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

Student Loan Refinance Calculator

Student loan refinancing combines your current loans into a single loan with a new rate and term. See how much you can save by entering your loan information below, or by getting quotes from multiple lenders using Purefy’s rate comparison tool.

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.
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


Lifetime Interest


New Monthly



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.

FAQs – Student Loan Refinance Calculator

Student loan refinancing is a process where you take out a new loan through a private lender for the amount of your current debt. You then use the new refinanced loan — which has a different interest rate, monthly payment, and length of repayment than your old loans — to pay off your remaining college debt.

Save Money

When you refinance, you may qualify for a lower interest rate. With a lower rate, more of your payment goes toward the loan principal rather than interest, allowing you to save a significant amount of money over the life of your new loan.

Reduce Your Monthly Payment

Refinancing allows you to lengthen your repayment term, in addition to the possibility of qualifying for a lower interest rate. Either way, you could be eligible for a lower monthly payment, freeing up more money in your budget to pursue other financial goals.

Pay Off Your Debt Faster

With more of your loan payment going toward the principal rather than interest, refinancing can help you pay off your debt ahead of schedule. You’ll save money while getting out of debt much more quickly.

In addition, you can always choose to shorten your repayment term. This method increases your monthly payment, but puts you on track to pay off your debt faster — while reducing the amount of time for interest costs to accrue.

Get One Easy Payment

Did you take out more than just one student loan? Or maybe you have a mix of both federal and private student loans? Juggling multiple loans, monthly payments, and due dates can be confusing.

Refinancing can help streamline things for you by consolidating your student loans together. After refinancing, you will have just one loan to manage through one lender, and one easy monthly payment going forward.

Considering refinancing your student loans? Your best chance of getting the best loan available is to first shop around. By using Purefy’s rate comparison tool, you can compare multiple interest rates from a variety of lenders in one place with one simple form.

The tool also allows you to calculate how your monthly payments and the total cost of your current loans compare to what you may qualify for through refinancing.

As you begin comparing your refinancing options, make sure to review more than just the rates. Also look at other features each lender offers such as the repayment terms, option to release your co-signer from the loan, deferment and forbearance terms, and autopay discounts.

With this holistic approach, you can ensure that you’ll apply for the best loan for your unique needs with the lowest possible interest rate — allowing you to save the most money in the long term.

Your credit score is a numeric value, ranging from 300 to 850, which is determined by your credit history. Your score is calculated using various factors, such as payment history, length of credit history, amounts owed, types of credit, and applications for new credit. Yes, simply applying for a new loan will slightly lower your credit score. You can earn those points back, though.

Refinancing companies require a good credit score (generally in the 650-700 range) to qualify and an excellent credit score to get the best rates. If you are unsure what your credit score is, you can see if you qualify to refinance student loans using our free Compare Rates tool — with no impact on your credit score.

If you’re specifically looking to refinance student loans in order to reduce your interest rate, there are many factors that lenders will consider when deciding which rate to offer you.

Private student lenders use a risk-based pricing model to decide which interest rate and other terms to give you. This means that if you’re considered a risky borrower, you’ll be offered a higher interest rate versus someone who’s viewed as a lower risk.

Some of the factors that lenders use to determine your interest rate include:

  • Your credit score
  • Information on your credit report
  • Your income and employment status
  • How much total debt you have

In other words, just having a high credit score may not be enough. For example, if your credit history is limited or you have a high debt-to-income ratio (a large percentage of your monthly gross income goes toward debt payments), it could lead to a higher interest rate than you expected.

Interest is calculated as simple daily interest for student loans. This generally means that each day, the outstanding principal balance is multiplied by the interest rate and divided by 365 days to calculate that day’s interest amount. For example, if you have a $10,000 loan and the interest rate is 7%, one day’s interest will be: ($10,000 x 0.07) / 365 = $1.92.

Use Purefy’s Compare Rates tool to see student loan refinance offers from multiple top lenders — all in one place with one fast form. Quickly compare your interest rate and monthly payment options, as well as your lifetime interest savings, with no impact on your credit score.

If you’re thinking of refinancing student loans, use Purefy’s rate comparison tool to view rates and terms from the best lenders, all in one place with one convenient form.

Simply share a few details about yourself and your debt, and you’ll be able to shop around without needing to visit each individual lender’s website and fill out multiple cumbersome applications.

It’s an easy way to compare lenders and find the best student loan refinance option for you. You’ll be presented with real, prequalified rates from a selection of quality, vetted lenders. These rates are based on your credit score and borrower profile — no teaser rates to worry about. Plus, comparing rates with Purefy has no impact on your credit score.

This lets you make an informed decision. You can compare rates, terms, and monthly payments all in one easy, sortable chart. You can also try adding a cosigner, to see if that helps you qualify for an even lower rate.

If you like what you see and select a lender, you will be taken to their specific loan application. It takes just seconds to find your rates, and a student loan refinance loan application generally takes less than 15 minutes to complete.

Student loan refinancing is an effective way to manage your debt — helping you to save money, reduce your payment, and streamline your loans.

Refinancing is a smart choice for those with good credit, a stable income, and who don’t plan on using their federal loan benefits. By doing your homework and comparing your refinancing options, you can ensure you make the right decision for your financial needs.

And by using Purefy’s Compare Rates tool, you can quickly and easily view interest rates, terms, and more from the best lenders — all in one place.

Just share a few details about yourself and your student loan debt with one simple form. You’ll then be able to shop around — without needing to visit each lender’s website while filling out multiple cumbersome applications. Simply choose your best refinancing solution and apply.

Our lenders refinance federal, private, and Parent PLUS student loans. When you refinance with one of our lenders, all your loans are consolidated into one easy monthly payment.

No, there are zero fees with a student loan refinance through Purefy. Our lenders never charge origination fees, application fees, or prepayment penalties, and we don’t think you should face any additional charges for trying to save money.

Yes, a borrower may prepay the loan either partially or in full at any time without incurring any fees or penalties. So if you won the lottery and want to take care of your balance in one lump sum, fees won’t get in your way.

Looking to have all your refinancing questions answered? Schedule a student loan refinance consultation with an award-winning Student Loan Advisor at Purefy. Simply choose a time that works for you and we’ll give you a call to go over your unique situation in detail.