Update: On 8/24, the White House announced up to $10,000 in forgiveness on qualified federal student loans for qualified borrowers and up to $20,000 qualifying for Pell Grant recipients and suspended federal student loan payments with 0% interest until 12/31/22. Before refinancing federal student loans, keep in mind that doing so will cause you to lose access to future benefits applied to federally-held loans. Learn More

Student Loan Refinance Calculator

Our student loan refinance calculator allows you to see how much you could save by refinancing your student loans with ELFI. Just input your current student loan debt, monthly payment, interest rate, and term, and our calculator will automatically generate estimates based on the information you entered. You can see estimates for both fixed and variable rate student loan refinancing, as well as term lengths of 5, 7, 10, 15, or 20 years.*

How to Figure Out How Much You Owe in Student Loans

The first step to seeing how much you can save by refinancing is knowing how much you currently owe in student loans, or your total loan balances. Here are some steps you can take to find out how much you owe in student loans.

To find total Federal student loans balance, you can:

To find total Private student loan balances, you can:

  • Check your credit report to find your private lender and contact them or sign into their website to view your total student loan balance

Common Obstacles For Student Loan Repayment

Paying off student debt is a challenge for many college graduates, especially those carrying a significant amount of student loan debt. Specifically, borrowers face the following student loan repayment challenges:

  • Not earning enough income
  • High-interest student loans
  • Large student loan balances
  • Other debts

Many borrowers facing student loan debt pursue student loan refinancing as a way to overcome these obstacles and better manage their student debt. High-income earners such as doctors, dentists, lawyers & MBA graduates who have to go through additional schooling are generally excellent candidates for student loan refinancing.

How to Decide If You Should Refinance Student Loans

It’s important to weigh the risks and benefits of student loan refinancing to decide if you should refinance your student loans. Read Should I Refinance My Student Loans? for a list of considerations.

Here are some typical situations in which refinancing student loans is the right choice:

How Much Can Student Loan Refinancing Save Me?

Refinancing your student loans could potentially save you thousands over the life of your loan, depending on your circumstances and your strategy for refinancing. Some benefits of student loan refinancing include:

Compare Student Loan Refinancing Rates

Choose a company to compare with ELFI
Laurel Road
Fixed Rates APR
4.29% - 7.29%
3.99% - 8.24%
3.99% - 8.74%
3.99% - 6.40%
Variable Rates APR
2.48% - 7.98%
3.24% - 8.24%
1.89% - 7.99%
2.50% - 6.30%
Loan Terms
5, 7, 10, 15, or 20 years
5, 7, 10, 15, or 20 years
5 to 20 years
5, 7, 10, 15, or 20 years
TrustPilot Score
NerdWallet Rating
US News Rating
Rates and scores in this chart were obtained from lenders' and aggregators' websites on 10/01/2022. All information and rates are subject to change at any time. Please see each lender's website for current information.

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