Student Loan Refinancing Calculator

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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.

Step 1: Enter Your Current Loan Information

Student loan balance:

Average interest rate:

Remaining loan term (Years):

Step 2: Enter Your New Loan Information

New interest rate:

New loan term (years):

FAQs: Student Loan Refinancing Calculator

What does the Student Loan Refinancing Calculator show me?

What are the benefits of refinancing my student loans?

What should I consider before I refinance my student loans?

So, who are the best student loan refinancing lenders?

Does DollarGeek's Student Loan Refinancing Calculator show me if I'lll be approved for a refinance?

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.

Showing 1-6 of 6 accounts

OVERALL RATING:

(5)

Learn More

on College Ave's website

Variable Rate

3.44% - 6.64%

varies on credit

Fixed Rate

3.49% - 6.74%

varies on credit

Variable Rate

3.44% - 6.64%

Fixed Rate

3.49% - 6.74%

+ Show More Details

Geeky Insight

Get a rate estimate with College Ave without affecting your credit score
No prepayment penalty
Loan terms ranging from 5 to 15 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 Penalty⁵
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts: $5,000 -$300,000
Loan Terms: 5-15 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: None
Co-Signer Release: N/A

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)College Ave Refi Education loans are not currently available to residents of Maine.

(2)The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.

(3)$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.

(4)This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 4/12/2022. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.

View Details

Geeky Insight

Get a rate estimate with College Ave without affecting your credit score
No prepayment penalty
Loan terms ranging from 5 to 15 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

OVERALL RATING:

(4.5)

Learn More

on Earnest’s website

Variable Rate

1.88% - 5.64%

varies on credit

Fixed Rate

2.50% – 5.79%

varies on credit

Variable Rate

1.88% - 5.64%

Fixed Rate

2.50% – 5.79%

+ Show More Details

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 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

View Details

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

OVERALL RATING:

(5)

Learn More

on LendKey's website

Variable Rate

1.98% - 8.55%

varies on credit

Fixed Rate

2.99% - 8.77%

varies on credit

Variable Rate

1.98% - 8.55%

Fixed Rate

2.99% - 8.77%

+ Show More Details

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 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

View Details

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

OVERALL RATING:

(4.5)

Learn More

on Splash's website

Variable Rate

1.98% - 7.10%

varies on credit

Fixed Rate

2.88% - 727%

varies on credit

Variable Rate

1.98% - 7.10%

Fixed Rate

2.88% - 727%

+ Show More Details

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.

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.

View Details

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
Loan Terms:
7, 10 and 15 years
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes

OVERALL RATING:

(4.5)

Learn More

on SoFi's website

Variable Rate

2.24% - 6.39%

varies on credit

Fixed Rate

2.74% - 6.74%

varies on credit

Variable Rate

2.24% - 6.39%

Fixed Rate

2.74% - 6.74%

+ Show More Details

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 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

View Details

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

OVERALL RATING:

(4.5)

Learn More

on PenFed's website

Variable Rate

2.99%-5.15%

varies on credit

Fixed Rate

2.25%-4.61%

varies on credit

Variable Rate

2.99%-5.15%

Fixed Rate

2.25%-4.61%

+ Show More Details

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 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

View Details

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

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.

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