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Student Loan Refinancing
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Best Parent PLUS Loan Refinance Companies
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Student loan refinancing combines your current loans into a single loan with a new rate and term. See how much you can save by entering your loan information below.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.
Current Monthly Payment
The total amount of your monthly student loan bill.
delete this loan
`;let firstLoansInitiated = false;jQuery("#multiple_loans_btn").click(function(){ jQuery('#form_modal').show(); if(!firstLoansInitiated){ initiateTwoLoans(); firstLoansInitiated = true; }});jQuery(".form_cancel span").click(function(){ jQuery('#form_modal').hide();});jQuery("#insert_loan_btn").click(function(){ jQuery(".loans_list").append(loanItemHtml); updateLoanItemsIds();});jQuery(document).on('click','.delete_loan_btn', function(){ jQuery(this).closest('.loan_item').remove(); updateLoanItemsIds();})function initiateTwoLoans() { jQuery(".loans_list").append(loanItemHtml); jQuery(".loans_list").append(loanItemHtml); updateLoanItemsIds(); updateFirstLoanValues(); const combineForm = document.querySelector("#multiple_loans_form"); if (combineForm) { combineForm.addEventListener("submit",function(e){ submitCombineForm(e,this); }); }}function updateLoanItemsIds(){ let count = 0; jQuery(".loan_item").each(function(index){ let order = index + 1; jQuery(this).find(".loan_item_order").text("Loan "+order); jQuery(this).find(".field_balance label").attr("for","loan_amount_"+order); jQuery(this).find(".field_balance input").attr("name","loan_amount_"+order); jQuery(this).find(".field_balance input").attr("id","loan_amount_"+order); new Cleave('#loan_amount_'+order, { prefix: '$', numeral: true, numeralThousandsGroupStyle: 'thousand', numeralPositiveOnly: true, rawValueTrimPrefix: true, }); jQuery(this).find(".field_rate label").attr("for","loan_rate_"+order); jQuery(this).find(".field_rate input").attr("name","loan_rate_"+order); jQuery(this).find(".field_rate input").attr("id","loan_rate_"+order); new Cleave('#loan_rate_'+order, { numeral: true, prefix: '%', tailPrefix: true, numeralIntegerScale: 2, numeralDecimalScale: 2, numeralPositiveOnly: true, rawValueTrimPrefix: true }); jQuery(this).find(".field_payment label").attr("for","loan_payment_"+order); jQuery(this).find(".field_payment input").attr("name","loan_payment_"+order); jQuery(this).find(".field_payment input").attr("id","loan_payment_"+order); new Cleave('#loan_payment_'+order, { prefix: '$', numeral: true, numeralThousandsGroupStyle: 'thousand', numeralPositiveOnly: true, rawValueTrimPrefix: true }); count += 1; }); if(count == 0){ jQuery("#combine_btn").prop('disabled', true); jQuery("#combine_btn").addClass("btn_disabled"); } else { jQuery("#combine_btn").prop('disabled', false); jQuery("#combine_btn").removeClass("btn_disabled"); }}function updateFirstLoanValues() { const loanAmount = jQuery("#aggregated_loans_amount").val(); const loanRate = jQuery("#aggregated_loans_rate").val(); const loanPayment = jQuery("#aggregated_loans_payment").val(); jQuery('#loan_amount_1').val(loanAmount); jQuery('#loan_rate_1').val(loanRate); jQuery('#loan_payment_1').val(loanPayment);}
Step 3: See How Much You Can Save On Your Student Loan
$15,310
Lifetime Interest
Savings
$1,018
New Monthly
Payment
$128
Monthly
Savings
View More Details
| Current Loan | New Loan | Savings | |
|---|---|---|---|
| Rate | 6.7% | 4.2% | 2.5% |
| Lifetime Interest | $37,520 | $22,210 | $15,310 |
| Monthly Payment | $1,146 | $1,018 | $128 |
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Like what you see? Check your actual prequalified rates from the industry’s top lenders in just 2 minutes or less.
See Your Accurate Rates
Our Picks for the Best Student Loan Refinancing Companies
Check My Rate (2 Mins.)
Fixed Rate
5.48% – 8.94% APR 4
Term
5, 7, 10, 15, or 20 years 4
Minimum Credit Score
680
Variable Rate
5.28% – 8.99% APR 4
Eligible Loans
Federal & Private
Purefy Rating
Fixed Rate
5.48% – 8.94% APR 4
Term (years)
5, 7, 10, 15, or 20
Minimum Credit Score
680
Variable Rate
5.28% – 8.99% APR 4
Eligible Loans
Federal & Private
Purefy Rating
No maximum loan amount
Up to 12 months of forbearance if you experience financial hardship
Borrowers can refinance Parent PLUS loans in their own name
Check My Rate (2 Mins.)
Fixed Rate
4.49% – 8.99% APR 3
Term
5, 7, 10, 15, 20 years 3
Minimum Credit Score
650
Variable Rate
5.09% – 8.99% APR 3
Eligible Loans
Federal & Private
Purefy Rating
Fixed Rate
4.49% – 8.99% APR 3
Term (years)
5, 7, 10, 15, 20 years 3
Minimum Credit Score
650
Variable Rate
5.09% – 8.99% APR 3
Eligible Loans
Federal & Private
Purefy Rating
Free career planning, job search, and entrepreneurship support
Forbearance options for financial hardship, natural disasters, and military service
98% of surveyed customers would recommend SoFi to a friend
Check My Rate (2 Mins.)
Fixed Rate
5.19% – 9.74% APR 2
Term
5 -20 years 2
Minimum Credit Score
680
Variable Rate
5.72% – 9.74% APR 2
Eligible Loans
Federal & Private
Purefy Rating
Fixed Rate
5.19% – 9.74% APR 2
Term (years)
5-20
Minimum Credit Score
680
Variable Rate
5.72% – 9.74% APR 2
Eligible Loans
Federal & Private
Purefy Rating
Lightning-fast loan processing
Up to 12 months financial hardship deferment
Doesn’t offer cosigned loans
FAQs – Student Loan Refinance Calculator
Student loan refinancing is a process where you take out a new loan through a private lender for the amount of your current debt. You then use the new refinanced loan — which has a different interest rate, monthly payment, and length of repayment than your old loans — to pay off your remaining college debt.
If you’re looking for ways to pay less on your student loans, refinancing could be an excellent solution. And our student loan refinance savings calculator is the quickest and easiest way to see the impact of refinancing on your college loans – all with just a few pieces of information. Calculate your student loan refinance today!
A student loan refinance rate calculator is a great way to see the student loan savings that are possible with refinancing by inputting various loan estimates and rates. It’s fast and easy to use our loan refinance calculator for your student debt.
But if you want to know the actual prequalified refinance rates that you’re eligible for, use our student loan refinance rate comparison tool to view real-time offers from our network of industry-leading lenders.
Yes, you can use this student loan refinance calculator for multiple loans. Add as many student loans as you’d like into our tool to calculate your student loan refinance and see the savings that are possible.
Consolidation is the act of combining multiple student loans into one loan. Consolidating federal student loans is possible through a Direct Consolidation Loan (through the federal government) or a student loan refinance (through a private lender like a bank), but consolidating private loans is possible only through student loan refinancing. A student refinance calculator helps you to see the savings that are possible through a refinance with a private lender.
To see the differences between refinancing and consolidation for your personal situation, use our Student Loan Consolidation vs Refinancing Calculator.
No, you can use this calculator for both federal student loans (college debt from the U.S. Department of Education) or as a private student loan refinance calculator (college debt from a private company like a bank).
Student loan refinancing allows you to consolidate federal loans, private loans, or a combination of the two into one new loan – with a new rate and better terms. Use our student loan refinance calculator to see how much less you could be paying on your student debt.
This student loan refinance calculator is simply a student loan refinance estimator – it allows you to quickly input some basic information about your debt to see the savings you could expect from a refinance.
However, if you want to know your actual options that you’re qualified for, it’s essential to use our student loan refinance comparison calculator to get today’s offers from a variety of top lenders.
Considering a “should I refinance my student loans” calculator? The main reason that people refinance is to get a lower interest rate, a more favorable repayment term, or a combination of both. Plus, there are other great benefits, too.
- Save More Money with a Lower Interest Rate: If you have high interest federal student loans or private student loans, getting a lower rate through a student loan refinance will reduce the total interest you pay (all else being equal).
- Reduce Your Monthly Payment: By selecting a longer repayment term, you can ensure that your monthly payment is as low as possible to provide some relief to your monthly budget.
- Pay Off Debt Faster: By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.
- Consolidate to One Monthly Payment: All your existing student loans that are refinanced will be consolidated into one new loan — with only one monthly payment and one loan servicer to worry about.
- Drop a Cosigner from Your Loan: Refinancing student loans solely in your own name can release your cosigner from their duties of being equally responsible for your monthly payments.
- Get a Variable Interest Rate: Variable rates tend to start out lower than fixed rates, so it can be a smart decision to gain extra savings while your rate is reduced, if you’re planning to pay off your debt in the next couple of years.
- Choose a Lender with Better Service: With federal loans, you don’t get a say in who your student loan servicer is. By refinancing your loans, you’ll have the opportunity to choose a lender based on their service and benefits.
Thinking about refinancing your student loans? Your best chance of getting the best loan available is to first shop around for the best offers. A student loan calculator for your refinance is essential before picking your best option that features the lowest rate and biggest savings.
Purefy’s Compare Rates tool does the hard work for you by bringing together the lowest rates from the industry’s top lenders – all in one place. Simply fill out one quick form in less than 2 minutes, and you’ll see today’s actual rates that you’re prequalified for.
As you begin comparing your refinancing options, make sure to review more than just the rates. Also look at other features each lender offers such as the repayment terms, option to release your co-signer from the loan, deferment and forbearance terms, and autopay discounts.
Yourcredit score is a numeric value, ranging from 300 to 850, which is determined by your credit history. Your score is calculated using various factors, such as payment history, length of credit history, amounts owed, types of credit, and applications for new credit. Yes, simply applying for a new loan will slightly lower your credit score. You can earn those points back, though.
Refinancing companies require a good credit score (generally in the 650-700 range) to qualify and an excellent credit score to get the best rates. If you are unsure what your credit score is, you can see if you qualify to refinance student loans using our free Compare Rates tool — with no impact on your credit score.
If you’re specificallylooking to refinance student loansin order to reduce your interest rate, there are many factors that lenders will consider when deciding which rate to offer you.
Private student lenders use a risk-based pricing model to decide which interest rate and other terms to give you. This means that if you’re considered a risky borrower, you’ll be offered a higher interest rate versus someone who’s viewed as a lower risk.
Some of the factors that lenders use to determine your interest rate include:
- Your credit score
- Information on your credit report
- Your income and employment status
- How much total debt you have
In other words, just having a high credit score may not be enough. For example, if your credit history is limited or you have a high debt-to-income ratio (a large percentage of your monthly gross income goes toward debt payments), it could lead to a higher interest rate than you expected.
Interest is calculated as simple daily interest for student loans. This generally means that each day, the outstanding principal balance is multiplied by the interest rate and divided by 365 days to calculate that day’s interest amount. For example, if you have a $10,000 loan and the interest rate is 7%, one day’s interest will be: ($10,000 x 0.07) / 365 = $1.92.
Use Purefy’sCompare Ratestool to see student loan refinance offers from multiple top lenders — all in one place with one fast form. Quickly compare your interest rate and monthly payment options, as well as your lifetime interest savings, with no impact on your credit score.
If you’re thinking of refinancing student loans, use Purefy’s rate comparison tool to view rates and terms from the best lenders, all in one place with one convenient form.
Simply share a few details about yourself and your debt, and you’ll be able to shop around without needing to visit each individual lender’s website and fill out multiple cumbersome applications.
It’s an easy way to compare lenders and find the best student loan refinance option for you. You’ll be presented with real, prequalified rates from a selection of quality, vetted lenders. These rates are based on your credit score and borrower profile — no teaser rates to worry about. Plus, comparing rates with Purefy has no impact on your credit score.
This lets you make an informed decision. You can compare rates, terms, and monthly payments all in one easy, sortable chart. You can also try adding a cosigner, to see if that helps you qualify for an even lower rate.
If you like what you see and select a lender, you will be taken to their specific loan application. It takes just seconds to find your rates, and a student loan refinance loan application generally takes less than 15 minutes to complete.
Student loan refinancing is an effective way to manage your debt — helping you to save money, reduce your payment, and streamline your loans.
Refinancing is a smart choice for those with good credit, a stable income, and who don’t plan on using their federal loan benefits. By doing your homework and comparing your refinancing options, you can ensure you make the right decision for your financial needs.
And by using Purefy’sCompare Ratestool, you can quickly and easily view interest rates, terms, and more from the best lenders — all in one place.
Just share a few details about yourself and your student loan debt with one simple form. You’ll then be able to shop around — without needing to visit each lender’s website while filling out multiple cumbersome applications. Simply choose your best refinancing solution and apply.
Our lenders refinance federal, private, and Parent PLUS student loans. When you refinance with one of our lenders, all your loans are consolidated into one easy monthly payment.
No, there are zero fees with a student loan refinance through Purefy. Our lenders never charge origination fees, application fees, or prepayment penalties, and we don’t think you should face any additional charges for trying to save money.
Yes, a borrower may prepay the loan either partially or in full at any time without incurring any fees or penalties. So if you won the lottery and want to take care of your balance in one lump sum, fees won’t get in your way.
Looking to have all your refinancing questions answered? Schedule a student loan refinance consultation with an award-winning Student Loan Advisor at Purefy. Simplychoose a timethat works for you and we’ll give you a call to go over your unique situation in detail.
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Compare Student Loan Refinance Rates From Top-Rated Lenders
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It takes two minutes and has no impact on your credit score.
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Answer a few questions with our easy & secure form.
2
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3
Pick your best rate and finish the application online in minutes.
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Insights, advice, suggestions, feedback and comments from experts
I'm a knowledgeable expert in the field of student loans and refinancing, and I can provide comprehensive information on the concepts mentioned in the article you've shared. My expertise in this area is demonstrated by my in-depth understanding of the various aspects of student loans, including refinancing, parent loan refinancing, private student loans, personal loans, and debt consolidation loans.
I have a thorough understanding of the process of student loan refinancing, including the factors that influence interest rates, the importance of credit scores, and the benefits of comparing student loan refinance rates. Additionally, I can provide insights into the differences between federal and private student loan refinancing, as well as the significance of using a student loan refinance calculator to estimate potential savings.
Furthermore, I can discuss the impact of loan consolidation, the role of cosigners, and the considerations involved in choosing the best student loan refinancing option. My expertise extends to addressing questions about prepayment options, fees associated with refinancing, and the benefits of speaking to a student loan advisor for personalized guidance.
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