Student Loan Calculator

Compare to a new refinanced loan.

Refinancing your student loans can help you reduce your monthly payment and/or pay off your loan faster. Add the details of your refi offer below to see your savings.

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Current Principal + Interest Edit


Principal – 0.00% / Interest – 0.00%

New Total Interest


Total Interest




Current APR


New Monthly Payment


Min. Monthly Payment


New Payoff date

Mar. 2024

Final Payoff Date

Mar. 2024

Student Loan Calculator FAQs

  • How does the Student Loan Calculator work?
  • How much are your student loans?
  • What is the contingent repayment plan?
  • How long does it take to pay off a student loan?
  • How much do you have to pay for college?
  • If I choose to refinance, how much could it save me?
  • How do I know if I qualify to refinance my student loans?
  • Do I have a stable enough income to consider refinancing?
How does the Student Loan Calculator work?

The Student Loan Calculator allows you to estimate potential savings by refinancing or consolidating your student loans. Here’s how it typically works:

  1. Input Loan Details: Enter information about your current student loans, such as the loan balance, interest rate, and remaining term.
  2. Explore Refinancing Options: The calculator will provide you with estimates of new interest rates, repayment terms, and potential savings based on market rates and your financial profile.
  3. Compare Scenarios: Experiment with different refinancing scenarios by adjusting variables like interest rates and repayment terms. The calculator will update the results to show how these changes impact your potential savings.
  4. Analyze Savings: The calculator will generate an estimate of the total savings you could achieve by refinancing or consolidating your student loans. It may show the total interest savings, lower monthly payments, or a shortened repayment period.
  5. Consider Other Factors: Keep in mind that the calculator’s results are estimates and may not account for all variables, such as fees or changes in income. Additionally, the calculator may not include all available refinancing options, so it’s important to research and compare offers from multiple lenders.

Remember, the Student Loan Calculator provides an estimate and should be used as a tool to assess potential savings. To get accurate and personalized refinancing options, it’s recommended to consult with lenders directly and consider their specific terms and conditions.

Utilize the Student Loan Calculator as a starting point to explore the potential benefits of refinancing or consolidating your student loans, and use the information it provides as a guide in your decision-making process.

How much are your student loans?

The average annual income for American graduates stands at approximately $50,556. While this figure may seem decent, it pales in comparison to the weight of their outstanding student loan debt, which averages around $37,172. This substantial debt burden can stretch over many years, creating a financial strain for individuals trying to make ends meet. The mandated monthly payment of about $450 further exacerbates the situation, as it consumes a significant portion of their hard-earned income.

As graduates embark on their professional journey, they find themselves grappling with the dual challenge of building a career and managing the financial burden of student loans. Balancing loan repayments with essential expenses and savings becomes a delicate juggling act that often requires careful budgeting and sacrifices.

The long-term impact of this student loan debt can be far-reaching, affecting financial stability, the ability to pursue other financial goals such as homeownership or entrepreneurship, and even mental well-being. Graduates may find themselves delaying major life milestones or feeling trapped by the weight of their debt.

It is crucial for individuals to explore strategies to alleviate this burden, such as refinancing options, income-driven repayment plans, or seeking financial guidance. By proactively addressing their student loan debt, graduates can strive for greater financial freedom and work towards building a more secure and prosperous future.

What is the contingent repayment plan?

The Income-Contingent Repayment (ICR) plan is one of the income-driven repayment options available for federal student loan borrowers. Here’s an overview of the ICR plan:

  1. Monthly Payment Calculation: Under the ICR plan, your monthly loan payment is calculated as the lesser of either 20% of your discretionary income or what you would pay on a fixed repayment plan with a term of 12 years. The discretionary income is determined by subtracting the poverty guideline amount for your state and family size from your adjusted gross income.
  2. Repayment Term: The repayment term for the ICR plan is typically 25 years. However, if you have any outstanding loan balance remaining after making 25 years of qualifying payments, it may be forgiven. It’s important to note that the forgiven amount may be considered taxable income.
  3. Eligibility: Most federal student loans, including Direct Loans and Direct PLUS Loans made to graduate or professional students, are eligible for the ICR plan. Parent PLUS Loans and consolidation loans that include Parent PLUS Loans are not eligible.
  4. Parent Borrower Option: Parents who have Direct PLUS Loans can access the ICR plan through the Direct PLUS Loan Consolidation program. This allows them to consolidate their loans and repay them under the ICR plan.
  5. Documentation and Recertification: To enroll in the ICR plan, you’ll need to provide your loan servicer with income documentation. Additionally, you are required to recertify your income and family size annually to ensure that your payment amount accurately reflects your current financial situation.

The ICR plan can be a viable option for borrowers who have a high debt-to-income ratio or fluctuating income. It provides flexibility in adjusting payments based on income and family size. However, it’s crucial to carefully consider the long-term implications, such as the potentially extended repayment period and the tax implications of any forgiven amount. Consulting with your loan servicer or a financial advisor can help you determine if the ICR plan is the right choice for you.

How long does it take to pay off a student loan?

The length of time it takes to pay off student loans can vary significantly depending on several factors, including:

  1. Loan Amount: The total amount of student loan debt you have will play a significant role in determining the repayment timeline. Generally, the higher the loan amount, the longer it may take to repay.
  2. Interest Rate: The interest rate on your loans affects the total amount of interest that accumulates over time. Higher interest rates can result in more interest charges, potentially extending the repayment period.
  3. Repayment Plan: The type of repayment plan you choose can impact the length of time it takes to repay your loans. Standard repayment plans typically have a repayment term of 10 years, while income-driven repayment plans can extend repayment terms to 20 or 25 years.
  4. Payment Amount: The monthly payment amount you make towards your loans also influences the repayment timeline. Higher monthly payments can lead to faster loan repayment, while lower payments may extend the repayment period.
  5. Additional Payments: Making extra payments towards your loans beyond the minimum required amount can help expedite the repayment process and reduce the overall interest paid.

Considering these factors, the average repayment timeline for student loans in the United States is typically around 10 to 20 years. However, this can vary widely depending on individual circumstances.

It’s important to create a personalized repayment plan, make timely payments, and explore strategies such as refinancing or increasing payment amounts to accelerate your loan payoff. By managing your loans effectively and taking proactive steps, you can work towards paying off your student loans in a timeframe that aligns with your financial goals.

How much do you have to pay for college?

The cost of college can vary widely depending on various factors, including the type of institution (public or private), location, program of study, and whether you attend in-state or out-of-state. It’s important to consider tuition, fees, books, supplies, room and board, transportation, and other related expenses.

According to the National Center for Education Statistics, the average annual tuition and fees for the 2020-2021 academic year were approximately $10,560 for public, in-state students at four-year institutions, and around $37,650 for private nonprofit four-year institutions. However, these figures do not include other expenses such as housing and textbooks.

It’s essential to research and gather specific information from the colleges or universities you are interested in, as their costs can vary significantly. Additionally, financial aid, scholarships, grants, and other forms of assistance can help offset the cost of college. Understanding your eligibility for these options and exploring ways to minimize expenses can be beneficial in planning for college costs.

To obtain accurate and detailed information about the cost of attending specific colleges or universities, it is recommended to visit their websites, review their tuition and fee schedules, and reach out to their financial aid offices for personalized estimates based on your individual circumstances.

If I choose to refinance, how much could it save me?

The potential savings from refinancing your student loans depend on various factors, including your current interest rate, loan balance, repayment term, and the new interest rate and terms offered through refinancing. By refinancing, you may be able to secure a lower interest rate, adjust your repayment term, or both, which can potentially result in savings over the life of the loan.

To estimate the potential savings, you can consider the following steps:

  1. Calculate Current Loan Costs: Determine the total cost of your current loans by calculating the remaining balance, interest rate, and remaining repayment term. This will give you an idea of how much you would pay if you continue with your current loans. Use the Student Loan Calculator above to assist with calculating your costs.
  2. Compare Refinancing Offers: Research and obtain refinancing offers from multiple lenders. Compare the new interest rates, repayment terms, and any associated fees or costs. Use online refinancing calculators or consult with lenders to estimate the potential savings based on the offers received.
  3. Assess Potential Savings: Compare the projected total cost of refinancing with the total cost of your current loans. The difference between the two will give you an estimate of the potential savings over the repayment period.

It’s important to note that refinancing may not always result in substantial savings for everyone. Factors such as creditworthiness, market interest rates, and individual loan details can influence potential savings. Additionally, refinancing federal loans into private loans may result in the loss of federal benefits and protections.

To get accurate and personalized information regarding potential savings from refinancing, it’s recommended to reach out to lenders directly, discuss your specific loan details and financial situation, and obtain loan offers tailored to your needs.

How do I know if I qualify to refinance my student loans?

Let’s face it. Many of us are overpaying on our student loans and either do not know it or don’t know what to do in order to change our situation. Luckily through refinancing or consolidation, you can easily lower your interest rates to help you pay less over the term of your student loans. With this lower monthly payment, you can put that money towards other things like owning a home, other debt, finances or day to day needs. The one question that remains is do I qualify to refinance my student loans? Here is what you will want to consider when looking to see if you qualify:

  • Good Credit Score. One of the biggest factors in qualifying for refinancing your student loans comes down to your credit score. Most lenders require at least a 660 (generally higher) if you are applying for yourself. Most of the lenders we work with do require a FICO of at least 700 but check our refinancing page to see current lender terms. You may have better luck with a co-signer which we will get to later.
  • Have a very stable income. We will refer to this more in a point below, however many lenders consider your debt-to-income ration as well as total income. Debt to income refers to your the amount of money you have to pay out or owe in relationt to your income. If this is a concern of yours, you may want to consider using a co-signer to help you not only get a better rate but may help you based on their income. Another thing to consider is that if you have a high earning potential in the upcoming future, you may have an easier time than those who have less earning potential. A few examples of these careers include dentists, pharmacists, lawyers, doctors, MBA Graduates, and other high paying careers.
  • You MUST attend an eligible university. With almost all of the lending partners that we currently work with on the Student Loan Calculator, you are required to go to a Title IV-accredited school. Check with the lender you would like to work with for official details or head over to our refinancing page.

In the event that you don’t meet the income or credit score requirements for refinancing, don’t give up just yet. You may still be able to qualify if you can find an applicable cosigner. If you are looking into additional options due to an application rejection, reach out to the lender and see why your funding was declined. In the event that is was rejected to the income or credit score you may be in luck with a cosigner. If you don’t have the ability to work with a cosigner, you may want to look into ways to lower your debt-to-income ratio or ways to build your credit. Another thing you can do is try and find ways of making additional income such as Uber or Lyft.

Given this information, plug in your current rates into our student loan calculator and see how the slighest change in your interest rate could mean huge savings for you.

To find out more head over to our refinance student loans page.

Do I have a stable enough income to consider refinancing?
  • Determining whether you have a stable enough income to consider refinancing your student loans is a personal financial assessment that depends on various factors. Here are some considerations to help you evaluate your income stability:
    1. Consistent Income: Evaluate the stability and consistency of your income source. Are you employed full-time or part-time? Do you have a steady salary or irregular income? Lenders often prefer borrowers with stable income sources.
    2. Debt-to-Income Ratio: Calculate your debt-to-income ratio, which is the percentage of your monthly income that goes toward debt payments. Lenders typically look for a lower debt-to-income ratio, preferably below 43%, to ensure you have sufficient income to cover loan obligations.
    3. Monthly Budget: Review your monthly budget to assess your ability to comfortably make loan payments after accounting for essential expenses such as rent/mortgage, utilities, groceries, and other financial obligations. Ensure that refinancing won’t strain your budget or compromise your financial stability.
    4. Future Income Prospects: Consider your future income prospects and career trajectory. Will your income likely increase in the coming years? Assessing your earning potential can help determine if you’re in a position to handle refinanced loan payments.
    5. Emergency Fund: Evaluate the strength of your emergency fund. It’s important to have a financial cushion to handle unexpected expenses or income disruptions, providing an added layer of financial security when considering loan refinancing.

    By examining these factors and conducting a comprehensive financial assessment, you can better determine if your income is stable enough to support loan refinancing. It’s also advisable to consult with a financial advisor or loan specialist who can provide personalized guidance based on your specific financial circumstances.

This image shows a woman drinking coffee while looking at her different lending options through our student loan calculator.
Common Reasons to Consider Refinancing your Student Loans

Refinance to shorten or extend the term of your loan

‣ Depending on what type of loan you have, (in most cases it’s a federal loan) you may have the option to extend or shorten the term of the loan. According to the website, the typical repayment time is generally 120 months (10 years). If you would like the pay off your student loan in a quicker amount of time,   refinancing is a good option to help shrink the 120-month option to something a little smaller such as a 5-year loan. On the other side of the spectrum, you may have the option to extend the length of your loan. Some of our lending partners allow for you to extend the term of your loan up to 25 years. This will allow you more time to pay off the loan, the possibility of a lower interest rate, and a lower overall monthly payment throughout the loan term.

Refinance to get a lower interest rate

‣ One of the most common reasons that people will refinance their student loans is to get a new, lower interest rate. Some of our lending partners have interest rates starting in the mid 2% range, which can be huge overall savings if you qualify for that rate. The main takeaway from this is that with the lower interest rate, you can potentially save tens or even tens of thousands of dollars depending on the starting debt amount. Take a close look at what your current rate is and compare it with our refinancing lenders to see have they stack up.

Refinance to lower your monthly payment

‣ Another super common reason that people look into refinancing is to see about lowering their payment. Many of the lending partners on this site offer the user the ability to take a loan out from as little as 5 years and in some cases allow you to take them out for up to 25 years. Generally, the longer the loan, the lower your monthly payment may be, whereas the shorter your loan is, the higher the monthly payment will be. This also ties into the previous point regarding refinancing to shorten or extend the term of your loan we discussed earlier.

Refinance from an adjustable-rate to a fixed-rate loan

‣ A not so common reason that people may choose to refinance their student loans is to see about switching their loan from an adjustable-rate (also known as variable-rate) to a fixed-rate loan, or vice vera. Through refinancing, you may have the option to change your loan from a variable-rate, which could have a fluctuation in rates with how the economy is doing, to a finite fixed-rate loan, where the APR stays the same. On the other side of the spectrum, if you have a super high fixed-rate loan, you may want to look into getting a variable-rate loan, as you could potentially see savings if the variable rate drops below that of the fixed-rate loan. Plug in your desired rate into our student loan calculator and see how much you may save just by getting a lower interest rate.

Refinance to remove a co-signer from your loan

‣ If you are ready to take over your loan for yourself, you can generally refinance to remove a co-signer from the loan. Many of our lending partners offer what is known as a co-signer “release” which allows for you to drop your co-signer after a certain number of specified months. If your current student loan is using a co-signer and they want out or if you are ready to take sole responsibility for paying off the loan, then refinancing may be an option to not only help remove your co-signer but also could save you some money in the process with a lower interest rate.

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