Loan Comparison Calculator

This loan comparison calculator compares loan terms to get a lower monthly payment and lower total payment, which can save you money.
Step 1: Enter Current Loan Info

Student Loan Balance

5 Year Loan 

7 Year Loan 

10 Year Loan 

15 Year Loan 

20 Year Loan 
Monthly Payment Total Payment
5 Year
7 Year
10 Year
15 Year
20 Year
5 Year 7 Year 10 Year 15 Year 20 Year
Loan Balance
Interest Rate
Monthly Payment
Total Payment
If you refinance $30,000 of student loans at a 3.25% interest rate with a 10-year repayment term, you can save $4,789 over the life of your loan.

Top Picks For Student Loan Refinancing

January 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
1.74% - 6.59%
2.49% - 6.94%
1.74% - 6.94%

View Details

on SoFi's website

Overview

Variable APR:
1.74% - 6.59%
Fixed APR:
2.49% - 6.94%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 5.64%
2.44% - 5.79%
1.74% - 5.79%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 5.64%
Fixed APR:
2.44% - 5.79%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
No
-
2.44% - 6.22%
2.44% - 6.22%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
2.44% - 6.22%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.86% - 6.01%
2.47% - 5.99%
1.86% - 6.01%

View Details

on ELFI's website

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.47% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 6.15%
2.30% - 6.25%
1.74% - 6.25%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 6.15%
Fixed APR:
2.30% - 6.25%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.89% - 5.90%
2.50% - 6.00%
1.89% - 6.00%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.50% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.90% - 5.25%
2.49% - 7.75%
1.90% - 7.75%

View Details

on LendKey's website

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

Popular Questions

How much is the monthly payment for student loans?
Your student loan payment each month depends on several factors, including your principal balance, your interest rate and your student loan repayment plan. The standard repayment plan for federal student loans is 10 years. For student loan refinancing, you can choose a loan term between 5 and 20 years.

You can use this student loan comparison calculator to compare student loan terms to determine which student loan term length is best for you.

What is the average monthly payment for student loans?
According to Mentor in its student loan debt statistics report, the average student loan for the Class of 2017 is about $40,000. Your student loan payment will depend on your balance and your interest payment as well as your student loan term.
Where do I find student loan refinancing rates?

You can find the best student loan refinancing rates on Mentor. Our trusted partners offer personalized student loan refinancing rates. You can check your new student loan refinance rate in 2 minutes for free.

With student loan refinancing, you can choose a loan term typically from 5-20 years. This provides more flexibility for you to payoff student loans compared with the standard 10-year loan term of a federal student loan.

How do I know what loan term length is best for me?

The right student loan term length is different for everyone because it is based on your specific financial situation.

A shorter student loan term length means you would pay more each month for your student loans. However, you would repay student loan debt faster because you would save interest costs.

A longer student loan term length means you would pay less each month for your student loans. However, you would repay student loan debt slower because you would pay more in interest costs.

You can compare student loans term lengths with this student loan comparison calculator. By inputting your student loan balance and different interest rates for each student loan term length, you can determine how much you would pay each month for your student loans.

How long is the term of a student loan?

A standard repayment plan for a federal student loan is 10 years. When you refinance student loans, most lenders provide an option to change your student loan term length to a different loan term typically ranging from 5-20 years.

You can choose a shorter or longer term to repay student loans. This student loan comparison calculator can help you determine which student loan term length is best for your financial situation.

How many years do you have to pay off your student loans?

Unlike other consumer debt such as some mortgages, there is no prepayment penalty. This means you can pay off your student loans with no early repayment fees. This student loan prepayment calculator can show you how much money you can save.

Federal student loan repayment plans such as PAYE offer student loan forgiveness for undergraduate student loans after 20 years, while the federal student loan repayment plan REPAYE offers student loan forgiveness for graduate student loans after 25 years.

So, you have some flexibility when it comes to student loan repayment. However, remember that the longer you take to repay your student loans, the more interest you will pay.

What is the average time to pay off your student loans?

The standard repayment plan to repay federal student loans is 10 years. However, the average time to pay off your undergraduate student loans is approximately 20 years.

Federal student loan repayment plans such as PAYE offer student loan forgiveness for undergraduate student loans after 20 years, while the federal student loan repayment plan REPAYE offers student loan forgiveness for graduate student loans after 25 years. Both PAYE and REPAYE are income-based repayment programs for federal student loans.
Are your student loans forgiven after 25 years?

No, your student loans are not automatically forgiven after 25 years. First, only federal student loans are eligible for student loan forgiveness. If you have private student loans, you have to check with your lender on repayment terms. Second, you have to enroll in a federal student loan repayment program. If you work in public service, there is Public Service Loan Forgiveness after 120 qualifying payments, which can happen in 10 years. Other income-based federal student loan repayment plans forgive student loans after 20 years for undergraduate student loans and 25 years for graduate student loans.

Should I pick a 5, 10, 15 or 20-year student loan refinance?
When you refinance student loans, one of your biggest decisions is what loan term will you pick. With student loan refinancing, typically you can choose a student loan refinance loan term length ranging from 5-20 years. This is different than federal student loans in which the standard repayment term is 10 years. So, you have to compare student loan options to determine which is best for you.

In terms of student loan comparison and which student loan term length to choose, it depends on your goals and financial situation. If you want to repay student loans as fast as possible, then you can choose a 5-year term. You will have a higher monthly payment, but you will save significant interest costs. If you want a lower monthly payment, a 20-year loan term, for example, would give you lower monthly payments, but more interest costs overall.

When you compare student loans using this student loan comparison calculator, you can see what your monthly student loan payment will be.

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