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$800K student loan refinancing

How to refinance $800K in student loans

At $800,000, 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 $800,000

  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 $800,000 in student loans costs

On $800,000 over 10 years, cutting your rate from 7% to 6% saves about $49,000 in interest.

$800,000 over 10 years, by rate (illustrative)
Interest rate Monthly payment Total interest
7.00% ~$9,289 ~$314,600
6.50% ~$9,084 ~$290,100
6.00% ~$8,882 ~$265,800
$800,000 at 6%, by term (illustrative)
Term Monthly payment Total interest
5 years ~$15,466 ~$128,000
10 years ~$8,882 ~$265,800
15 years ~$6,751 ~$415,200
20 years ~$5,731 ~$575,500

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

What to weigh at $800K

Check each lender's maximum

Lenders set their own maximum refinance amounts, and some cap them below $800,000. 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 with income-driven repayment

Income-driven repayment sets your federal payment from your income rather than your balance, so at $800,000 it can be far below a 10-year refinance payment. The trade-off is a balance that can keep growing and forgiveness that may be taxable, so compare total cost, not just the monthly payment.

Plan for the payment

A 10-year term on $800,000 at 6% is about $8,882 a month. A 20-year term brings that to about $5,731 but adds about $310,000 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 $800,000?

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 $800,000 in student loans?

Yes, for qualified borrowers, but your options are limited at $800,000 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 $800,000 in student loans?

At an illustrative 6% fixed rate, $800,000 costs about $8,882 a month over 10 years, $6,751 over 15 years or $5,731 over 20 years. Your actual payment depends on the rate and term you qualify for.

How much can I save by refinancing $800,000?

Each 1% of interest rate is worth about $49,000 over a 10-year term on $800,000. Going from 7% to 6%, for example, cuts total interest from about $314,600 to about $265,800.

Is income-driven repayment better than refinancing $800K?

It depends on your income and plans. Income-driven repayment ties your federal payment to your income and can end in forgiveness, which may be taxable. Refinancing fixes your rate and pays the balance off on a set schedule. A free consultation with a Juno student loan expert can compare the total cost of both.

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 $800,000.

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

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