Student Refinance Calculator

If you want to save money on student loans, pay attention.

Here’s what you need to know.

How to refinance student loans
Student loan refinancing helps you to consolidate your existing federal or private student loans, or both, into a new, single student loan with a lower interest rate. When you refinance student loans, you can get a lower interest rate, lower monthly payment and pay off your student loans faster. You can also choose to pay off your student loans anytime between 5 and 20 years. Most importantly, you can save money, which can be used for other life expenses, retirement, a home purchase, investing or to repay other debt. Student loan refinancing could save you more than $30,000 over the life of your student loans, depending on your current student loan balance and interest rate.

Should I refinance my student loans? If you want to save money and get a lower interest rate, then student loan refinancing can be a smart option for you. Since the federal government doesn’t refinance student loans, you will work with a private lender to refinance student loans. Each lender has its own underwriting criteria, and each applicant’s financial background and circumstance is unique. Therefore, student loan refinancing is not available to everyone. However, here is the best advice to get approved for student loan refinancing:

For student loan refinance, lenders want borrowers with a good to excellent credit score. Why? Your credit score is a measure of your financial responsibility. Lenders want to ensure that you make on-time payments and pay back your debt. The best student loan lenders expect a minimum credit score in the mid to high 600’s. That said, some lenders don’t have a minimum credit score.

To get approved for student loan refinancing, typically you must be employed. Why? Lenders want to ensure you have stable employment, which will give them confidence you will repay your student loan each month. One exception to the employment rule is if you’re graduating and have a written job offer to start work in the near-term. Some lenders may accept a written job offer or employment agreement as proof of employment.