Student Loan Refinance Calculator
Simulate refinancing high-interest education loans or consolidating multiple student debts into a lower APR loan with lower monthly payments.
Explore specialized student loan simulators, moratorium calculators, government subsidies, tax deductions, and bank presets:
Current vs New Refinance Offer
🎯 Refinance Recommendation:
Refinancing is highly profitable! You recover your upfront costs almost immediately and save thousands over the loan life.
Amortization Schedule
Interactive breakdown of balance, interest, and prepayment impact
| Period | EMI Paid | Principal Paid | Extra Prepayment | Interest Paid | Total Payment | Remaining Balance |
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Frequently Asked Questions
When should I refinance or transfer my education loan?
Refinancing (or taking over) your education loan makes sense if:
1. You can secure a lower interest rate (at least 1% to 2% drop).
2. You have graduated, secured a stable job, and upgraded your credit score.
3. You want to transfer an expensive private NBFC loan (at 11%–13%) to a public bank (at 8.5%–9.5%) to release collateral.
Can multiple student loans be consolidated into one?
Yes! Consolidation combines 2 or more student loans into a single manageable monthly payment with a weighted lower interest rate, simplifying management and slashing monthly interest.
Are there any fees involved in refinancing an education loan?
Public banks in India charge a minimal processing fee (often 0.5% or waived during monsoon offers). Private lenders in the US typically offer $0 origination fees for refinancing high-credit graduates.
Will refinancing affect my Section 80E tax deduction?
Under Section 80E, as long as the refinancing/takeover loan is issued by a recognized scheduled bank or approved financial institution specifically for higher education repayment, the interest remains eligible for tax deduction.