Student Loan Refinance Calculator
See what refinancing your student loans could cost each month. Enter your balance, pick a term, and choose a verified refinance APR — or enter a rate from your own quote.
The calculator shows your monthly payment, total interest, and total cost, then ranks the two verified refinance lenders by true total cost using November 2026 rates.
How to use this calculator
- Enter your loan balance — the amount you want to refinance.
- Pick a term — 5 to 20 years. A shorter term raises the payment but slashes total interest.
- Choose an APR — SoFi or Citizens at their verified November 2026 rates, or select Custom APR and enter your own quote.
- Press Calculate — your monthly payment, total interest, and total cost appear, plus a comparison of both tracked lenders ranked by true total cost.
The payment formula
Refinanced loans amortize with the standard fixed-payment formula:
M = P·r(1+r)n / ((1+r)n − 1)
where P is the refinanced balance, r is the monthly rate (APR ÷ 12), and n is the number of monthly payments. One formula drives both the calculator and the lender comparison.
Worked example
Refinancing $50,000 at 4.49% APR (SoFi's verified November 2026 starting rate) over 120 months:
- Monthly payment: $517.95
- Total interest: $12,154.13
- Total cost: $62,154.13
Enter the same figures above to confirm the match.
How our student refinance rates are verified
Rates are re-verified every month against each lender's own website. This cycle covers November 2026, with rates checked on the lenders' pages on November 1, 2026.
We track two student refinance products, both officially verified this cycle. Where a lender does not publish a figure we need — for example, Citizens' fixed-rate floor — we say so plainly and never substitute a guessed number. Comparisons rank by true total cost (monthly payment × term + fees).
A note on advice
This calculator is educational and does not constitute financial advice. Refinancing federal loans into a private loan means losing federal repayment protections — understand that trade-off before you act.
Frequently asked questions
Which lenders' refinance rates do you track?
Two lenders publish student refinance rates that we track: SoFi at 4.49% APR and Citizens Bank at 6.34% APR, both verified on the lenders' own sites for November 2026. These are starting rates for strong credit.
Can I refinance federal student loans?
Yes, but refinancing a federal loan into a private loan means giving up federal protections — income-driven repayment, deferment, forbearance, and any forgiveness programs. Run the savings through this calculator, then weigh them against what you would lose.
Why does Citizens show a variable-rate figure?
Citizens does not currently publish a fixed-rate floor on its page, so this cycle tracks its published variable-rate floor instead — honestly labeled rather than substituted with a guessed fixed figure. SoFi's 4.49% is a fixed-rate starting APR.
Do these rates include autopay discounts?
Both tracked figures already include the advertised discounts: SoFi's 4.49% includes its 0.25% autopay and 0.125% member discounts, and Citizens' 6.34% includes its 0.25% loyalty and 0.25% autopay discounts.
Is the rate shown my guaranteed offer?
No. These are published starting APRs for November 2026, checked on each lender's own website — not personalized offers. The content is educational, not financial advice.