Student Loan Payoff & Refinance Calculator
Compare repayment strategies, calculate potential savings from refinancing, and find the fastest path to debt freedom.
Quick Answer
Refinancing your student loans could save you thousands in interest, but it's not right for everyone. Use our calculator to compare your current repayment plan with refinancing options and extra payment strategies. Federal loan borrowers should carefully consider losing protections before refinancing with a private lender.
Key Takeaways
- ✓ Refinancing can reduce your interest rate by 1-3% on average, potentially saving thousands over the loan term
- ✓ Making extra payments of just $100/month can shave years off your repayment timeline
- ✓ Federal loans offer protections (IDR, PSLF) that you lose when refinancing to private loans
- ✓ Your credit score significantly impacts refinance rates - aim for 670+ for the best offers
Calculate Your Savings
$
$
$
Repayment Strategy Comparison
| Strategy | Best For | Pros | Cons |
|---|---|---|---|
| Standard Repayment | Stable income borrowers | Predictable payments, lowest total interest | Highest monthly payment |
| Graduated Repayment | Entry-level earners | Lower initial payments | Higher total interest, payments increase |
| Income-Driven (IDR) | Low income relative to debt | Affordable payments, forgiveness option | Longer term, more interest, tax on forgiveness |
| Refinancing | Good credit, stable income | Lower rate, single payment | Lose federal protections |