
Compare by issuer
Get advice
Looking for the perfect credit card?
Narrow your search with CardMatch™
Personal Loans
Student Loans
Auto Loans
Loan calculators
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Best of
Brokerages and robo-advisors
Learn the basics
Additional resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Get the best rates
Lender reviews
Use calculators
Knowledge base
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Selling a home
Buying a home
Finding the right agent
Additional resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Compare car insurance rates
Homeowners insurance
Other insurance
Company reviews
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Retirement plans & accounts
Learn the basics
Retirement calculators
Additional resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Whether you’ve been paying off your student loans for six months or six years, refinancing your loans could seem like a good idea, as it can potentially save you thousands of dollars down the line or make your payments more manageable. However, refinancing isn’t the right move for everyone. Using a student loan refinance calculator can come in handy to help you determine whether this is the best choice for you or if it’s best to wait.
Refinancing can be a great way to save money on interest on your student loans or make your payments more affordable by choosing a longer term. That being said, refinancing isn’t for everyone. However, it may be right for you if the following is true.
Our Student Loan Refinance Calculator can help you determine whether now it’s a good time to refinance your student loans. But first, you’ll need to gather some information to ensure you get the most accurate results, including:
If you don’t know where your master promissory note is (aka the legal document that has the details of your loan), you can find this information by logging into your student loan account on your lender’s website or by contacting customer service.
Once you have these numbers down, you’ll be able to see what your potential monthly payment would look like with a lower interest rate and/or a different repayment term, in addition to any lifetime savings on interest.
Refinancing your student loans might be a good idea if:
After you’ve prequalified for refinancing your student loans with a few different lenders, it’s time to make the choice. As you complete an application with your chosen lender, you’ll need a few personal details, like:
If you’re approved for your loan, you should receive funds within a few weeks. This lump sum payment will be used to pay off your old student loans, and you will immediately begin making payments on your new loan with your new interest rate and terms.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access
© 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
Student Loan Refinance Calculator – Bankrate.com
