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:
- Sign into your My Federal Student Aid account.
- Check the National Student Loan Data System (NSLDS)
- Check with your school’s financial aid office
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:
- If you have stable income and a strong credit profile
- If refinancing would lead to significant long-term savings
- If you meet student loan refinancing eligibility requirements
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:
- Lower monthly payments can save money for other expenses
- Shorter terms and lower interest rates can help you pay off student loans faster
- Simpler repayment with one monthly student loan payment