Do you feel like you are paying too much on your student loans? For this case, you are able to use SoFi Student Loan Refinance Calculator to see how much you can save by refinancing your student loans with SoFi.
Calculate your student loan savings
SoFi Student Loan Refinance calculator shows how much you are able to save on your student loans by refinancing with SoFi. You only need to add in your current student loan information, and they are going to calculate your estimated savings, both monthly and over the lifetime of the loan. If you have several student loans, simply you are able to combine the loans and average their principal.
Enter your current loan:
- You have to select what type of loans you have: Federal or Private.
- After that, you have to enter your loan amount.
- You have to enter your interest rate as stated on loan agreement.
- Please select monthly payment or remaining term.
By refinancing into a longer term and taking benefit of monthly payment savings, usually the borrowers will pay more total interest over the life of the loan.
For note: Calculated payments and savings are just estimates. All SoFi rates displayed include the SoFi 0.25% autopay discount. You are not needed to enroll in autopay. The estimated savings shown is based on the lowest SoFi APR of available rate ranges. For federal loans: SoFi assumes that payments are made at the end of the month and that the current federal loan relief, which assumes 0% interest and no needed payments until September 30, 2021, is going to expire on that date. When federal loan payments resume, SoFi assumes your federal monthly payment remains the same. The maturity date is going to be pushed out the length of the current federal loan relief.
Using the free calculator is only for informational purposes, does not constitute financial advice or an offer to receive a loan. Any payments and savings are going to depend on the actual amounts for which you are approved, if you select to apply.
Calculate your student loan payment
You have to tell them your debt information, and they are going to estimate your monthly payment.
- Please enter your loan amount.
- After that, enter the average interest rate.
- Now, you are able to enter your loan term.
- Lastly, click on the calculate button.
Understanding the Student Loan Calculator
- What assumptions does this calculator create?
Their student loan calculator assumes that your entire loan balance is going to be repaid within your repayment term. For a 10-year repayment term, this SoFi calculator will give similar monthly payment and interest amounts to the 10-year standard federal student loan repayment plan or a 10-year term for private student loans.
- How can I lower my monthly payments?
The student loan refinancing may potentially decrease your interest rates and your monthly payments. You have to consider income-driven repayment plans for federal student loans.
- How is interest calculated on the student loans?
As we know that interest rates are the rates charged to borrow money. They are calculated as a percentage of your current principal. Fixed interest rates are interest rates which stay the same for the life of your loan. Variable interest rates are interest rates which may go up or down due to an increase or decrease to the loan’s index. LIBOR is able to be used as a basis for variable interest rates on private student loans. Keep in mind that since July 2016, federal student loans only offer a fixed interest rate. Usually, Private student loans offer fixed or variable rates.
- How long will it take to pay off the student debt?
Paying back your student loans in full depends on some different factors, such as interest rate, your term, and how much you decide to put toward your debt each month. For more on this, you are able to check out information regarding the Student Loan Payoff Calculator.
Calculate your personal loan savings
You need to compare your existing debt information to see how lowering your interest rate and monthly payments will help you save on total interest. Simply, you are able to input the amount of your current personal loan or debt, your current interest rate, and also the term of the loan. If you have some loans or credit cards, you have to enter your average rate into the payoff calculator. Then, you will be able to see a side by side comparison of your loan or debt vs a SoFi personal loan.
Enter your current loan:
- Please enter your loan amount.
- After that, enter your interest rate as stated on loan agreement.
- Then, select monthly payment or remaining term.
Student Loan Payoff Calculator
When will you pay off your student loans? Making payments on your student loans are able to seem endless. With high interest rates, the day you eventually pay off your debt might be farther away than you think. Please use this calculator to get an idea of when your loan payoff date will be, and the ways to make that date not so far away.
Find out your payoff date
- Now, you have input your info.
- Please enter your loan amount.
- Enter interest rate.
- Enter monthly payment.
- Click at the calculate button.
You do not wait to pay off your student loans. A shorter term will help you get out of debt.
- Low interest rates
Fixed rates start at 2.74% APR and Variable rates start at 2.25% APR when you enroll in AutoPay.
- Easy, fast, and all online
Get pre-qualified online in only two minutes. After that, choose your rate and term, verify your info, and sign.
- No hidden fees
There are no application or origination fees. No prepayment penalties as well.
- Shorter terms
With shorter loan terms, you will be able to refinance at a lower interest rate and pay back your student debt faster.