Student Loan Refinance Calculator

Refinancing is generally worth it when you can reduce your interest rate by at least 1% and you don't plan to use federal benefits like IDR or PSLF. Use the break-even calculation: if origination fees ÷ monthly savings is less than 12-18 months, refinancing is typically a good deal. Always compare offers from 3-5 lenders to get the best rate.

Rate shopping with multiple lenders typically uses a soft credit pull that doesn't affect your score. Once you formally apply, the lender does a hard inquiry which may temporarily lower your score by 5-10 points. The new loan may also lower your average account age. However, if you consistently make on-time payments on the refinanced loan, your credit score should recover within 6-12 months.

Yes! Many borrowers refinance only their private loans or their highest-rate federal loans, keeping lower-rate federal loans with their protections intact. This partial refinancing strategy lets you capture the savings from a lower rate on expensive loans while preserving access to federal safety nets on the rest. It does mean managing multiple loan servicers, but the flexibility is often worth the minor inconvenience.