Student Loan Refinance Calculator

A common rule of thumb is at least 1 percentage point on a balance of $30,000 or more with at least five years remaining, but the exact threshold depends on the term change. Use the total interest saved column - not the monthly savings - as your primary metric, since a longer new term can produce monthly savings while costing more lifetime interest.

Yes. There is no limit on private student loan refinancing. If rates drop after you refinance, or your credit score improves significantly, you can refinance again. Each refinance resets your loan term, so if you extend to 10 years each time you refinance, you can end up paying for much longer than necessary.

Most lenders require a minimum of 650–680 FICO, with the best rates reserved for scores above 750. Debt-to-income ratio matters equally - most lenders want your total monthly debt payments below 43–50% of gross monthly income. A creditworthy cosigner can help if your score or income is borderline.

The student loan interest deduction (up to $2,500/year) applies to both federal and private student loans used for qualified education expenses, so refinancing to a private loan does not eliminate it. Income phase-outs apply ($75,000–$90,000 single, $155,000–$185,000 MFJ in 2026).

Parent PLUS loans are federal and subject to the same warnings. However, PLUS loans are not eligible for the most generous income-driven plans (SAVE, PAYE), making the cost of refinancing lower in practice. A parent PLUS refinance into a private loan at a lower rate is a more defensible decision than refinancing a child's federal loans with IDR eligibility.