Refinancing swaps your current student loan for a new one at a lower rate. Enter your balance, current rate, and the refinance offer to see your new monthly payment and exactly how much interest you'd save over the life of the loan — then open the full payoff calculator to model extra payments.
It depends on how far the rate drops and how much balance and time remain. Lowering your rate on the same term cuts both the monthly payment and total interest; this calculator shows both numbers for your exact figures.
Does a longer new term mean I save money?
Not necessarily. A lower rate over a longer term can shrink the monthly payment while increasing total interest paid. Watch the lifetime-interest line, not just the payment — stretching the term can wipe out the savings.
Should I refinance federal student loans?
Refinancing US federal loans into a private loan forfeits federal protections — income-driven repayment, deferment, forbearance, and potential forgiveness. Only refinance federal loans if you're confident you won't need those programs; the rate savings can't be undone once you give them up.