Student Loan Refinance Calculator Federal Warning

Should you refinance? Federal vs. private, IDR plans, PSLF, and break-even analysis

⚠️ CRITICAL: Before refinancing federal loans — read this. Refinancing federal loans with a private lender permanently removes all federal protections: income-driven repayment plans (SAVE, PAYE, IBR), PSLF, $20K Biden forgiveness, deferment, forbearance, and discharge options. Only refinance federal loans if you've already exhausted these programs or don't need them.
What is this? Refinancing seems like a simple math problem — lower rate = save money. But it's more complex. This calculator shows: (1) how much you'd save with a refi vs. federal, (2) whether you'd qualify for better federal IDR plans first, (3) PSLF eligibility if you're in public service, and (4) exactly how long before refinancing pays off (breakeven analysis).

Who it's for: Borrowers with good credit comparing refinance offers, people deciding between federal SAVE/PAYE/IBR and private refinancing, or anyone with both federal and private loans wondering if consolidation makes sense.
Your Current Loans
Refinance Offer
Federal IDR & PSLF Analysis (if federal)
2024 SAVE Plan: Payments are 5% of discretionary income (vs 10% under old REPAYE). A $65K income, $55K loan, household of 1 = ~$0/month under SAVE vs $580 current payment. This may make refinancing unnecessary.
Refinance vs. Federal — Side by Side
Metric Keep Federal Refinance
Key Decision Metrics
Monthly Savings
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after refi
Lifetime Interest Savings
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total savings
Break-Even Point
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months to recoup costs
Ready to refinance? Compare top lenders: SoFi — no fees, unemployment protection. Earnest — flexible terms, skip-a-month. Laurel Road — physician/graduate focus, cosigner release.

Estimates only. Actual SAVE/PSLF eligibility depends on loan type, employment certification, and program rules. Federal loan refinancing via Direct Consolidation preserves some federal benefits. Consult a student loan advisor before refinancing federal loans.