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Student Loan Refinance Calculator

Refinancing student loan debt might be a smart move if one or more of these criteria apply to you. Use our calculator to check different loan terms.

Published February 20, 2023

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Student Loan Refinance Calculator

This calculator is for illustrative purposes only. If you are using it to compare a federal loan it does not take into account benefits currently offered by the federal government and should not be used for loans being repaid under a federal program other than the Standard Repayment Plan. For additional details click here.

Reasons to consider student loan refinancing

After you graduate, student loan debt might feel insurmountable, but it doesn’t have to stress you out. Refinancing might be a smart move if any of the following apply:

  • A lower rate or shorter term is available. If interest rates have fallen since you took out your student loans, then refinancing to a lower rate could reduce your monthly payments.
  • You want to change between a fixed and variable rate loan. Switching to a lower fixed rate could save you money over the life of your loan. If interest rates are expected to rise, refinancing your variable rate loans could help you lock in a lower rate before that happens.
  • Your finances have improved. If your credit score, debt-to-income ratio (DTI), or your annual income has improved, you could be eligible for a better interest rate.
  • You want to reduce the number of loans in repayment. If you currently have multiple student loans in repayment, keeping track of different monthly payment amounts to different lenders can be a challenge. Through refinancing, you pay off your existing loans and combine the debt into one new loan with a potentially lower interest rate and term, giving you just one student loan payment to manage each month. Simplifying to one monthly payment can make repayment tracking easier and help you avoid late payment fees.

Note that refinancing federal student loans with a private lender means you’ll lose access to federal benefits and protections, such as federal forbearance and forgiveness programs, so visit studentaid.gov to make sure you understand all your options.

Learn more about Laurel Road’s student loan refinancing options here.

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IMPORTANT INFORMATION: The U.S. Department of Education recently announced a student loan debt relief plan which includes forgiveness of up to $10,000 for qualifying federal student loans and up to $20,000 for qualifying Pell Grant recipients. For more information, please read the announcement. Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, student loan debt relief or public service loan forgiveness, repayment options such as Income Based Repayment or Pay As You Earn, or COVID-19 relief benefits such as a 0% interest rate, suspension of payments or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult studentaid.gov for the most current information.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.

In providing this information, neither Laurel Road nor KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.

Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned. Laurel Road’s Online Privacy Statement does not apply to third-party linked websites and you should consult the privacy disclosures of each site you visit for further information.