$500K student loan refinancing
How to refinance $500K in student loans
To refinance $500,000 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 $31,000 in interest over a 10-year term.1
- Soft credit check to view rates
- See multiple lender offers
- No obligation to refinance
Five steps to refinance $500,000
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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.
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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.
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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.
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4
Compare rate, term and benefits
Weigh fixed against variable, monthly payment against total interest, and a cash bonus against a lower rate.
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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 $500,000 in student loans costs
On $500,000 over 10 years, cutting your rate from 7% to 6% saves about $31,000 in interest.
| Interest rate | Monthly payment | Total interest |
|---|---|---|
| 7.00% | ~$5,805 | ~$196,700 |
| 6.50% | ~$5,677 | ~$181,300 |
| 6.00% | ~$5,551 | ~$166,100 |
| Term | Monthly payment | Total interest |
|---|---|---|
| 5 years | ~$9,666 | ~$80,000 |
| 10 years | ~$5,551 | ~$166,100 |
| 15 years | ~$4,219 | ~$259,500 |
| 20 years | ~$3,582 | ~$359,700 |
Illustrative examples only. Actual rates, payments and savings vary based on loan balance, term, borrower qualifications and lender.
What to weigh at $500K
Check each lender's maximum
Lenders set their own maximum refinance amounts, and some cap them below $500,000. 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.
Compare refinancing with forgiveness
At $500,000 or more, Public Service Loan Forgiveness or income-driven forgiveness can be worth more than any rate cut if you qualify. Refinancing federal loans with a private lender ends access to those programs, so run both numbers before you decide.
Plan for the payment
A 10-year term on $500,000 at 6% is about $5,551 a month. A 20-year term brings that to about $3,582 but adds about $194,000 in interest.
Starting rates
Student loan refinance rates from Juno's lending partners.
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Earnest
Fixed starting at
Variable starting at 5.48%2,3 APR
Includes the 0.25% autopay discount and the 0.25% Juno discount.
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SoFi
Fixed starting at
4.49% APR4APR
Variable starting at 5.74%4 APR
Includes the autopay discount.
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LendKey
Fixed starting at
4.89%5APR
Variable starting at 4.68%5 APR
Includes the autopay discount.
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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.
Not sure whether to refinance $500,000?
Juno's student loan experts offer free one-on-one consultations to compare refinancing with your federal repayment and forgiveness options.
Free. Personalized. No obligation to refinance.
Frequently asked questions
Can I refinance $500,000 in student loans?
Yes, for qualified borrowers, but lenders set their own maximum loan amounts and some cap them below $500,000. If one lender will not take your full balance, you can split it between lenders or keep part of it federal.
What is the monthly payment on $500,000 in student loans?
At an illustrative 6% fixed rate, $500,000 costs about $5,551 a month over 10 years, $4,219 over 15 years or $3,582 over 20 years. Your actual payment depends on the rate and term you qualify for.
How much can I save by refinancing $500,000?
Each 1% of interest rate is worth about $31,000 over a 10-year term on $500,000. Going from 7% to 6%, for example, cuts total interest from about $196,700 to about $166,100.
Should I refinance $500K in student loans or pursue PSLF?
If you work for a qualifying nonprofit or government employer and plan to stay, PSLF forgives your remaining federal balance after 120 qualifying payments, which at this balance is often worth more than a lower rate. If you are in private practice or plan to pay your loans off in full, refinancing may save more. A free consultation with a Juno student loan expert can compare both for 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 $500,000.
Compare personalized offers from Juno's lending partners in one place.
Soft credit check. Multiple lenders. No obligation to refinance.