Refinance student loans calculator

Posted by Tom Jackson on November 9th, 2017

Student Loan Refinancing Calculator

If you plan to refinance your student loans, the first stop you should take is to use a student loan refinancing calculator.

A student loan refinancing calculator is the most helpful tool to help you manage your student loans and lower your monthly payments.

Let’s see how it works.

Student Loan Refinancing Calculator: How It Works

A student loan refinancing calculator is super simple, and you can access one for free online.

Using the online student loan calculator, simply input your current student loan balance. This should be the sum of all your existing federal student loan and private student loans.

Next, input in the student loan refinancing calculator your current interest rate for your student loans. It should be equal to a weighted average interest of all your current student loans – both federal and private student loans.

After that, it is time to enter your new student loan rate and loan term. This is the interest rate in the student loan refinancing calculator that your private lender has provided, or you can estimate the interest rate.

You also need to enter your new loan term in the student loan refinancing calculator, which is how long you want to take to pay off your student loan. Typically, this number is between 5 to 20 years.

Student Loan Refinancing Calculator: The Output

Once you have input all the information above in the student loan refinancing calculator, the output will be as follows.

The student loan refinancing calculator will show you your new monthly payment, and how much money you will save from student loan refinancing.

Specifically, the student loan refinancing calculator will show you how much interest you will save each month and overall.

Student Loan Refinancing Calculator: Conclusion

As you can see, a student loan refinancing calculator does not all the heavy lifting so you don’t have to.

It is therefore an essential management tool to help you with the student loan refinancing process.