Student Loan Refinance Calculator
Refinancing federal or private student loans with a private lender can lower your interest rate if your credit and income have improved since graduation — but it also means giving up federal protections like income-driven repayment and public service forgiveness. This calculator focuses purely on the math: what changes in your payment and total interest.
Enter your numbers and select Calculate to see your estimated payment.
How this calculation works
Compares amortized payments on your current balance and term against a proposed new rate and term, showing the monthly and total-interest difference.
Example calculation
A $32,000 balance at 7.1% refinanced to 5.5% over the same 10-year term drops the payment from about $373 to $347 — saving roughly $26 a month and over $3,100 in total interest.
Frequently asked questions
Should I refinance federal student loans?
That's a personal decision that depends on whether you rely on federal benefits like income-driven repayment, deferment, or forgiveness programs — refinancing with a private lender typically forfeits those. This calculator shows only the payment math, not that trade-off.
Is this connected to Dave Ramsey or any specific lender or advisor?
No. This is an independent calculator not affiliated with Dave Ramsey, his organization, or any student loan lender.
Does a lower rate always mean lower total cost?
Usually, but not always — if you extend your term while lowering your rate, you could still pay more in total interest. Compare both the monthly payment and total interest shown here.
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This calculator provides estimates for informational purposes only and is not a loan offer or financial advice. See our Disclaimer.