Student Loan Refinancing
Best Student Loan Refinance Companies
How to Pay off Student Loans Fast
Managing Your Student Loan Debt
Best Parent PLUS Loan Refinance Companies
Why Parents Should Refinance Student Loans
How to Refinance Parent Student Loans
Parent’s Guide to Student Loans
When to Apply for Private Loans
How to Pay for College Tuition
Applying for Student Loans Guide
Find Scholarships & Grants
Student Loan Refinance 101
Student Loan Glossary
What do you want to do?
Refinance My Student LoansGet a Private Student LoanGet a Personal LoanLog In
Student loan refinancing can mean big savings. See how much total interest you would save by refinancing and what that could mean for your finances.
Lifetime Interest Savings
New Monthly Payment
Ready to start saving on interest? See which refinance rates you’re eligible for with a quick comparison of the industry’s best lenders.
Minimum Credit Score
Federal & Private
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
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).
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.
Our lenders generally determine interest rates by your credit score and the type of degree you have, among other criteria. Your loan amount usually does not directly affect the rates offered. Your annual income is factored into DTI (debt-to-income) calculations which may impact your interest rate. If you apply with a cosigner or refinance with your spouse, most lenders use the higher credit score to calculate your interest rate and save you even more on your student loans. Remember, you can check your estimated rate offers using our Compare Rates tool at any time with no impact on your credit score.
Student loan refinancing is a process where you take out a new student loan with a lender who pays off your old student loans. This essentially combines your existing student loans into one, with a new interest rate and the repayment term of your choice. Qualifying borrowers may be able to save significant amounts of money by lowering their interest rate.
Yes, it can – and in more than one way. If you get a lower interest rate and/or shorten your repayment term, you save on interest over the life of the loan. On the other hand, if you choose a longer repayment term, you get a lower monthly payment, which can free up room for other monthly expenses.
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 (all else being equal). Not only would a lower rate save you money on interest costs, but it can also lower your monthly payment to make it more affordable.
Not with any of Purefy’s recommended lenders. All of Purefy’s best student loan refinance picks charge no origination fees or prepayment penalties.
It takes two minutes and has no impact on your credit score.
Answer a few questions with our easy & secure form.
Purefy checks for your prequalified rates from top lenders.
Pick your best rate and finish the application online in minutes.