Student Loan Refinancing Calculator
How Much Could Refinancing Save You?
Feel like you’re paying too much on your student loans? Use our Student Loan Refi Calculator to see how much you could save by refinancing your student loans with SoFi.
How to Calculate Your
Student Loan Savings
Our calculator shows how much you can save on your student loans by refinancing with SoFi. Just add in your current student loan information, and we’ll calculate your estimated savings—both monthly and over the lifetime of your loan. If you have multiple student loans, simply combine the loans and average your interest.
Enter Your
Current Loan
Compare a
SoFi Loan
Does refinancing make sense for you?
Est. Monthly
Savings
See methodology below*
$ -
By refinancing into a longer term and taking advantage of monthly payment savings, borrowers will generally pay more total interest over the life of the loan. Learn about our savings calculation.*
Est. Lifetime
Savings
See methodology below*
$ -
Based on the numbers you entered, you may want to consider refinancing.
You could be saving an estimated $0*
over the life of your loans!
*Savings estimate assumes you qualify for our best rates. Lowest rate is
reserved for most creditworthy borrowers. Results may vary.
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*Calculated payments and savings are only estimates. All SoFi rates shown include the SoFi 0.25% autopay discount. You are not required to enroll in autopay. Estimated savings shown is based on the lowest SoFi APR of available rate ranges shown. When federal loan payments resume, we assume your federal monthly payment remains the same, and the maturity date will be pushed out the length of the current federal loan relief.Using the free calculator is for informational purposes only, does not constitute financial advice or an offer to receive a loan. Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply.
Refinancing your student loans allows you to possibly lower your monthly payment and/or lower your interest rate. To lower your payment, typically you’ll have to extend your loan term. This means you’ll pay more in interest over the life of the loan. On the other hand, if you choose to shorten your term and you’re able to lower your interest rate, you could save thousands in interest over the course of the loan.
SoFi’s student loan refinancing calculator allows you to see what your monthly payment would be and how much you could save in interest if you choose to refinance.
Deciding whether or not you should refinance your student loans will depend on your goals and your personal financial situation. Reasons to refinance your student loans include lowering your monthly payment, lowering your interest rate, removing a cosigner, or switching from a fixed to a variable interest rate (or vice versa).
The main reason not to refinance your student loans is if you’re currently using or plan to use federal benefits and protections. Federal student loan benefits include
To qualify for student loan refinancing, your lender will run a credit check and look at your current financial situation, including your debt-to-income ratio. A strong credit profile and low debt-to-income ratio will land you the best rates, but you may still qualify for a better rate than you currently have even if your credit or income aren’t quite where you want them. You can also choose to refinance your student loans with a cosigner. Adding a cosigner with a strong credit history can get you a better interest rate than you’d qualify for on your own. If you default on your loan, though, your cosigner assumes responsibility for the payments. Keep this in mind when deciding whether or not you should refinance your student loans with a cosigner.
SoFi’s student loan refinancing calculator helps you determine how much you could save by refinancing your student loans. If you’re looking to lower your monthly payment or save money in interest over the life of the loan, refinancing could be the right choice for you. However, if you plan on using federal benefits, it is not recommended to refinance your student loans. Refinancing federal loans with a private lender makes them ineligible for federal forgiveness and protections.
Student Loan Refinancing Calculator
How to Decide If You Should Refinance Your Student Loans
Will I Qualify for Student Loan Refinancing?
The Takeaway
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