{
  "slug": "student-loan-refinance",
  "title": "Student Loan Refinance Calculator",
  "heading": "Student Loan Refinance Calculator",
  "category": "financial",
  "url": "https://www.revenuelab.fyi/toolbox/student-loan-refinance",
  "summary": "Savings from refinancing, and what federal protections you give up.",
  "description": "Refinancing federal loans into a private loan permanently forfeits income-driven repayment and forgiveness options. The savings have to be worth losing that insurance.",
  "formula": "Savings = Old total payments − new total payments.",
  "dateModified": "2026-09-30",
  "run_url": "https://www.revenuelab.fyi/api/public/calc?tool=student-loan-refinance",
  "inputs": [
    {
      "id": "balance",
      "label": "Balance to refinance",
      "kind": "number",
      "hint": null,
      "default": 62000,
      "unit": "$",
      "min": 0,
      "max": null
    },
    {
      "id": "oldRate",
      "label": "Current rate",
      "kind": "number",
      "hint": null,
      "default": 7.1,
      "unit": "%",
      "min": 0,
      "max": 20
    },
    {
      "id": "oldYears",
      "label": "Years remaining",
      "kind": "number",
      "hint": null,
      "default": 9,
      "unit": null,
      "min": 1,
      "max": 30
    },
    {
      "id": "newRate",
      "label": "New rate",
      "kind": "number",
      "hint": null,
      "default": 5.2,
      "unit": "%",
      "min": 0,
      "max": 20
    },
    {
      "id": "newYears",
      "label": "New term",
      "kind": "number",
      "hint": null,
      "default": 7,
      "unit": "years",
      "min": 1,
      "max": 30
    }
  ],
  "outputs": [
    {
      "id": "saved",
      "label": "Total savings from refinancing",
      "format": "currency",
      "hint": null,
      "primary": true
    },
    {
      "id": "newP",
      "label": "New monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "oldP",
      "label": "Current monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "diff",
      "label": "Monthly payment change",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "newInterest",
      "label": "Interest on the new loan",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "oldInterest",
      "label": "Interest on the current loan",
      "format": "currency",
      "hint": null,
      "primary": false
    }
  ],
  "worked_example": {
    "inputs": [
      "Balance to refinance: 62000 $",
      "Current rate: 7.1 %",
      "Years remaining: 9",
      "New rate: 5.2 %",
      "New term: 7 years"
    ],
    "outputs": [
      "Total savings from refinancing: $9,981.76",
      "New monthly payment: $882.14",
      "Current monthly payment: $778.53",
      "Monthly payment change: -$103.61",
      "Interest on the new loan: $12,099.82",
      "Interest on the current loan: $22,081.58"
    ]
  },
  "how_to": {
    "title": "How to use this",
    "steps": [
      "Enter balance to refinance ($).",
      "Enter current rate (%).",
      "Enter years remaining.",
      "Enter new rate (%).",
      "Enter new term (years).",
      "Read your total savings from refinancing on the right — it updates as you type.",
      "Hit Share to keep the scenario or send it to someone."
    ]
  },
  "scenarios": [
    {
      "name": "Conservative",
      "description": "Lower-end numbers — what if things land soft?",
      "values": {
        "balance": 37000,
        "oldRate": 4.26,
        "oldYears": 5,
        "newRate": 3.12,
        "newYears": 4
      }
    },
    {
      "name": "Typical",
      "description": "Defaults — the most common real-world setup.",
      "values": {
        "balance": 62000,
        "oldRate": 7.1,
        "oldYears": 9,
        "newRate": 5.2,
        "newYears": 7
      }
    },
    {
      "name": "Ambitious",
      "description": "Higher-end numbers — what if things really pop?",
      "values": {
        "balance": 99000,
        "oldRate": 11.36,
        "oldYears": 14,
        "newRate": 8.32,
        "newYears": 11
      }
    }
  ],
  "limitations": [
    "Results are estimates before tax, fees, and inflation unless an input explicitly covers them.",
    "Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.",
    "This is educational maths, not financial advice. Check anything contractual with the lender or your accountant."
  ],
  "faq": [
    {
      "q": "How does the student loan refinance calculator work?",
      "a": "Refinancing federal loans into a private loan permanently forfeits income-driven repayment and forgiveness options. The savings have to be worth losing that insurance. The underlying maths is: Savings = Old total payments − new total payments."
    },
    {
      "q": "What do I need to enter?",
      "a": "5 values: balance to refinance, current rate, years remaining, new rate, and new term. Each field starts with a sensible default, so you can change one number at a time and watch the result move."
    },
    {
      "q": "What does the total savings from refinancing result mean?",
      "a": "It is returned as a money amount in US dollars and updates live as you edit the inputs, so you can compare two or three versions of a scenario in a few seconds."
    },
    {
      "q": "Is this calculator free, and do I need an account?",
      "a": "Yes, it's free, and no account is required. Nothing you type is stored on our servers — the maths runs entirely in your browser."
    },
    {
      "q": "How accurate is the result?",
      "a": "It applies the standard formula exactly, so the arithmetic is precise. Results are estimates before tax, fees, and inflation unless an input explicitly covers them."
    },
    {
      "q": "Who is this tool for?",
      "a": "It's built for anyone comparing money scenarios before committing — budgeting a payment, sanity-checking a quote, or seeing what a change in rate or term actually costs."
    }
  ],
  "related": [
    "https://www.revenuelab.fyi/toolbox/student-loan-payoff",
    "https://www.revenuelab.fyi/toolbox/college-savings-529"
  ],
  "license": "CC-BY-4.0",
  "citation": "RevenueLab — Student Loan Refinance Calculator (https://www.revenuelab.fyi/toolbox/student-loan-refinance)"
}