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

Student Loan Calculator

Want to know how much your student loan will cost? Check your monthly payment and interest based on your loan’s repayment term and rate.

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 student 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

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 – Student Loan Calculator

Interest is the amount of money paid regularly at a particular rate for the use of money borrowed from a student loan lender, or for delaying the repayment of a student loan debt. In essence, it’s the “extra” money you have to pay back the lender for the opportunity to use their money to go to college (or pay off your existing student loans by refinancing).

Your repayment term is the amount of time (typically in years) that you are scheduled to repay your loan in full.

If you have high interest federal student loans or private student loans, getting a lower rate through a student loan refinance will reduce the total interest you pay and save you money – both month to month and over the life of your loan.

Obtaining a lower interest rate can decrease your monthly payments, but so could refinancing to a longer repayment term. By selecting a longer term, you can ensure that your monthly payment is as low as possible to provide some relief to your monthly budget. Plus, you’ll have more expendable cash for other necessary expenses.

When refinancing your student loans, you can also choose a quicker repayment term than the Standard Repayment Plan of 10 years. By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.

A big benefit of refinancing student loans is that it consolidates your loan payments into one. All your existing student loans that are refinanced will be consolidated into one new loan — with only one monthly payment and one loan servicer to worry about. If you hate the hassle of keeping track of multiple payments, potentially with multiple loan servicers, then student loan consolidation can be a smart way to simplify your finances.