Student loan refinance comparison
Student loan refinance cost comparison worksheet
Compare current student-loan payment assumptions with a private refinance offer, including term, fees, payoff time, and cost over a selected horizon.
Compare an entered current student-loan balance, rate, and total required monthly payment with a private refinance offer. Use current statements and a written offer; this estimates payment cash flows and does not determine eligibility or recommend refinancing.
Select the loan type and enter current loan details and a written refinance offer.
The current-loan model applies the entered average annual rate divided by 12, rounds monthly interest to cents, then applies the entered total monthly payment at month-end. It assumes a fixed rate and unchanged payment; multiple loans with different rates or terms are simplified as one balance. The private offer is modeled as a fixed-rate, fully amortizing loan. It excludes variable rates, capitalization or payment pauses, new borrowing, tax effects, and contract-specific fees and timing. Actual payoff balances and lender disclosures can differ.
Check loan types and protections before refinancing
A private refinance replaces eligible existing debt with a new private loan. CFPB guidance warns that refinancing federal student loans into a private loan means losing federal benefits and protections, including access to federal repayment options and potentially forgiveness, deferment, forbearance, and discharge protections. Those losses are material and are not represented by a dollar value in this comparison. If any loan is federal or you are unsure, review your loan details and current federal options before considering an offer.
A lower monthly payment can result from a longer term and can mean more total interest. Compare the written APR, fixed or variable rate, term, fees, payment, and total scheduled payments. This worksheet does not compare the value of federal benefits, estimate tax effects, check eligibility, or advise whether to refinance.
- CFPB: Should I consolidate or refinance my student loans? (last reviewed December 3, 2024; checked November 3, 2026)
- Federal Student Aid: manage federal student loan repayment (check current options for your loan type)
For federal repayment-plan entry points and eligibility links, see the Federal Student Aid IDR guide. To model a regular payment plus an extra amount on one student loan, use the student loan payoff calculator.
How it works
Identify whether the loans are private, federal, or uncertain. Enter the combined balance, average current rate, required payment, written private refinance rate and term, fees, and comparison horizon.
Good to know
What federal benefits can be lost by refinancing into a private loan?
CFPB guidance says federal loans refinanced into a private loan lose federal benefits and protections, which can include federal repayment options, forgiveness, deferment, forbearance, and discharge protections. The exact consequences depend on the loans and terms; the worksheet does not assign a dollar value to them.
Does a lower monthly payment mean the refinance costs less?
Not necessarily. A longer term may reduce the payment while increasing total interest. Compare the modeled total interest and cost through the same horizon, and check the written APR, fees, rate type, term, and total payments.
How does the worksheet model the current loans?
It treats the entered balance, average annual rate, and total required payment as one fixed-rate monthly loan. Actual loans may have different balances, rates, terms, payment timing, or benefits, so this simplified estimate can differ from servicer figures.
Does this tell me whether I qualify or should refinance?
No. It does not check credit, eligibility, lender offers, tax effects, federal-benefit value, or whether refinancing is suitable. Use current statements and written lender terms and review federal options if any loan is federal or its type is uncertain.
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