Free Student Loan Refinance calculator with clear step-by-step results.
Compares total cost rather than monthly payment, because refinancing to a longer term can reduce the payment while costing more overall. The forgiveness field captures the value of income-driven repayment, forbearance or loan discharge that refinancing to a private lender permanently forfeits.
Monthly payment
Payment = balance x r / (1 - (1 + r)^-n)
Net saving
Saving = old total payments - new total payments - value of protections forfeited
Not financial advice. Refinancing federal student loans into private debt is generally irreversible and forfeits statutory protections. Review your specific loan terms and current programme rules before acting.
Typically income-driven repayment, deferment and forbearance rights, death and disability discharge, and eligibility for any public service forgiveness. Put a value on those in the forfeited field.
Not if the term extends enough to raise total interest, and not if you were on track for forgiveness. Read the net lifetime saving, not the payment change.