If you’re considering refinancing your student loans but haven’t taken the leap yet, this student loan refinance calculator can help you estimate how much you could save by refinancing through NerdWallet’s partner, Credible. The average Credible borrower saves around $11,000 when refinancing through one of the seven lenders on the platform.
How it works
The student loan refinance calculator uses data from past Credible users to estimate your potential savings based on your credit score, salary and interest rate, where you went to college, and how much student loan debt you have, says Credible Operations Director David Lewis. The savings estimate is based on a 15-year loan term and the lower of a fixed or variable interest rate, according to Credible.
The calculator simply provides an estimate of how much you could save by refinancing, so it doesn’t trigger a credit check. To be eligible for the most lenient lender on the platform, you need to meet the minimum qualifications outlined below. However, the average Credible borrower surpasses those minimums.
| Eligibility | Typical Credible borrower |
|
|---|---|---|
| Yearly income |
$24,000 |
$60,000 (approximate median income) |
| Credit score |
620 (with a co-signer) 670 (without a co-signer) |
730 |
| Debt-to-income ratio |
No maximum (depends on the lender) | 35% |
Next steps
If you’d like to apply for refinancing through Credible, click “Get personalized offers” after using the calculator to continue to Credible’s site. There you’ll complete a full application to be eligible for offers from up to seven lenders: Citizens Bank, CommonBond, CordiaGrad, Pave, Rhode Island Student Loan Authority, SimpleFi and U-fi. The application takes around 10 to 20 minutes to complete and requires information including your monthly housing payment, Social Security number and student loan servicer.
Submitting the Credible application will trigger a hard credit pull, but the impact on your credit score will be minimal. Credit bureaus count several credit inquiries filed in the same time frame from similar lenders (such as seven student loan refinancing companies) as one.
More from NerdWallet
- 10 Questions to Ask Before Refinancing Your Student Loans
- Student Loan Consolidation vs. Refinancing
- How to Choose the Best Student Loan Refinancing Offer for You
Teddy Nykiel is a staff writer at NerdWallet, a personal finance website. Email: teddy@nerdwallet.com. Twitter: @teddynykiel.
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