Student Loan Refinance Calculator

Estimates only — your lender's disclosure governs. LoanMatchers is not a lender. Rates and terms vary by lender and creditworthiness. This page provides general educational information, not financial advice — consult a qualified professional before making financial decisions.

How it works

Both payments amortize the same balance over their terms. Monthly savings = current − new. Lifetime interest compares the two paths. Refinancing federal loans into a private loan forfeits income-driven plans and discharge options.

Need a realistic rate? See the current student loan rate benchmarks (cited official benchmarks).

Frequently asked questions

How does an extra payment change student loan payoff?

Extra payments go toward principal, which shortens the term and cuts total interest. The student loan calculator shows the standard schedule alongside the with-extra schedule.

What is the current federal student loan rate?

Federal rates are fixed per award year and published by Federal Student Aid — the student rates page links the official table rather than quoting a figure that changes yearly.

Federal vs. private student loans — what differs?

Federal loans offer fixed rates set by Congress plus income-driven options; private loans vary by lender and creditworthiness. Compare total cost, not just the monthly payment.

Does this calculator give financial advice?

No — it is an educational estimate. LoanMatchers is not a lender; confirm terms with your loan servicer or lender.