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Student Loan Refinancing Calculator
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Check out DollarGeek's student loan refinancing calculator. See how much you can save by refinancing your student loan. Always remember, a lower interest rate means more money in your pocket.
DollarGeek will help you take the first step.
Use our refinancing calculator and see your savings.

The average borrower can save thousands of dollars by refinancing.
Nicely done!
Check out how a new interest rate would affect your bottom line.


FAQs: Student Loan Refinancing Calculator
The Best Student Loan Rates of 2021.
DollarGeek has done the work for you. We’ve sorted through the best student loan lenders and made refinancing your student loan simple. Don’t take the passive approach, start saving thousands by refinancing your student loan today.

Variable Rate
3.24% - 6.04%
varies on creditFixed Rate
3.34% - 6.54%
varies on creditGeeky Insight
- Get a rate estimate with College Ave without affecting your credit score
- No prepayment penalty
- Loan terms ranging from 5 to 20 years
- Forbearance option up to 12 months
- No co-signer release option
- Must have a credit score in the "Upper 600s"
Perks
-
Custom Repayment Options
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No Origination Fees
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No Application Fees
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No Prepayment Penalty5
-
Refinance Federal Loans
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Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 -$150,000
- Loan Terms: 5-20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: None
- Co-Signer Release: N/A
Geeky Insight
- Get a rate estimate with College Ave without affecting your credit score
- No prepayment penalty
- Loan terms ranging from 5 to 20 years
- Forbearance option up to 12 months
- No co-signer release option
- Must have a credit score in the "Upper 600s"
Perks
-
Custom Repayment Options
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Variable Rate
1.99% - 5.61%
varies on creditFixed Rate
2.98% - 5.79%
varies on creditGeeky Insight
- Get a rate estimate with CommonBond without affecting your credit score.
- CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate.
- CommonBond offers borrowers a longer than usual forbearance period which can be a great perk for borrowers that might need flexibility in case of any financial hurdles.
- Choose between a fixed, variable and hybrid loan.
- If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 - $500,000
- Loan Terms: 5, 7, 10, 15 and 20 years for fixed and variable rate loans. 10 years for hybrid loan.
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes, 15 days after missed payment and the lesser of $10 or 5% of the monthly payment.
- Co-Signer Release: Yes, after 36 months of on time payments
Geeky Insight
- Get a rate estimate with CommonBond without affecting your credit score.
- CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate.
- CommonBond offers borrowers a longer than usual forbearance period which can be a great perk for borrowers that might need flexibility in case of any financial hurdles.
- Choose between a fixed, variable and hybrid loan.
- If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$5K - $500K
-
Loan Terms:Varies
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
-
Co-Signer Release:Yes
Variable Rate
1.99% - 5.74%
varies on creditFixed Rate
2.98% – 5.89%
varies on creditGeeky Insight
- Earnest will let you get a personalized rate without affecting your credit score.
- Refinance your student loan with a low rate and a flexible repayment schedule - down to an exact month (rare perk).
- Earnest will let you pick a loan term ranging from 5-20 years.
- If you're looking for a co-signer you'll have to look elsewhere. Earnest does not let borrowers apply with a co-signer.
- You will not be able to refinance ParentPLUS loans, only federal and private student loans.
- Not available to borrowers in Delaware, Nevada and Kentucky.
Perks
-
No Late Fees
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 -$500,000
- Loan Terms: 5 - 20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: None
- Co-Signer Release: No
Geeky Insight
- Earnest will let you get a personalized rate without affecting your credit score.
- Refinance your student loan with a low rate and a flexible repayment schedule - down to an exact month (rare perk).
- Earnest will let you pick a loan term ranging from 5-20 years.
- If you're looking for a co-signer you'll have to look elsewhere. Earnest does not let borrowers apply with a co-signer.
- You will not be able to refinance ParentPLUS loans, only federal and private student loans.
- Not available to borrowers in Delaware, Nevada and Kentucky.
Perks
-
No Late Fees
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$5K -$500K
-
Loan Terms:5 - 20 yrs
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:None
-
Co-Signer Release:No
Variable Rate
1.98% - 8.55%
varies on creditFixed Rate
2.99% - 8.77%
varies on creditGeeky Insight
- Check out what your rate can look like with LendKey without affecting your credit score.
- LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments.
- The minimum amount you can refinance is $7,500 for all degree types.
- If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts (Undergraduate): $7,500 - $120,000
- Loan Amounts (Graduate Student): $7,500 - $250,000
- Loan Amounts (Med School & Advanced Degrees): $7,500 - $300,000
- Loan Terms: 5, 7, 10, 15 or 20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes, $5 to $15 depending on the lender
- Co-Signer Release: Yes, after 12 on time payments
Geeky Insight
- Check out what your rate can look like with LendKey without affecting your credit score.
- LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments.
- The minimum amount you can refinance is $7,500 for all degree types.
- If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$7,500 - Varies
-
Loan Terms:5, 7, 10, 15 or 20 years
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes and it varies
-
Co-Signer Release:Yes
Variable Rate
1.98% - 7.10%
varies on creditFixed Rate
2.88% - 727%
varies on creditGeeky Insight
- Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions.
- Complete one application and get rates from multiple lenders at once.
- Minimum credit score of 660 is required
- Co-signer release is available after 12 consecutive on time payments.
Lender Details
- Loan Amounts: $1,001 - $65,000 per year
- Loan Terms: 7, 10 and 15 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes. If the scheduled payment is not received within 10 calendar days after the payment due date, a late fee in the amount of 5% of the overdue payment is charged.
Geeky Insight
- Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions.
- Complete one application and get rates from multiple lenders at once.
- Minimum credit score of 660 is required
- Co-signer release is available after 12 consecutive on time payments.
Details
-
Loan Amounts:$5,000 - No max
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Loan Terms:7, 10 and 15 years
-
Origination Fee:None
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Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
Variable Rate
1.81%-7.36%
varies on creditFixed Rate
3.46%-7.36%
varies on creditGeeky Insight
- Get a personalized interest rate estimate without affecting your credit score.
- You can refinance both your federal and private student loans with SoFi.
- There is no co-signer release option with SoFi.
- SoFi is one of the most recognized student loan refinancing lenders around. Aside from student loans, SoFi is a one stop for all things finance. Whether you need a personal loan, home loan or just want to start investing - SoFi has the technology and tools to help you achieve financial success.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 - Total outstanding balance
- Loan Terms: 5, 7, 10, 15 and 20 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: $5 if 15+ days late
- Co-Signer Release: No
Geeky Insight
- Get a personalized interest rate estimate without affecting your credit score.
- You can refinance both your federal and private student loans with SoFi.
- There is no co-signer release option with SoFi.
- SoFi is one of the most recognized student loan refinancing lenders around. Aside from student loans, SoFi is a one stop for all things finance. Whether you need a personal loan, home loan or just want to start investing - SoFi has the technology and tools to help you achieve financial success.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$5K - $500K
-
Loan Terms:5 - 20 years
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
-
Co-Signer Release:No
Variable Rate
2.99%-5.15%
varies on creditFixed Rate
2.25%-4.61%
varies on creditGeeky Insight
- Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score.
- PenFed will let couples refinance their student loans together. This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two.
- You can refinance federal, private and parents' PLUS loans with PenFed.
- There are no prepayment or application fees.
- You will have the option of a co-signer.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Lender Details
- Loan Amounts: $7,500 - $300,000
- Loan Terms: 5, 8, 12 or 15 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: Yes, and it varies
- Co-Signer Release: Yes, after 12 months of consecutive on time payments
Geeky Insight
- Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score.
- PenFed will let couples refinance their student loans together. This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two.
- You can refinance federal, private and parents' PLUS loans with PenFed.
- There are no prepayment or application fees.
- You will have the option of a co-signer.
Perks
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Co-Signer Release Option
-
Refinance Federal Loans
-
Refinance Private Loans
Details
-
Loan Amounts:$7,500 - $300K
-
Loan Terms:5, 8, 12 or 15 yrs
-
Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
-
Co-Signer Release:Yes
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What does the Student Loan Refinancing Calculator show me?
DollarGeek’s Student Loan Refinancing Calculator will show you how much money you can save by simply refinancing your student loan with a private lender. Private student loan lenders offer low rates to help maximize your savings. To view some of the best refinancing lenders click here.
What are the benefits of refinancing my student loans?
There are many key benefits to simply refinancing your student loan. You can:
- Save money by getting a lower interest rate and have extra money to do more of the things that matter to you.
- Combine your existing federal and private student loans into one single student loan.
- You have the flexibility of choosing a fixed or variable interest rate.
- Reduce the total amount of interest that you pay.
- Have only one student loan payment per month.
- By getting a lower interest rate you will have a lower monthly payment, which can translate into lowering your debt-to-income ratio (DTI Ratio). Having a low debt-to-income ratio can help you qualify for other financial products such as a personal loan or auto loan.
- You can pay off your student loans faster.
What should I consider before I refinance my student loans?
While there are a variety of pros to refinancing your student loans, there are some things to be aware of:
- You give up federal student loan benefits when you refinance with a private lender. Refinancing your student loans with a private lender causes you to lose out on federal loan benefits such as income-driven repayment plans, deferment, and forbearance.
- You lose your grace period. While some federal student loans will let you wait to start making payments while you’re in school, this isn’t the case with private loans. When your refinance is over, you will be expected to start making monthly payments right away.
- You will need a good credit score to qualify without a cosigner. While low interest rates advertised by student loan refinancing companies can seem great, keep in mind that these rates are only available to borrowers with a healthy credit score or a financially established cosigner.
So, who are the best student loan refinancing lenders?
You’re unique, and your student loan refinancing lender should be too. Check out DollarGeek’s student loan refinancing lender comparison table. It’s easy to read, and gives all the information you need to find the best student loan refinancing lender according to your needs. Start comparing here.
Does DollarGeek's Student Loan Refinancing Calculator show me if I'll be approved for a refinance?
No, our student loan refinancing calculator will simply show you how much you can save by refinancing your student loan with a private lender.