Having a bad student loan can hinder your financial progress. But there is a way out. You can refinance your student loans at a better rate and save money. See how much you can save with our student loan refinance calculator.
What will you need to use the Student Loan Refinance Calculator?
To get started with the student loan refinance calculator, you will need 3 things:
- Your original loan amount,
- The interest rate you are paying
- The term for paying off your loan
Should I Refinance My Student Loans?
When you are refinancing your student loans, there are a few things to consider.
First, will it save you money? By refinancing your student loans at a lower rate, you can save a lot of money in interest. This can have a huge impact on your finances. By refinancing your loan at a lower interest rate, you could save money on interest over the loan’s life and lower your payments allowing you to free up money for other things.
Second, will it lower my payments? Depending on your goals for refinancing your student loans, you may want to lower your payments. Maybe you underestimated how much you could handle every month. Maybe the pay at the job you got is less than you were expecting. Whatever the reason, by refinancing at a lower rate, you can lower your payment and possibly still pay it off at the same time.
Other Student Loan Calculators
Student loan consolidation calculator: if you have multiple student loans, you may have a harder time using this single lump sum amount. You can check out our student loan consolidation calculator to get a better idea of what consolidating all of your loans together will have on your payments and how much interest you can save in doing this.
Student loan payoff calculator: If you are on a journey to pay off your student loans quicker, take a look at our student loan payoff calculator. You could end up being loan-free a lot faster than you think! Check out the student loan payoff calculator.