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Private Student Loan Refinancing Calculator

Written by

Renee Fleck

Written by

Renee Fleck

Renee Fleck is a student loans editor with over six years of experience. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.

Written by

Renee Fleck

+1 more

Edited by

Richard Richtmyer

Written by

Richard Richtmyer

Managing editor

Richard Richtmyer is a managing editor with over 20 years of finance experience. He's an expert on student loans, capital markets, investing, real estate, technology, business, government, and politics.

Written by

Richard Richtmyer

Managing editor

Updated November 3, 2026

Borrowers who refinanced student loans through Credible in the last 12 months prequalified for an average interest rate of 6.79%. Use our calculator to see how much a lower rate can save you.

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Compare rates from 10 top lenders

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In each article, Credible will identify if the lender is a partner lender. If the lender is described as a partner or partner lender, Credible receives compensation from the lender. Compensation will not impact how or where products appear on the Credible platform when requesting prequalified rates and loans. Not all lenders participate in the Credible marketplace. Any opinions, analyses, reviews, or recommendations expressed in these articles are those of Credible (and the author) alone and have not been reviewed, approved, or otherwise endorsed by any lender or other provider.

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Lender	Fixed APR	Variable APR	Degrees amount	View Details
MEFA	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 3.95-8.95%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. n/a MEFA only offers fixed rates	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 3.3 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 7, 10, 15 years Fees Fees for late payments and other types of fees may exist. None Loan amount The student loan amount that a lender will refinance. $10,000 up to the total amount Min. credit score Minimum credit score required to get approved for a loan. 670
Brazos	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 3.99-6.74%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 4.14-6.89%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.7 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 7, 10, 15, 20 years Fees Fees for late payments and other types of fees may exist. Late fee Loan amount The student loan amount that a lender will refinance. $10,000 - $400,000 Min. credit score Minimum credit score required to get approved for a loan. 720
RISLA	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 3.99-8.99%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. n/a RISLA only offers fixed rates	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.9 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 10, 15 years Fees Fees for late payments and other types of fees may exist. Late fee Loan amount The student loan amount that a lender will refinance. $7,500 - $250,000 Min. credit score Minimum credit score required to get approved for a loan. 680
EdvestinU	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 4.15-9.06%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. n/a EdvestinU only offers fixed rates	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.6 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 10, 15, 20 years Fees Fees for late payments and other types of fees may exist. None Loan amount The student loan amount that a lender will refinance. $7,500 - $200,000 Min. credit score Minimum credit score required to get approved for a loan. 700
LendKey	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 4.28-9.64%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 4.56-9.91%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.8 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 7, 10, 15 years Fees Fees for late payments and other types of fees may exist. Late fee Loan amount The student loan amount that a lender will refinance. $5,000 - $250,000 Min. credit score Minimum credit score required to get approved for a loan. 680
ELFI	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 4.49-9.19%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 4.74-9.44%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.3 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 7, 10, 12, 15, 20 years Fees Fees for late payments and other types of fees may exist. None Loan amount The student loan amount that a lender will refinance. $10,000 up to total refinance amount Min. credit score Minimum credit score required to get approved for a loan. 680
SoFi	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 4.49-11.99%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 5.74-11.99%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.9 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 7, 10, 15, 20 years Fees Fees for late payments and other types of fees may exist. No fees required Loan amount The student loan amount that a lender will refinance. $5,000 up to the full balance Min. credit score Minimum credit score required to get approved for a loan. Does not disclose
Earnest	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 4.65-9.99%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 5.88-9.99%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.5 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 7, 10, 15, 20 years Fees Fees for late payments and other types of fees may exist. None Loan amount The student loan amount that a lender will refinance. $5,000 to 550,000 Min. credit score Minimum credit score required to get approved for a loan. 665
INvestEd	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 5.97-10.33%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 6.55-10.69%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.5 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 10, 15, 20 years Fees Fees for late payments and other types of fees may exist. Late fee, returned payment fee Loan amount The student loan amount that a lender will refinance. $5,000 - $250,000 Min. credit score Minimum credit score required to get approved for a loan. 670
Citizens	Fixed APR Fixed interest rates never change over the life of the loan. This means your monthly payment won’t change either. 6.49-11.45%	Variable APR Variable interest rates can go up or down with the market. This means your monthly payments can fluctuate as well. 6.52-11.54%	Eligible degree Undergraduate and Graduate	View Details Disclosures
Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. ★★★★★ ★★★★★ 4.6 See Credible review Loan terms Choosing a loan with a shorter term length will cost you less over the lifetime of your loan. 5, 7, 10, 15, 20 years Fees Fees for late payments and other types of fees may exist. None Loan amount The student loan amount that a lender will refinance. $10,000 - $750,000 Min. credit score Minimum credit score required to get approved for a loan. Does not disclose

Student loan refinance calculator

Estimate your savings with our student loan refinance calculator. Compare rates and terms, see your monthly payment, and remember that refinancing federal loans means giving up benefits like income-driven repayment and forgiveness.

New monthly payment

Pay less each month

New total interest

Pay less over the lifetime of the loan

Current

New

Loan Amount

$50,000

Avg. interest rate

7.50%

6.50%

Monthly payment

Total interest

Total cost

Payoff date

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How to use the refinance calculator

A student loan refinance calculator helps estimate how much you could save by refinancing. It uses your current loan balance, interest rate, and repayment term to show how a new loan could potentially lower your monthly payment or your total interest costs.

A private student loan refinancing calculator is especially helpful if you're comparing lender offers or deciding whether refinancing makes sense based on your financial goals.

Follow these steps to estimate your potential savings:

1. Input your current loan information

To establish a baseline, enter your remaining student loan balance, which is the total amount you currently owe. You will also need to provide your current interest rate and your current monthly payment. This allows the calculator to see exactly what you are paying under your existing terms.

2. Enter your new estimated interest rate

Input the new student loan refinancing interest rate you expect to receive. This could be a prequalified rate provided by a specific lender or a ballpark estimate based on your current credit score. This figure is the primary driver in determining how much interest you will save.

3. Select your new loan term

Choose your new loan term, which is the number of years you intend to take to pay off the refinanced balance. Most lenders offer terms ranging from five to 20 years. A shorter term usually means higher monthly payments but lower total interest. A longer term lowers your monthly payment but increases the total interest you’ll pay over time.

4. Review your estimated savings

Once the details are filled in, the calculator will generate your new monthly payment and total repayment cost. Compare these estimates against your current loan details to understand your total potential savings over the life of the loan. This data helps you decide if a lender's offer aligns with your long-term financial goals.

How does refinancing affect student loan repayment?

Refinancing student loans can help you lower your monthly payment, pay them off faster, or save money on interest. How much you save depends on the interest rate you qualify for and the new repayment term you choose.

Choosing a shorter repayment term can help you pay off your loans faster and save more on interest, but your monthly payment may increase. A longer term can make your monthly payments more manageable, but you'll likely pay more interest over the life of the loan.

Remember that if you refinance federal student loans, you’ll permanently give up federal benefits, including income-driven repayment, loan forgiveness, and federal deferment and forbearance options. For some borrowers, these protections may be worth more than the potential savings from refinancing.

Learn More: Should I Refinance My Student Loans?

How much can I save by refinancing?

The amount you can save by refinancing depends mostly on the new interest rate you qualify for. The lower the rate, the more you can reduce your total repayment cost.

For example, let's say you have $30,000 in student loans with a 10-year repayment term at a 9% interest rate. If you refinance to a 5% interest rate with the same repayment term, you could save around $7,536 over the life of the loan.

	Before refinance	After refinance
Loan balance	$30,000	$30,000
Interest rate	9%	5%
Loan term	10 years	10 years
Monthly payment	$381	$318
Total interest paid	$15,720	$8,183
Total loan payment	$45,720	$38,183
Estimated total savings	—	$7,536

This is just an example of how refinancing can affect your overall costs. Your actual savings will depend on the lender you choose and the interest rate you qualify for.

Good to know: Applying with a cosigner could help lower your rate. In the last 12 months, borrowers who refinanced through Credible with a cosigner prequalified for rates that were, on average, more than 1 percentage point lower than those who applied without one.

How to compare refinancing offers

Not all refinancing offers are the same. To find the best deal, it's important to shop around, compare refinance rates, and look closely at the terms each lender offers. Many lenders let you check your rates with a soft credit pull, so you can see your options without affecting your credit score.

Here's what to focus on when comparing offers:

Interest rates: Look for the lowest fixed or variable rate you qualify for. Even a small rate drop can lead to significant savings over time.
Repayment terms: Most lenders offer terms between 5 and 15 years, though some go as long as 20 years. Shorter terms cost less overall but come with higher monthly payments.
Loan fees: None of the lenders on Credible charge application or origination fees, but it's still worth checking for late fees or other charges.
Cosigner requirements: If you don't meet a lender's credit or income criteria, you may need a cosigner. Some lenders also offer cosigner release after a set number of on-time payments.

Take time to review the full loan details, not just the monthly payment, so you understand the total cost and any borrower benefits included, like deferment options or unemployment protection.