Student Loan Refinancing Calculator

Is refinancing your student loan the best way to go? Use this quick and easy Student Loan Refinancing Calculator to see how your current loan rate stacks up to the competition. Typically the lower the rate, the happier your wallet will be.

Student Loan Refinancing Calculator

Step 1: Current loan info

Student loan balance

Average interest rate

Remaining loan term (yr)

Step 2: New loan info

New interest rate

New loan term (years)

Most Student Loan Borrowers Think They’ll Have Debt Forever: Survey

When student loan balances seemingly grow each month — not shrink as they’re supposed to — it’s easy for borrowers to think the finish line keeps moving further away. That thought is even more common than you might imagine.

A new Student Loan Hero survey found that 53% of borrowers believe they’ll be making student loan payments for the rest of their lives. That number jumps to 74% among borrowers with at least six figures to repay. (And note that these responses were from early February, when concern over the coronavirus in the U.S. was relatively mild.)

“It’s hard to juggle all of my expenses and actually make progress on paying off the actual loans, rather than just the interest,” one the respondents said.

Still, not everyone is pessimistic about the future of their repayment, with confidence varying by generation and gender, as well as whether the borrower in question has a strategy to deal with their debt. Here’s what we found ...

Key findings

  • Those 53% of student loan borrowers who see no end in sight pointed to specific obstacles. Among these, not earning enough funds was seen as the greatest impediment, cited by 27%. (More here)
  • Gen X borrowers (ages 40 to 54) had the bleakest outlook toward student debt, with 57% assuming they’ll be paying their student loans for as long as they live. About 55% of millennials and 42% of Gen Zers were similarly discouraged. (More here)
  • Along gender lines, female borrowers were more likely to have dire student loan payoff expectations: 57% said they didn’t expect to ever repay their education debt, compared to 47% of men.
  • Among the more confident crowd of borrowers, 47% said they planned on becoming free of all education debt within the next five years. Their most popular repayment strategy was paying more than the minimum due on their loans each month (52%). (More here)

Common obstacles bring down many student loan borrowers

More than 7 out of 10 borrowers with at least $100,000 in outstanding education loans said they thought their debt would outlive them. This is despite the fact that large student loan balances are common among relatively high-income earners — such as doctors, lawyers and other professionals — who are prime candidates to lower their rates via student loan refinancing.

Of course, even more modest debt totals can be daunting, especially for those earning lower wages. And income was just of four key obstacles that the survey respondents said were the biggest factor blocking a more successful repayment:

  • Low income (27% of respondents): How much you earn is, of course, a major factor in how you view your debt, which is why borrowers on a budget should spend just as much time (if not more) increasing their income compared to decreasing their expenses.
  • High interest rates (25%): Heavy interest costs can put drag on repayment. The only way to reduce your interest rate significantly is through student loan refinancing, though this requires either good credit or a creditworthy cosigner.
  • Large balances (23%): A big debt figure can be intimidating. The best way to fight this is with a long-term repayment strategy.
  • Additional debt obligations (22%): Prioritizing the payoff off higher-interest debt, like that of credit cards, is generally recommended, but borrowers should consider whether the snowball or avalanche method is right for them.

The pessimism over student debt repayment isn’t new. Our 2019 report on debt hindering personal milestones found that less than half (44%) of respondents were fully confident they could afford their ensuing monthly payment.

Borrower optimism varies by generation and gender

The older the borrower, the more likely they were to say their education debt felt endless: 41% of Gen Zers (ages 18 to 23), 55% of millennials (ages 24 to 39) and 57% of Gen Xers (ages 40 to 54) said they believe their debt will span their lifetimes.

That’s to be expected, as research shows that a majority of parent PLUS loan borrowers — that is, Moms and Dads who borrow federal loans on their children’s behalf — struggle in repayment, putting their retirement in peril.

Besides older borrowers, female respondents were also more likely to show pessimism about repaying their loans. Nearly 6 in 10 (57%) said their education debt would prove to be never-ending, compared with about 5 in 10 (47%) of male borrowers.

These results echo past research by Student Loan Hero indicating that women are more likely than men to see their student debt as unmanageable.

The obstacle in front of many borrowers — especially women — was income. Female respondents were more likely to say they don’t make enough money (30%) for their repayment, compared to 23% of males.

The difference between men and women in confidence surrounding salaries is very likely tied to the gender pay gap. According to our 2019 personal milestones survey mentioned above, only 44% of women said their annual salary was more than their student loan balance, compared to 59% of men.

More hopeful borrowers rely on student loan strategies

But while the glass is half empty, so too is it half full. About 47% of those surveyed said they planned to be free of their student debt within the next five years. To do so, 86% of these more confident borrowers said they were relying on at least one repayment strategy. Specifically ...

  • Paying more than the minimum due (52% of respondents): You can calculate the benefit of this aggressive tactic using Student Loan Hero’s lump-sum extra payment and loan prepayment calculators
  • Trimming their budget (33%): Coming up with that larger monthly payment amount can be chalked up to cutting unnecessary expenses.
  • Refinancing to a lower interest rate (21%): Student loan refinancing is the only way for borrowers to reduce their average rate by a significant margin. But, like anything else, there are pros and cons to refinancing.
  • Added an income stream (19%): Whether through a side hustle, a part-time job or a pay raise, there’s no limit on any borrower’s potential income.

Of course, feeling confident about repayment is also about control. And with measures like these, borrowers have more control over their fate. In fact, each of these tactics are also featured in our student loan payoff success stories.

Confidence is key to a successful student loan repayment

You don’t have to major in behavioral economics to know that your attitude can affect your outcome. That’s why it’s so important for student loan borrowers to feel empowered about their repayment.

Unfortunately, as our survey results indicate, more than half of all borrowers don’t feel they’re in the driver’s seat — a finding that squares with our 2020 survey on student loan-induced depression.

To combat these unhelpful feelings, consider the strategies that the more confident borrowers surveyed are using. You can try sneaking in an extra payment or two. Or if you can’t afford that, take a hard look at your budget. Alternatively, if you don’t yet qualify for student loan refinancing, try improving your debt-to-income ratio with a moneymaking side hustle.

For more information, here are some specific Student Loan Hero guides:


Student Loan Hero conducted an online survey of 1,007 Americans who have student loan debt, with the sample base proportioned to represent the overall population. The survey was fielded online using Qualtrics from Feb. 5-10, 2020.

Generations are defined as the following ages in 2020:

  • Generation Z: 18-23
  • Millennials: 24-39
  • Generation X: 40-54
  • Baby boomers: 55-74
  • Silent Generation: 75 and older

Other Student Loan Hero calculators

Here are other great, free resources for crunching the numbers on your student loan debt.

Student Loan Interest Calculator

Recommended for:

  • Seeing how much interest you’re paying a month
  • Finding out about ways to lower your interest rate
  • Private and federal loans

Monthly Payment Calculator

Recommended for:

  • Estimating monthly payments
  • Calculating total interest charges
  • Federal and private loans

Income-Based Repayment (IBR) Calculator

Recommended for:

  • Lowering monthly payments
  • Getting student loan forgiveness
  • Federal loans

Pay As You Earn (PAYE) Calculator

Recommended for:

  • Lowering monthly payments
  • Getting student loan forgiveness
  • Federal loans

Deferment Calculator

Recommended for:

  • Pausing payments
  • Calculating interest accrued in deferment
  • Federal loans

Public Service Loan Forgiveness Calculator

Recommended for:

  • Getting student loan forgiveness
  • Finding the best income-driven repayment plan
  • Federal loans

Student loan refinancing APRs as low as % . Check your rate in 2 minutes.

Looking for the best way to outsmart your student loan?

Calculate interest rate

Find the best bank for your unique refinancing needs

So you can:

  • Know your options for refinancing
  • View top recommendations for 2018
  • Compare rates, lenders and more side by side

Looking for the best way to outsmart your student loan?

Learn the smartest way to set up prepayments

Get the inside scoop on:

  • The best way to apply your payments
  • Exactly what to say to your lender
  • Making sure your lender puts your extra payment towards your principle
The best bank

Find the best bank for your unique refinancing needs

So you can:

  • Know your options for refinancing
  • View top recommendations for 2019
  • Compare rates, lenders and more side by side
Student Loans

See how a faster repayment plan can equal big savings

An easy-to-follow guide for:

  • Paying less interest
  • Consolidating more than one loan
  • Lowering your monthly bill, paying off your student loan faster, or both

Interested in refinancing student loans?

Here are the top 9 lenders of 2022!
LenderVariable APREligible Degrees 
1.74% – 6.52%1Undergrad
& Graduate

Visit Splash

1.74% – 5.64%2Undergrad
& Graduate

Visit Earnest

2.50% – 6.85%3Undergrad
& Graduate

Visit CommonBond

1.89% – 5.90%4Undergrad
& Graduate

Visit Laurel Road

1.74% – 6.59%5Undergrad
& Graduate

Visit SoFi

1.90% – 5.25%6Undergrad
& Graduate

Visit Lendkey

1.88% – 5.64%7Undergrad
& Graduate

Visit NaviRefi

1.86% – 6.01%Undergrad
& Graduate

Visit Elfi

2.13% – 5.25%8Undergrad
& Graduate

Visit PenFed

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of January 19, 2022.

2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.69% APR to 6.14% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 5.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index. If you apply before 12/15/2021, the index is the one-month London Interbank Offered Rate (LIBOR) and your rate will be calculated each month by adding a margin between 1.89% – 5.89% to the LIBOR. If you apply on or after 12/15/2021, the variable rate will be based on the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. In each case, the variable rate is based on the rate published on the 25th day, or the next business day, of the preceding month, rounded to the nearest hundredth of a percent, plus a margin and will change on the 1st of each month. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

3 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.

4 Important Disclosures for Laurel Road.

Laurel Road Disclosures

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’s 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

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.


This information is current as of April 29, 2021. Information and rates are subject to change without notice.

5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates range from 2.49% APR to 6.94% APR with a 0.25% autopay discount. Variable rates from 1.74% APR to 6.59% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

6 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 11/15/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.75% Fixed APR with AutoPay.

7 Important Disclosures for Navient.

Navient Disclosures

1. NaviRefi loans are made by Earnest Operations LLC, a member of the Navient family of companies, subject to individual approval and underwriting criteria. California residents only: Loans made or arranged pursuant to a California Finance Lenders Law license. Additional terms and conditions apply.

– To qualify, you must be a U.S. citizen or non-citizen permanent resident of the United States, reside in a state we lend in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Loan terms are subject to eligibility. Approval and interest rate depend on the review of a complete application. Loan approval is subject to confirmation that your debt-to-income, free cash flow, credit history and application information meet the minimum requirements. You must have a minimum FICO score to be considered.

– You can choose between fixed and variable rates. Fixed interest rates are 2.75% – 6.04% APR (2.50% – 5.79% APR with Auto Pay discount). Starting variable interest rates are 2.13% – 5.89% APR (1.88% – 5.64% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.

– You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. NaviRefi rate ranges are current as of June 1, 2021 and are subject to change based on market conditions and borrower eligibility.

– Loan cost examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,250. Your actual repayment terms may vary.

– The information provided on this page is updated as of 06/1/2021. Earnest Operations LLC reserves the right to modify or discontinue (in whole or in part) this loan program and its associated services and benefits at any time without notice. Check for the most up-to-date information. Terms and Conditions apply. Call 855-284-4893 for more information on our student loan refinance product.

– Earnest Operations LLC – NMLS #1204917, CA CFL #6054788 – 535 Mission St., Suite 1663, San Francisco, CA 94105.
Navient Solutions, LLC – NMLS #212430 – 123 Justison St., Wilmington, DE 19801. Visit for a full list of licensed states.

8 Important Disclosures for PenFed.

PenFed Disclosures

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.