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Student loan repayment calculator
Estimate monthly payments, extra-payment savings and the cost of a different fixed-rate loan.
How this estimate works
Uses a single fixed-rate balance, monthly interest and level payments over the remaining term. Extra payments reduce principal after monthly interest and shorten repayment. The last payment can be smaller. Refinancing starts with the same balance, applies the new rate and term, and adds any upfront fees to its total cost. The same extra monthly amount is used on both sides. No fees are financed.
This is a repayment estimate, not a loan quote or eligibility check. Daily interest, accrued interest not yet capitalized, variable rates, deferment, in-school periods, income-driven payments, forgiveness and lender payment-allocation rules are not modeled. For multiple loans with different rates or terms, calculate each separately; a blended rate is only an approximation.
A little more clarity
Is refinancing the same as federal consolidation?
No. Federal Direct Consolidation combines eligible federal loans and generally uses a weighted average rate rounded up to the nearest one-eighth of a percentage point. Private refinancing replaces loans with a new private loan. This calculator compares fixed-rate repayment costs; it does not determine federal consolidation terms or eligibility.
What should I consider before refinancing federal loans?
Private refinancing removes federal loan benefits and protections, including access to federal income-driven repayment and forgiveness programs. A lower estimated payment alone is not a reason to give up those benefits. Review your options with Federal Student Aid before deciding.
Can a lower payment cost more overall?
Yes. A longer repayment term can lower the payment but increase total interest. Compare the total cost and payoff time as well as the monthly amount.
Does this estimate my income-driven payment?
No. Use the Federal Student Aid Loan Simulator at StudentAid.gov for federal repayment options. This calculator assumes fixed monthly payments and no forgiveness.
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