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

Parent PLUS Loan Refinance Calculator

Parent PLUS Loan rates are often the highest of any federal student loan. Calculate your savings with Purefy’s Parent PLUS Loan Refinance Calculator and see the effects of a lower rate and faster payoff.

Step 1: Enter Current 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.
Current Monthly Payment
The total amount of your monthly student loan bill.
Add Multiple Loans to Calculate

Step 2: Enter New Loan Information

New Interest Rate
Your updated interest rate after refinancing student loans.
Term
The length of time you have to repay your student loan debt in full.

Add Multiple Loans

Insert additional loan

Step 3: See How Much You Can Save Refinancing

$15,310

Lifetime Interest
Savings

$1,018

New Monthly
Payment

$128

Monthly
Savings

Current Loan New Loan Savings
Rate 6.7% 4.2% 2.5%
Lifetime Interest $37,520 $22,210 $15,310
Monthly Payment $1,146 $1,018 $128

Like what you see? Check your actual prequalified rates from the industry’s top lenders in just 2 minutes or less.

Our Picks for the Best Student Loan Refinancing Companies

Fixed Rate

4.29% – 7.29% APR 4

Term

5, 7, 10, 15, or 20 years 4

Minimum Credit Score

680

Variable Rate

2.48% – 7.98% APR 4

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

4.29% – 7.29% APR 4

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

680

Variable Rate

2.48% – 7.98% APR 4

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

3.99% – 8.24% APR 3

Term

5, 7, 10, 15, 20 years 3

Minimum Credit Score

650

Variable Rate

2.49% – 8.24% APR 3

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.99% – 8.24% APR 3

Term (years)

5, 7, 10, 15, 20 years 3

Minimum Credit Score

650

Variable Rate

2.49% – 8.24% APR 3

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

3.74% – 8.49% APR 2

Term

5 -20 years 2

Minimum Credit Score

650

Variable Rate

2.49% – 7.99% APR 2

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.74% – 8.49% APR 2

Term (years)

5-20

Minimum Credit Score

650

Variable Rate

2.49% – 7.99% APR 2

Eligible Loans

Federal & Private

Purefy Rating

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

Fixed Rate

3.94% – 8.48% APR 5

Term

5, 7, 10, 15, or 20 years 5

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.94% – 8.48% APR 5

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 and Oregon

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 Refinance Calculator

A common question is, should I refinance my Parent PLUS Loans? It’s important to know the potential drawbacks when refinancing Parent PLUS Loans, and if those drawbacks could impact your specific situation.

The primary concern with Parent PLUS Loan refinance options is that they are all through private lenders – meaning a bank, credit union, or other financial institution – rather than the federal government.

Parent PLUS Loans are provided by the U.S. Department of Education, which come with certain repayment options and other protections that are only offered through the government. This can include generous forbearance and deferment options, as well as other programs like Public Service Loan Forgiveness (PSLF) or Income-Driven Repayment plans.

Once you decide to refinance with a private lender, your Parent PLUS Loans will change from federal student loans to private student loans. This means that you will lose access to any federal student loan benefits and programs.

However, Parent PLUS Loans often have the highest interest rate of any federal student loan – and many borrowers don’t qualify for the best federal repayment programs such as PSLF.

Many people find that they can refinance Parent PLUS Loans to a much lower rate – allow them to save a lot of money on total interest. In addition, refinancing allows the borrower to choose flexible repayment terms often ranging from 5 to 20 years.

This allows you to decide how you want to pay off your Parent PLUS Loan debt – faster to save even more money on interest, or more slowly to lower your monthly bill.

Although there could be some potential drawbacks to refinancing Parent PLUS Loans (primarily revolving around switching from federal to private loans), there are many scenarios where the financial benefits of refinancing outweigh the negatives.

As always before making any financial decision, it’s important to weigh the pros and cons based on your own situation and financial needs before moving forward.

You can use our Parent PLUS Loan payment estimator to see the impact of different parent PLUS Loan refinance rates.

Parent PLUS Loans can be refinanced by a student through the process of transferring them into the student’s name.

Some lenders off this excellent extra perk, which provides the ability to transfer your PLUS loans to your student. By picking a lender, such as PenFed Credit Union, that offers Parent PLUS Loan transfers, you’ll have the opportunity to completely ditch that debt immediately and conveniently.

Once the loans are out of your name, you’ll no longer be obligated to repay them. This can take a serious load off your monthly expenses as well as your credit history — freeing you up financially to pursue other life goals like a new mortgage or saving for retirement.

The flip side is that these loans will need to be put into your child’s name, which gives them the burden of the debt instead and full responsibility to make on-time payments.

If your child has the means to successfully handle your Parent PLUS payments, this strategy can be an excellent way for them to take charge of their education debts and build up their own credit history.

One of the most important steps for finding the best Parent PLUS Loan refinance rates and adjusting your Parent PLUS Loan payment is to shop around and compare loan offers from multiple lenders.

Each lender has its own criteria for determining creditworthiness and which rates you’re eligible for, as well as its own range of possible interest rates currently being offered.

As a result, you may be able to get a lower interest rate from one lender even if the information you input with each company is the same.

However, getting prequalified with multiple lenders individually can be a time-consuming process.

That’s why Purefy’s Compare Rates tool is the easiest way to check today’s lowest Parent PLUS Loan refinance rates and compare your best prequalified options. Our platform allows you to get prequalified with several lenders at once, making it easier and more convenient to compare rate offers side-by-side.

You can also compare other features, such as the repayment terms, fees, customer satisfaction, cosigner release options, discounts and more. The important thing is that you don’t go with the first offer simply because it’s better than what you have now. Take your time to shop around so you can get the best deal possible.

Refinancing allows you to take out a loan from a private lender that covers the cost of your current 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. Your student loan balance can quickly balloon with such a high rate, making refinancing Parent PLUS Loans a smart financial decision for many families.

All Parent PLUS loans get the same high, fixed interest rate regardless of your credit score. This rate is set every year by the federal government. For example, the rate for the 2018-2019 school year was 7.60%. If you choose to refinance with a new provider and have good credit, you may find that you qualify for a substantially lower interest rate on multiple student loan options — saving you a large sum of money in the process of paying off your new loan.

To be eligible for Parent PLUS Loan refinancing, you’ll need a strong credit history, at least one outstanding education loan, and steady income. Qualified borrowers may be offered significantly better rates and terms than they currently have on their Parent PLUS Loans, based on their creditworthiness including credit score, income, debt-to-income ratio, and other factors. If you have bad credit, you may be able to qualify by adding a creditworthy cosigner to your application.

An excellent benefit of refinancing Parent PLUS loans is the ability to refinance them from your name to your child’s. If you took out Parent PLUS Loans to help your child pay for school, those loans are entirely in your name which can be a serious burden. That means you’re solely responsible for them, and with high interest rates, the loans can be expensive and difficult to repay. Plus, having them on your credit report can affect your ability to qualify for other forms of loans, such as a mortgage. If your child is doing well in their career and is earning enough money to take over the loans, you may be able to transfer the loans into their name through student loan refinancing. By using this strategy, your child will then be responsible for the loan, and you would no longer be obligated to repay the debt — allowing you to focus on your other financial goals.