Student Loan Refinancing Calculator

To refinance your student loans, the best course of action is to use a student loan refinancing calculator. 

Here’s what you need to know to make the best decision.

Student Loan Refinancing Calculator: An Overview 

Student loan refinancing helps you lower your interest rate and monthly payment to help you pay off your student loans faster. The process involves replacing your current federal and private student loans with a new student loan at a lower rate. 

Your first stop is a student loan refinancing calculator, which will help you understand how much money you can save through student loan refinancing.

You can find an excellent student loan refinancing calculator for free online, and all you need to do is enter a few inputs.

Here is how it works.

Student Loan Refinancing Calculator: How It Works:

There are only a few inputs in a student loan refinancing calculator.

First, enter your current student loan information, including student loan balance, interest payment, monthly payment and loan term. If you have multiple student loans, combine them into a single student loan with a single student loan interest rate for purposes of the student loan refinancing calculator. 

Second, enter the new student loan information into the student loan refinancing calculator. This will include your anticipated new interest rate and loan term. 

Now, let’s look at the results.

Student Loan Refinancing Calculator: The Results

The student loan refinancing calculator will show you the following as a result of refinancing your student loans: your interest rate savings, your monthly savings and your total savings. Plus, you will see how much faster you can pay off your student loans.