{
  "slug": "student-loan-refinance-calculator",
  "title": "Student Loan Refinance Calculator",
  "heading": "Student Loan Refinance Calculator",
  "category": "financial",
  "url": "https://www.revenuelab.fyi/toolbox/student-loan-refinance-calculator",
  "summary": "Interest saved, payment change, and the federal protections you give up.",
  "description": "Refinancing student debt with a private lender can cut the rate meaningfully for borrowers with strong credit and income, but refinancing federal loans converts them permanently into private debt — you lose income-driven repayment, statutory forbearance rights, and any path to federal forgiveness. This calculator compares your current loans against a refinance offer: monthly payment, total repaid, interest saved, and the break-even term. It also shows what payment would keep your current timeline if you would rather bank the savings than lower the monthly. Run it before you apply, and think hard before refinancing federal loans you might need protections on.",
  "formula": "Standard amortization on both scenarios: payment = P × r ÷ (1 − (1 + r)^−n).",
  "dateModified": "2026-09-06",
  "run_url": "https://www.revenuelab.fyi/api/public/calc?tool=student-loan-refinance-calculator",
  "inputs": [
    {
      "id": "balance",
      "label": "Total loan balance",
      "kind": "number",
      "hint": null,
      "default": 48000,
      "unit": "$",
      "min": 0,
      "max": 500000
    },
    {
      "id": "currentApr",
      "label": "Current weighted rate",
      "kind": "number",
      "hint": null,
      "default": 6.8,
      "unit": "%",
      "min": 0,
      "max": 20
    },
    {
      "id": "currentTerm",
      "label": "Months remaining",
      "kind": "number",
      "hint": null,
      "default": 120,
      "unit": "months",
      "min": 6,
      "max": 360
    },
    {
      "id": "newApr",
      "label": "Refinance rate offered",
      "kind": "number",
      "hint": null,
      "default": 4.9,
      "unit": "%",
      "min": 0,
      "max": 20
    },
    {
      "id": "newTerm",
      "label": "New term",
      "kind": "number",
      "hint": null,
      "default": 120,
      "unit": "months",
      "min": 6,
      "max": 240
    }
  ],
  "outputs": [
    {
      "id": "saved",
      "label": "Total saved by refinancing",
      "format": "currency",
      "hint": null,
      "primary": true
    },
    {
      "id": "newPayment",
      "label": "New monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "currentPayment",
      "label": "Current monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "monthlyChange",
      "label": "Monthly cash-flow change",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "newTotal",
      "label": "Total repaid after refinance",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "sameTermPay",
      "label": "Payment if you keep the same payoff date",
      "format": "currency",
      "hint": null,
      "primary": false
    }
  ],
  "worked_example": {
    "inputs": [
      "Total loan balance: 48000 $",
      "Current weighted rate: 6.8 %",
      "Months remaining: 120 months",
      "Refinance rate offered: 4.9 %",
      "New term: 120 months"
    ],
    "outputs": [
      "Total saved by refinancing: $5,474",
      "New monthly payment: $507",
      "Current monthly payment: $552",
      "Monthly cash-flow change: $46",
      "Total repaid after refinance: $60,813",
      "Payment if you keep the same payoff date: $507"
    ]
  },
  "how_to": {
    "title": "How to use this",
    "steps": [
      "Enter total loan balance ($).",
      "Enter current weighted rate (%).",
      "Enter months remaining (months).",
      "Enter refinance rate offered (%).",
      "Enter new term (months).",
      "Read your total saved by 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": 29000,
        "currentApr": 4.08,
        "currentTerm": 72,
        "newApr": 2.94,
        "newTerm": 72
      }
    },
    {
      "name": "Typical",
      "description": "Defaults — the most common real-world setup.",
      "values": {
        "balance": 48000,
        "currentApr": 6.8,
        "currentTerm": 120,
        "newApr": 4.9,
        "newTerm": 120
      }
    },
    {
      "name": "Ambitious",
      "description": "Higher-end numbers — what if things really pop?",
      "values": {
        "balance": 77000,
        "currentApr": 10.88,
        "currentTerm": 192,
        "newApr": 7.840000000000001,
        "newTerm": 192
      }
    }
  ],
  "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": "Should I refinance federal loans?",
      "a": "Only if you are confident you will never need income-driven repayment, federal forbearance, or forgiveness — those protections are permanently lost when you refinance."
    },
    {
      "q": "Does refinancing hurt my credit?",
      "a": "Typically a small temporary dip from the hard inquiry and new account, with on-time payments helping over time. Effects vary."
    },
    {
      "q": "Fixed or variable?",
      "a": "Variable rates start lower but can rise. If your payoff is longer than a few years, the fixed rate is usually the safer comparison to run here."
    },
    {
      "q": "Are there fees?",
      "a": "Reputable student loan refinance lenders generally do not charge origination or prepayment fees, but confirm before accepting an offer."
    }
  ],
  "related": [
    "https://www.revenuelab.fyi/toolbox/debt-consolidation-loan-calculator",
    "https://www.revenuelab.fyi/toolbox/debt-to-income-ratio-calculator"
  ],
  "license": "CC-BY-4.0",
  "citation": "RevenueLab — Student Loan Refinance Calculator (https://www.revenuelab.fyi/toolbox/student-loan-refinance-calculator)"
}