Student Loan Refinancing Calculator
Not sure if refinancing your student loan is the right decision? Our Student Loan Refinancing Calculator will give you a clear picture on how your new rate could maximize your savings. A lower interest rate on your student loan can save the average borrower thousands. Plug in a few numbers and see if refinancing your student loan works in your favor. Don’t forget, refinancing your student loan is free, so start exploring your options today with DollarGeek.
FAQs: Student Loan Refinancing Calculator
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.