Student Loan Refinance Calculator | Compare Current vs. Refinanced Loans

Compare your current student loan against a potential refinancing offer. See how much you could save — or lose — by refinancing at a different rate or term.

Is Refinancing Federal Student Loans a Good Idea?

Refinancing can lower your interest rate and monthly payment, but it comes with a significant trade-off: refinancing federal loans into a private loan means you permanently lose access to federal benefits and protections.

You lose eligibility for income-driven repayment (IDR) plans.
You lose access to Public Service Loan Forgiveness (PSLF) and other federal forgiveness programs.
You lose deferment and forbearance options available under federal programs.
You may lose eligibility for future federal loan relief or policy changes.

For borrowers with stable income, strong credit, and no need for federal protections, refinancing may still make financial sense. Use this calculator to weigh the numbers, but consider the full picture before making a decision.