Free student loan refinance calculator from Fynvorax. Compare monthly payments, lifetime interest, and savings at a new rate or term.
Refinancing federal/private student loans can cut APR but may forfeit forgiveness and income-driven plans. Example: $40k at 6.8% → 4.5% saves ~$4,800 interest over 10 years on standard amortization.
Only if you value net discount over safety. Refinancing federal loans with private banks replaces unique government protections (like income-driven repayments, forbearances, or public service loan forgiveness) with plain commercial debt covenants.
Extending the term to lower monthly dues increases the total interest paid over time. Contracting the term increases monthly payments but compounds huge total lifetime interest savings.
Usually only if you will not need PSLF, IDR, or deferment. Private refinance trades protections for a lower rate.
Many lenders want 650–680+; best rates often 720+. Co-signer can help.