Finance
Student Loan Refinance Calculator
See exactly how much you save by refinancing your student loans.
When refinancing makes sense
If you can lower your rate by 1%+ on a large balance, refinancing typically saves thousands. On $45,000 at 6.8% → 4.5%, you save approximately $7,500 over 10 years.
Warning: federal loan protections
⚠️ Refinancing federal loans into private loans permanently removes access to income-driven repayment, Public Service Loan Forgiveness, and federal forbearance programs.
Break-even calculation
If refinancing has fees, divide fees by monthly savings. That's your break-even in months. If you plan to pay off sooner, refinancing may not be worth it.
⚡ CalcWolf Insight
Average student loan refinance rates in 2026 range from 3.99%–8.5% for well-qualified borrowers. The median federal student loan rate (2025 cohort) is 6.53% — making refinancing potentially attractive for high earners.
Frequently asked questions
Should I refinance my federal student loans?▾
Only if you have stable income, no plans to use federal programs (PSLF, IDR), and can qualify for a rate at least 1% lower. The tradeoff of losing federal protections is significant.
When should I NOT refinance student loans?▾
Do not refinance federal loans if pursuing Public Service Loan Forgiveness, using income-driven repayment, or may need forbearance. Refinancing federal to private permanently eliminates these protections.
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