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$200K student loan refinancing

How to refinance $200K in student loans

To refinance $200,000 in student loans, check rates from several private lenders with a soft credit check, compare the rate, term and monthly payment each one offers, and apply with the lender you choose. At this balance, a 1% lower rate saves about $12,000 in interest over a 10-year term.1

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

Five steps to refinance $200,000

  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 $200,000 in student loans costs

On $200,000 over 10 years, cutting your rate from 7% to 6% saves about $12,000 in interest.

$200,000 over 10 years, by rate (illustrative)
Interest rate Monthly payment Total interest
7.00% ~$2,322 ~$78,700
6.50% ~$2,271 ~$72,500
6.00% ~$2,220 ~$66,400
$200,000 at 6%, by term (illustrative)
Term Monthly payment Total interest
5 years ~$3,867 ~$32,000
10 years ~$2,220 ~$66,400
15 years ~$1,688 ~$103,800
20 years ~$1,433 ~$143,900

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

What to weigh at $200K

You qualify for the larger cash bonus

Refinancing more than $150,000 puts you in the $1,000 cash bonus tier rather than $500 for eligible borrowers refinancing through the applicable Juno lending partner.2

You can refinance selectively

Many MBA, law and pharmacy graduates carry balances around $200,000, often a mix of federal and private loans. You can refinance only the higher-rate loans and keep the rest federal.

A shorter term saves the most

At $200,000, moving from a 10-year to a 5-year term raises the monthly payment but cuts total interest sharply. The term table above shows the trade-off.

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% APR2APR

    Variable starting at 5.74%2 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 $200,000?

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

Talk to a Student Loan Expert

Free. Personalized. No obligation to refinance.

Frequently asked questions

Can I refinance $200,000 in student loans?

Yes. Juno's lending partners refinance balances of $200,000 and more for qualified borrowers, subject to each lender's underwriting requirements and loan limits.

What is the monthly payment on $200,000 in student loans?

At an illustrative 6% fixed rate, $200,000 costs about $2,220 a month over 10 years, $1,688 over 15 years or $1,433 over 20 years. Your actual payment depends on the rate and term you qualify for.

How much can I save by refinancing $200,000?

Each 1% of interest rate is worth about $12,000 over a 10-year term on $200,000. Going from 7% to 6%, for example, cuts total interest from about $78,700 to about $66,400.

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 $200,000.

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

Check My Rates

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