Student Loan Refinance Calculator Federal Warning

Should you refinance? Federal vs. private, IDR plans, PSLF, and break-even analysis

⚠️ CRITICAL: Before refinancing federal loans — read this. Refinancing federal loans with a private lender permanently removes all federal protections: income-driven repayment plans (SAVE, PAYE, IBR), PSLF, $20K Biden forgiveness, deferment, forbearance, and discharge options. Only refinance federal loans if you've already exhausted these programs or don't need them.
What is this? Refinancing seems like a simple math problem — lower rate = save money. But it's more complex. This calculator shows: (1) how much you'd save with a refi vs. federal, (2) whether you'd qualify for better federal IDR plans first, (3) PSLF eligibility if you're in public service, and (4) exactly how long before refinancing pays off (breakeven analysis).

Who it's for: Borrowers with good credit comparing refinance offers, people deciding between federal SAVE/PAYE/IBR and private refinancing, or anyone with both federal and private loans wondering if consolidation makes sense.
Your Current Loans
Refinance Offer
Federal IDR & PSLF Analysis (if federal)
2024 SAVE Plan: Payments are 5% of discretionary income (vs 10% under old REPAYE). A $65K income, $55K loan, household of 1 = ~$0/month under SAVE vs $580 current payment. This may make refinancing unnecessary.
Refinance vs. Federal — Side by Side
Metric Keep Federal Refinance
Key Decision Metrics
Monthly Savings
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after refi
Lifetime Interest Savings
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total savings
Break-Even Point
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months to recoup costs
Ready to refinance? Compare top lenders: SoFi — no fees, unemployment protection. Earnest — flexible terms, skip-a-month. Laurel Road — physician/graduate focus, cosigner release.

Estimates only. Actual SAVE/PSLF eligibility depends on loan type, employment certification, and program rules. Federal loan refinancing via Direct Consolidation preserves some federal benefits. Consult a student loan advisor before refinancing federal loans.

Student Loan Refinance & Payoff

Refinance at a lower rate and save thousands. Compare offers from top student loan lenders.

ELFI — Student Loan Refinancing →
$400 per funded loan through Awin — competitive rates, no fees, cosigner options
SoFi Student Loan Refi →
No fees, unemployment protection, career coaching — through Awin
NerdWallet Refinance →
Compare 10+ lenders in one place — $6–$10 per lead through FlexOffers

We may earn a commission if you click above. Calculator is free to use.

Frequently Asked Questions

Should I refinance my student loans?

Refinancing makes sense if: (1) you can get a lower rate, (2) you have stable income, (3) you can qualify with a better credit score than your current loans. Don't refinance federal loans if you might need income-driven repayment or loan forgiveness programs.

What credit score do I need to refinance?

Most lenders require 650-700 minimum. The best rates go to borrowers with 750+. The higher your score, the better your rate. Check if your current servicer offers refinancing first — they may have easier qualifications for existing customers.

Does refinancing reset the clock on forgiveness?

Yes — if you refinance federal loans with a private lender, you lose access to federal forgiveness programs like PSLF, IBR, and income-driven repayment. Only refinance federal loans if you're certain you won't need these protections.

What is the current student loan refinance rate?

Rates vary by credit score, term, and lender. As of 2026, fixed rates on 10-year terms typically range from 4.5% (excellent credit) to 8%+ (fair credit). Variable rates can be lower but carry rate increase risk.