Student loan refinance calculator: Is refinancing my student loans worth it?
Compare your current payment with a new rate and term. See the monthly change and what it does to your total interest.
How Grad does the math
Current payment: the fixed payment that repays your balance at your current rate over the payments left.
New payment: the same, at the new rate and term.
Interest totals assume you make every payment on schedule.
Questions, answered
Should I refinance federal student loans?
Think carefully. A private refinance replaces federal loans with a private loan. You lose federal options such as income-driven repayment and Public Service Loan Forgiveness.
Does a lower payment always save money?
No. A longer term can lower the payment and still raise the total interest. The table shows both for each term.
Where do I find my rate and payments left?
Your loan servicer lists them on your statement or online account. Federal borrowers can also find their loans on StudentAid.gov.
