Student Loan Refinance Calculator
When you refinance student loans, you reorganize or change the terms of an existing loan(s). These changes include the term over which you pay back, the interest rate, type of interest rate, or a combination of those.
The main reason to refinance is to get a lower interest rate so more of your payments go toward the principal and you will save more money over the course of the loan. Other reasons to refinance include potentially lowering your monthly payment, accelerate the time to pay off your loan, and to receive a cash bonus.
Refinance companies will make money from you by the interest you pay each month. Because pharmacists typically carry high debt loads in the six figures, refinance companies will make more money over the course of the loan versus those with much lower student loan balances. Therefore, as an incentive for you to use a particular company, they will offer a cash bonus or welcome bonus.