2021 NerdWallet Best-of Awards Winner for Best Student Loan Refinancing Overall
2021 NerdWallet Best-Of Awards Winner

Parent PLUS Loan Calculator

See how much your Parent PLUS Loan will cost you in seconds using your interest rate and repayment term.

Enter Your Loan Information

Loan Balance
Your remaining student loan debt to be repaid.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.
Term
The length of time you have to repay your student loan debt in full.

Results

$127

Monthly Payment

$3,367

Lifetime Interest

Ready to  save your money on your Parent PLUS Loans? Refinance to a lower rate and more favorable terms with a quick 2-minute rate comparison.

Our Picks for the Best Student Loan Refinancing Companies

Fixed Rate

2.74% – 7.99% APR

Term

5 -20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

2.74% – 7.99% APR

Term (years)

5-20

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Lightning-fast loan processing
Up to 12 months financial hardship deferment
Doesn’t offer cosigned loans

Fixed Rate

4.49% – 6.68% APR​

Term

5, 8, 12, or 15 years

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

4.49% – 6.68% APR​

Term (years)

5, 8, 12, or 15

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Spouse couples can refinance together using combined income
Become a member of the credit union at no cost when you refinance
Temporary and permanent financial hardship assistance available

Fixed Rate

3.49% – 7.99% APR with autopay

Term

5, 7, 10, 15, 20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR with autopay

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.49% – 7.99% APR with autopay

Term (years)

5, 7, 10, 15, 20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR with autopay

Eligible Loans

Federal & Private

Purefy Rating

Free career planning, job search, and entrepreneurship support
Forbearance options for financial hardship, natural disasters, and military service
98% of surveyed customers would recommend SoFi to a friend

Fixed Rate

2.73% – 5.99% APR

Term

5, 7, 10, 15, or 20 years

Minimum Credit Score

680

Variable Rate

1.86% – 6.01% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

2.73% – 5.99% APR

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

680

Variable Rate

1.86% – 6.01% APR

Eligible Loans

Federal & Private

Purefy Rating

No maximum loan amount

Up to 12 months of forbearance if you experience financial hardship

Borrowers can refinance Parent PLUS loans in their own name

Fixed Rate

4.44% – 8.48% APR

Term

5, 7, 10, 15, or 20 years

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

4.44% – 8.48% APR

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Loans available in all states except Maine
Loan forgiveness if the borrower dies or becomes totally and permanently disabled
Options to postpone payments due to qualifying financial hardships

FAQs – Parent PLUS Loan Calculator

Parent PLUS Loans are student loans offered by the federal government to parents who want to borrow money to pay for their child’s education.

Parent PLUS Loans often have the highest interest rates of any federal student loan offered by the U.S. Department of Education. These rates are set by the U.S. Congress each year.

Refinancing Parent PLUS Loans allows you to take out a loan from a private lender that covers the cost of your current Parent PLUS debt. The new loan is completely different from your old ones — with a new repayment term, interest rate, and monthly payment. And, if you had multiple student loans before, refinancing gives you just one loan and one monthly payment going forward. Refinancing your Parent PLUS Loans and lowering your current interest rate can be a very big deal for your finances — especially when considering Parent PLUS Loans typically have the highest interest rate of any federal student loan.

For parents who took out student loans — either federal Parent PLUS Loans or private loans — to help their children go to college, refinancing can be an easy way for qualified borrowers to reduce their interest rate and pay off their loans sooner.

By refinancing your parent loans, you could qualify for a lower interest rate to save money on interest costs over the life of your new refinanced loan, shorten your repayment term to pay off your debt more quickly, lengthen your repayment term to have a smaller monthly payment, and merge all your loans into one new loan.

Some of our lenders, such as PenFed Credit Union, also allow parents to transfer their Parent PLUS and private student loans into their child’s name — which can be a great way to help your children take charge of their education and start building up a credit history.

To get started with refinancing, use Purefy’s Compare Rates tool. You’ll quickly and easily compare your actual student loan options from a tightly vetted list of refinance companies — all with one simple form. All our lenders have sterling reputations and offer loans with no origination fees or prepayment penalties. The rate comparison tool will show your rate and monthly payment options with absolute transparency, allowing you to make an informed decision that meets your financial needs.