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$1M student loan refinancing

How to refinance $1M in student loans

At $1,000,000, your refinancing options are limited, because many lenders cannot support a balance this large. Juno's student loan experts have held 15,000+ consultations navigating balances like yours. We can direct you to the lenders that can, and eligible borrowers can get a cash bonus through Juno, at no cost to you.1,2

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  • Soft credit check to view rates
  • See multiple lender offers
  • No obligation to refinance

Five steps to refinance $1,000,000

  1. 1

    List your loans

    Write down each loan's balance, interest rate and whether it is federal or private. You do not have to refinance all of them.

  2. 2

    Check your federal options first

    If you are pursuing Public Service Loan Forgiveness or rely on income-driven repayment, refinancing those federal loans with a private lender ends access to those programs.

  3. 3

    Check rates from multiple lenders

    Juno shows the offers you prequalify for across its lending partners with one soft credit check, which does not affect your credit score.

  4. 4

    Compare rate, term and benefits

    Weigh fixed against variable, monthly payment against total interest, and a cash bonus against a lower rate.

  5. 5

    Apply with the lender you choose

    The lender runs a hard credit check to finalize your rate, then pays off your old loans directly.

What $1,000,000 in student loans costs

On $1,000,000 over 10 years, cutting your rate from 7% to 6% saves about $61,000 in interest.

$1,000,000 over 10 years, by rate (illustrative)
Interest rate Monthly payment Total interest
7.00% ~$11,611 ~$393,300
6.50% ~$11,355 ~$362,600
6.00% ~$11,102 ~$332,200
$1,000,000 at 6%, by term (illustrative)
Term Monthly payment Total interest
5 years ~$19,333 ~$160,000
10 years ~$11,102 ~$332,200
15 years ~$8,439 ~$518,900
20 years ~$7,164 ~$719,400

Illustrative examples only. Actual rates, payments and savings vary based on loan balance, term, borrower qualifications and lender.

What to weigh at $1M

Check each lender's maximum

Lenders set their own maximum refinance amounts, and some cap them below $1,000,000. If a lender will not refinance your full balance, you can refinance part of it with that lender and the rest with another, or keep some loans federal.

Weigh the tax side

Student loan forgiveness may have tax consequences depending on the program and your circumstances, and you may or may not be eligible for the student loan interest deduction. Talk to a qualified tax professional before choosing between forgiveness and refinancing.

Plan for the payment

A 10-year term on $1,000,000 at 6% is about $11,102 a month. A 20-year term brings that to about $7,164 but adds about $387,000 in interest.

Starting rates

Student loan refinance rates from Juno's lending partners.

  • Earnest

    Fixed starting at

    4.10%3,4APR

    Variable starting at 5.48%3,4 APR

    Includes the 0.25% autopay discount and the 0.25% Juno discount.

  • SoFi

    Fixed starting at

    4.49% APR1APR

    Variable starting at 5.74%1 APR

    Includes the autopay discount.

  • LendKey

    Fixed starting at

    4.89%5APR

    Variable starting at 4.68%5 APR

    Includes the autopay discount.

  • Brazos

    Fixed starting at

    3.99%6APR

    Variable starting at 3.59%6 APR

    Includes the autopay discount.

Your rate depends on your credit, income, loan balance and term. Check your rate to see the offers you prequalify for.

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Not sure whether to refinance $1,000,000?

Juno's student loan experts offer free one-on-one consultations to compare refinancing with your federal repayment and forgiveness options.

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Free. Personalized. No obligation to refinance.

Frequently asked questions

Can I refinance $1,000,000 in student loans?

Yes, for qualified borrowers, but your options are limited at $1,000,000 because many lenders cannot support a balance this large. Juno's student loan experts can direct you to the lenders that can, and eligible borrowers can get a cash bonus through Juno at no cost. Eligibility and terms apply.

What is the monthly payment on $1,000,000 in student loans?

At an illustrative 6% fixed rate, $1,000,000 costs about $11,102 a month over 10 years, $8,439 over 15 years or $7,164 over 20 years. Your actual payment depends on the rate and term you qualify for.

How much can I save by refinancing $1,000,000?

Each 1% of interest rate is worth about $61,000 over a 10-year term on $1,000,000. Going from 7% to 6%, for example, cuts total interest from about $393,300 to about $332,200.

Is student loan forgiveness taxable?

It may be, depending on the forgiveness program, your circumstances and the tax rules in effect at the time. A qualified tax professional can tell you how forgiveness would apply to your situation.

Does checking my refinance rate hurt my credit?

You can check your prequalified offers with a soft credit inquiry, which does not affect your credit score. A lender may perform a hard credit inquiry if you proceed with a full application.

See what you could save on $1,000,000.

Compare personalized offers from Juno's lending partners in one place.

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Soft credit check. Multiple lenders. No obligation to refinance.