On November 22, 2022, the student loan payment pause was extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by June 30, 2023 – payments will resume 60 days after that. Learn More
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Student Loan Refinancing 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, or remaining loan term, and our calculator will automatically generate monthly student loan payment 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. If you have federal student loans you should think about the benefits you may lose by refinancing such as student loan forgiveness & access to Income-driven repayment plans. If you don’t qualify for these programs and are looking to save money, refinancing might be a good option.

If you have a mix of private and federal student loans, you could choose to refinance only the private student loans to keep the benefits you have access to for your federal 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:

Can You Refinance Student Loans More Than Once?

There is no limit to how often you can refinance your student loans. Take time to consider if the time is right for you to refinance your loans more than once because you will be impacting your credit score. If your credit score or overall finances have improved, refinancing to get a lower rate could save you more money.

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:

There are no origination, application, or prepayment fees to apply for refinancing with ELFI. You should compare interest rates from different lenders to make sure you are getting the best rate for your refinanced student loans. ELFI offers some of the lowest student loan refinancing interest rates among major lenders.

Compare Student Loan Refinancing Rates

Choose a company to compare with ELFI
Sofi
Earnest
Laurel Road
Fixed Rates APR
4.83% - 7.64%
4.49% - 8.99%
4.39% - 8.99%
4.24% - 6.65%
Variable Rates APR
3.99% - 7.24%
4.99% - 8.99%
4.09% - 8.29%
3.74% - 6.55%
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
4.9
4.5
4.7
3.4
NerdWallet Rating
5.0
5.0
5.0
5.0
US News Rating
4.8
4.6
4.6
4.8
Rates and scores in this chart were obtained from lenders' and aggregators' websites on 1/27/2023. All information and rates are subject to change at any time. Please see each lender's website for current information.

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