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$300K student loan refinancing

How to refinance $300K in student loans

To refinance $300,000 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 $18,000 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 $300,000

  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 $300,000 in student loans costs

On $300,000 over 10 years, cutting your rate from 7% to 6% saves about $18,000 in interest.

$300,000 over 10 years, by rate (illustrative)
Interest rate Monthly payment Total interest
7.00% ~$3,483 ~$118,000
6.50% ~$3,406 ~$108,800
6.00% ~$3,331 ~$99,700
$300,000 at 6%, by term (illustrative)
Term Monthly payment Total interest
5 years ~$5,800 ~$48,000
10 years ~$3,331 ~$99,700
15 years ~$2,532 ~$155,700
20 years ~$2,149 ~$215,800

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

What to weigh at $300K

Term matters as much as rate

On $300,000 at 6%, stretching from 10 to 20 years lowers the payment by about $1,181 a month but adds about $116,000 in interest.

Check federal programs first

Balances around $300,000 are common among dentists, veterinarians and physicians, many of whom work for employers that may qualify for Public Service Loan Forgiveness. Refinancing federal loans with a private lender ends access to PSLF and income-driven repayment.

Your income carries weight

Lenders weigh your income against your total debt. At this balance, a strong, steady income or a creditworthy cosigner can make a real difference to the rate you are offered.

Starting rates

Student loan refinance rates from Juno's lending partners.

  • Earnest

    Fixed starting at

    4.10%2,3APR

    Variable starting at 5.48%2,3 APR

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

  • SoFi

    Fixed starting at

    4.49% APR4APR

    Variable starting at 5.74%4 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 $300,000?

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 $300,000 in student loans?

Yes. Juno's lending partners refinance balances of $300,000 and more for qualified borrowers, subject to each lender's underwriting requirements and loan limits.

What is the monthly payment on $300,000 in student loans?

At an illustrative 6% fixed rate, $300,000 costs about $3,331 a month over 10 years, $2,532 over 15 years or $2,149 over 20 years. Your actual payment depends on the rate and term you qualify for.

How much can I save by refinancing $300,000?

Each 1% of interest rate is worth about $18,000 over a 10-year term on $300,000. Going from 7% to 6%, for example, cuts total interest from about $118,000 to about $99,700.

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 $300,000.

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

Check My Rates

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