See how much interest a refinance would actually save you — current rate and term vs. a new offer. Then check it against forgiveness before you give up federal benefits.
If you're pursuing PSLF or income-driven forgiveness, refinancing federal loans forfeits that forgiveness — which is often worth far more than the interest saved here. This tool compares interest only; run the full engine to compare against forgiveness.
Our full engine compares PSLF, RAP, capped IBR and refinancing on your exact numbers — free, no signup to see your answer.
Run my full numbers →Only after ruling out PSLF and income-driven forgiveness. Refinancing federal loans permanently forfeits those programs. If you're not pursuing forgiveness and can get a lower rate, refinancing usually lowers lifetime cost — this calculator estimates by how much.
Yes. Refinancing replaces federal loans with a private loan, which can never qualify for PSLF, IDR forgiveness, or federal protections. That lost forgiveness is often worth more than the interest saved.
High earners often choose the shortest term they can afford to minimize total interest; those wanting lower payments choose a longer term. Compare both above.
Educational estimates, not financial, tax, or legal advice. Calculations are simplified and may differ from your servicer or the IRS. Verify specifics at studentaid.gov. See our methodology and disclosures.