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Estimate how much you can save with our student loan refinancing calculator.  First, enter your current loan information. Then, estimate the rate and terms of your new loan. Want to compare real rates? Compare with Credible now.

STEP 1: Enter current loan information

? Enter the remaining amount of the loans you’d like to refinance $

? Enter the average annual interest rate of the loans you’d like to refinance %

? Enter the monthly amount you currently pay on your loans (or enter remaining term) $

or

? Enter the amount of time left to repay your loan (or enter monthly payment) mo.

STEP 2: Compare with a new Credible Loan

$

? Credible cuts interest rates by 1.7% on average – this could be your new rate. If you already know your new loan interest rate, enter it here. %

? Enter the monthly amount to pay on your new loan (or enter new loan term) $

or

? Enter the amount of time you have to repay your loan (or enter monthly payment) mo.

Lifetime Savings Increased Lifetime Cost

$3,055

Monthly Savings Increased Monthly Cost

$87

Estimated Payoff Date

Ready to start saving?

Credible simplifies refinancing by letting you compare rates from top lenders in minutes.

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Frequently Asked Questions about Student Loan Refinancing

How do I calculate weighted average interest rate?

When you consolidate your federal loans into a Federal Direct Consolidation loan, the interest rate on your consolidated loan is calculated as a weighted average of all the interest rates on your previous loans.

Unlike simply calculating an average of all the interest rates, the weighted average also takes into account the principal balance of each loan.

Let’s see how it works:

Loan 1: $10,000, 3.00%

Loan 2: $50,000, 5.00%

  • Get the loan weight of each of your loans by multiplying the balance by the interest rate.

Loan 1: $10,000 x 3.00% = 300

Loan 2: $50,000 x 5.00% = 2,500

  • Add these to get the total loan weight = 2,800
  • Then add all the loan balances to get the total loan balance = $60,000
  • Divide the total loan weight by the total loan balance to get the weighted average interest rate = 0.0466 (or 4.66%)

*The average weighted interest rate on a Federal Direct Consolidation Loan is always rounded up to the nearest 1/8 percent)

For more information on interest rates, find out what you need to know about choosing fixed or variable interest rate student loans.

Should I consolidate my student loans?

If you’re having a hard time making your monthly student loan payments, consolidating your federal loans into a Federal Direct Consolidation Loan could be a good option for you.

When you consolidate multiple loans into a single loan, you have the option to choose a new repayment term. Opting for a longer repayment term will lower your monthly payments since you’ll have more time to pay off the loan.

Just remember that consolidating your loans doesn’t lower your interest rate — your new interest rate will be a weighted average of all your previous interest rates. If you’re more interested in lowering your interest rate, you can learn more about refinancing your loans with a private lender here.

Check out the best student loan consolidation and refinancing companies and read our student loan refinancing lender reviews for more information.

What is the income contingent repayment plan?

The Income-Contingent repayment plan (ICR) is one of many income-driven repayment plans offered by the federal government to borrowers with federal student loans.

As with any income-driven plan, ICR sets your minimum monthly payment as a percentage of your income, specifically 20 percent. ICR also offer loans forgiveness on any loan amount that remains after 25 years of regular payments. However, you will have to pay taxes on this forgiven amount.

It’s important to keep in mind that ICR is just one of a number of income-driven plans offered by the federal government, and the least used. To learn more about ICR and the other income-driven repayment plans, and figure out whether they might be right for you, go here.

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