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University of Wisconsin (UW) – Madison Tuition and Fees


University of Wisconsin (UW) – Madison Tuition and Fees

University of Wisconsin (UW) - Madison Tuition and Fees

On this page:

    By Susan Guillory

    (Last Updated – 06/2025)

    The University of Wisconsin – Madison (UW-Madison) is a prestigious public research university located in Madison, Wisconsin. Founded in 1848, it is the flagship campus of the Universities of Wisconsin. Known for its rigorous academics, vibrant campus life, and strong research programs, UW-Madison offers a wide range of undergraduate, graduate, and professional programs. The university is a member of the Big Ten Conference and boasts a spirited athletic tradition. Its lakeside campus and progressive culture attract students from around the globe.

    Total Cost of Attendance

    The University of Wisconsin – Madison tuition in 2024-25 for state residents was $11,603. This is close to the national average of $11,260 for in-state tuition at public universities. For residents of other states, UW tuition was $42,103, which is well above the national average for out-of-state tuition of $29,150.

    Tuition, however, is only part of the total cost of attending college. Here’s a look at other expenses students can expect when attending the University of Wisconsin.

    Costs for 2024-25


    Expense

    In-State

    Out-of-State

    Tuition & Fees

    $11,603

    $42,103

    Books & Supplies

    $1,100

    $1,100

    Room & Board (on campus)

    $14,124

    $14,124

    Other Expenses

    $3,178

    $3,178

    Total Cost of Attendance

    $30,005

    $60,505

    Financial Aid

    Over half of undergraduates (60%) receive some form of financial aid to help cover the UW-Madison tuition and other costs. This may be scholarships, grants, or student loans, or a combination of these.

    Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

    The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

    •  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

    •  Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.

    •  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

    •  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

    Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

    You can find other financial aid opportunities on databases such as:

    •  US Department of Education – Search for grants from colleges and universities by state

    •  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

    •  SoFi Scholarship Finder – Use our handy tool to streamline your search by award type, location, level of study and more.

    Recommended: The Differences Between Grants, Scholarships, and Loans

    Private Student Loans

    Many undergraduates tap student loans to help pay the University of Wisconsin tuition and other costs: 24% take out federal loans, and 6% get private student loans (with an average amount of $19,241).

    Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

    What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

    Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

    If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

    Recommended: Guide to Private Student Loans

    Projected 4-Year-Degree Price

    The University of Wisconsin – Madison cost of attendance for four years — including tuition and fees, room and board, books, and other expenses — is $120,020 for in-state students (based on 2024-25 numbers). By comparison, the national average at public universities for in-state students is $115,36 for four years.

    For out-of-state residents, the four-year cost for attending UW is $242,020. This is above the national average of $186,920 for out-of-state cost of attendance.

    This student loan and scholarship information may be valuable as you research schools and costs.

    Undergraduate Tuition and Fees

    Costs for 2024-25

    University of Wisconsin undergraduate tuition and fees for the 2024-25 academic years were $11,603 for in-state students, a 3.6% increase over 2023-34. The tuition and fees for out-of-state students were $42,103, a 3.7% increase over 2023-34.

    Graduate Tuition and Fees

    Costs for 2024-25

    •   Average graduate tuition (in-state): $10,728

    •   Average graduate tuition (out-of-state): $24,054

    •   Fees (in-state/out-of-state): $1,597

    Tuition and fees for graduate students at UW-Madison for 2024-25 averaged $12,325 for in-state students and $25,651 for out-of-state students. The average cost of graduate school tuition and fees in the U.S. is $22,430 per year.

    There are graduate loans available to help with these costs.

    Cost per Credit Hour

    If you take 15 credits per semester, the cost per credit hour at UW-Madison comes out to $483 for Wisconsin residents and $1,403 for nonresidents.

    Campus Housing Expenses

    UW-Madison offers a variety of traditional residence halls, including focused learning and affinity communities. It also prides itself on offering some of the lowest on-campus housing rates in the Big Ten. Though freshmen aren’t required to live on campus, more than 90% of first-year students choose to do so. Many undergraduates also choose to live on campus for a second year, and beyond.

    Costs for 2024-25

    •   Housing and food expenses (on-campus): $14,124

    •   Housing and food expenses (off-campus): $12,414

    •   Other living expenses (on/off campus): $3,178

    Total living expenses for 2024-25 were estimated at $17,302 for students who lived on campus and $15,592 for those who lived off campus.

    University of Wisconsin – Madison Acceptance Rate

    Fall 2023

    Number of applications

    63,505

    Number accepted

    27,307

    Percentage Accepted

    43%

    The University of Wisconsin – Madison acceptance rate is 43%, which makes the school moderately selective.

    Admission Requirements

    If you’re interested in applying to UW-Madison as a freshman, here’s what you’ll need to submit:

    •   Admission application (either the Common Application or the Universities of Wisconsin Application)

    •   Nonrefundable $70 application fee

    •   Two essays

    •   High school coursework and grade information

    •   One letter of recommendation

    •   ACT or SAT scores (optional for students applying for admission through the spring 2027 term, with an application deadline of October 1, 2026)

    Important deadlines to know:

    •   January 15: Regular decision application deadline

    •   January 22: Regular decision materials deadline

    •   November 1: Early action application deadline

    •   November 10: Early action materials deadline

    SAT and ACT Scores

    Though submitting test scores is optional through the spring 2027 term at UW-Madison, it can be helpful to know the average scores of other students who chose to submit their scores.

    Here are the standardized test scores of students who enrolled in Fall 2023 at the 25th and 75th percentiles.

    Subject

    25th Percentile

    75th Percentile

    SAT Evidence-Based
    Reading/Writing

    660

    730

    SAT Math

    700

    780

    ACT Composite

    28

    32

    ACT English

    27

    34

    ACT Math

    26

    32

    Graduation Rate

    The majority of UW-Madison students complete their degree in four years. But some students take longer. Here are the graduation rates for students who began at the school in 2017.

    •  4 years: 73%

    •  6 years: 89%

    Post-Graduation Average Earnings

    On average, UW-Madison graduates earn an annual salary of $83,000. This is higher than the average projected starting salary for the class of 2025 at the bachelor’s degree level, which is $68,680.

    Bottom Line

    Ranked #13 among Top Public Schools by U.S. News & World Report, UW-Madison is a highly respected university that offers good value, especially for in-state students. For residents of other states, however, tuition runs higher than the national average for public universities. Fortunately, students who need help covering the UW-Madison tuition and other costs may qualify for financial assistance in the form of grants, scholarships, and federal student loans.

    If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.


    Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

    View your rate

    SoFi Private Student Loans
    Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
    Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
    SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.


    SoFi Loan Products
    SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


    Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

    External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


    Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.



    SOISL-Q225-090

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    Student Budget Calculator


    Student Budget Calculator

    June 13, 2025

    Managing student finances can feel overwhelming, but with the right tools, it can be simpler than you think. SoFi’s student budget calculator helps you gain a clear picture of your expenses for the school year.

    Understanding what you’ll need to pay for tuition, dorm living or off-campus rent, textbooks, eating out, and more can help you make informed choices throughout the year and build a solid foundation for your financial future.


    How to Use the Student Budget Calculator

    Our calculator is simple and easy to use. Just follow these steps to create your personalized student budget:

    1. Input your academic period: Specify the number of months in the school year using the slider.
    2. Detail your educational costs: Input your annual out-of-pocket tuition (excluding financial aid), anticipated costs for books and supplies, and other miscellaneous school costs.
    3. Account for living expenses: Fill in the cost for your annual dorm and meal plan, or rent if you’re living off-campus.
    4. Add your food costs: Enter your monthly grocery costs, if applicable, and your anticipated monthly total for eating out.
    5. Add other personal costs: Include the monthly cost of internet service, your cell phone, entertainment expenses, and any out-of-pocket medical expenses, such as prescription fees or health-related supplies.
    6. Review your Summary: The calculator will automatically update your total yearly student budget as well as your monthly budget, school costs, living costs, food costs, and personal costs, giving you a clear financial snapshot.
    7. Adjust and optimize: Use the insights to identify areas where you can save or allocate funds more effectively.

    Budgeting Methods for Students

    Determining your student budget is the first step in creating an achievable financial plan. The next is applying a budgeting method that will keep your finances on track throughout the year. Here are a few popular strategies:

    The 50/30/20 Rule

    This straightforward rule suggests dividing your after-tax income into three groups:

    • 50% for Needs: This includes essential expenses like tuition, rent, groceries, minimum debt payments, and health care costs.
    • 30% for Wants: This covers discretionary spending like eating out, entertainment, and non-essential shopping.
    • 20% for Savings & Debt Repayment: Dedicate this portion to building your savings and paying off your debts above the minimum requirements.

    The Envelope System

    For those who prefer a more tangible and visual way to budget, the envelope system may be right for you. This method involves putting a set amount of cash into different spending groups each month. Once the cash in an envelope is gone, you stop spending in that area until the next month. This approach works well for managing variable or discretionary expenses like groceries, dining out, or entertainment.

    Zero-Based Budgeting

    With zero-based budgeting, every dollar of your income is assigned a “job” — whether it’s an expense, savings, or debt repayment. The goal is for your income minus your expenses to equal zero. This method requires careful planning but ensures that you are fully aware of where every dollar is going, preventing unintentional overspending.

    FAQ

    How do you calculate a student budget?

    Calculating a student budget involves these key steps:

    1. Identify all income sources: These include student loan payments, scholarships, wages, and family contributions.
    2. List all expenses: Categorize fixed costs (e.g., tuition, rent) and variable costs (e.g., groceries, eating out, and books and supplies). Non-recurring expenses can be averaged monthly.
    3. Compare income vs. expenses: A surplus allows saving or faster debt repayment; a deficit means reducing spending or increasing income to balance your budget.

    How do you set up a student budget?

    Setting up a student budget is straightforward:

    1. Set financial goals: Define what you want to achieve.
    2. Determine income: Calculate all monthly income, including student loan payments.
    3. List fixed expenses: Include costs like tuition and rent.
    4. Estimate variable expenses: Account for fluctuating costs such as groceries and books and supplies.
    5. Choose a budgeting method: Select a budgeting method (e.g., 50/30/20 rule).
    6. Monitor and adjust: Regularly review your budget to make sure it aligns with your income, expenses, and goals.

    What is a good monthly budget for a college student?

    There isn’t a single “good” monthly budget for college students, as it varies significantly based on factors like location, living situation, course of study, lifestyle choices, and income sources, such as student loan payments.

    For example, students can expect to spend close to $1,900 per month on living expenses, according to the College Board.1 Ultimately, a good budget covers essential needs (tuition, room and board, and medical expenses), supports financial goals, and allows for reasonable discretionary spending without accumulating unmanageable debt, reflecting your unique circumstances and priorities.

    How much of my paycheck should I save as a student?

    It’s generally recommended to put about 20% of your after-tax income into savings. For college students, however, this number can vary depending on their circumstances. Syphoning a portion of your income into an emergency fund can provide a buffer if a financial emergency arises, and even small, consistent savings can turn into large sums over time. That said, putting money toward high-interest debt is important for students since the interest accrued on debt could eclipse interest earned on savings.

    Article Sources:

    1 College Board. Trends in College Pricing

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    Life Insurance Guide

    Life Insurance Guide

    Life Insurance Resources:
    A Comprehensive Guide to Life Insurance

    Understanding your life insurance needs can be challenging. This resource hub brings together helpful articles on topics like coverage types, common insurance terms, and costs. Whether you’re looking for ways to lower your premium or just want to learn the basics, these resources can help.

    Terms to know:







    Annuity

    This is a contract in which the buyer deposits money with a life insurance company for investment on a tax-deferred basis.

    Beneficiary

    This is the person or entity designated to receive the death benefit from a life insurance policy or annuity contract.

    Contestable Period

    For up to two years, a life insurance company may deny payment of a claim to beneficiaries because of suicide or misrepresentation on an application.

    Death Benefit

    This term refers to the amount that will be paid to the beneficiary upon the death of the insured. The phrase “death benefit” is common life insurance terminology you’ll see in a life insurance policy.

    Insured

    This is the person whose life is insured by the policy. The insured may also be the policyholder.

    Policy

    This is the official, legal document that includes the terms of the policy owner’s insurance. The policy will name the insured, the policy owner, the death benefit, and the beneficiary.

    Premium

    The payment the customer makes to the insurance company to pay for the policy. It may be paid annually, semiannually, quarterly, or monthly.

    Life Insurance Basics

    Life insurance can be confusing, but understanding the basics can help. These articles cover key topics like how to get life insurance, how much insurance you may need, and how it works to give you a solid foundation.

    Ready to Explore Life Insurance?

    SoFi has teamed up with Ladder to bring you term life insurance that’s competitive, quick to set up, and easy to understand.


    Get started

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    Indiana University Bloomington Tuition and Fees


    Indiana University Bloomington Tuition and Fees

    Indiana University Bloomington Tuition and Fees

    On this page:

      By Kelly Boyer Sagert

      (Last Updated – 06/2025)

      Indiana University is known for its innovative academic programs, and for being the first to feature an informatics school. Located on a beautiful campus in Bloomington, IU offers a variety of excellent music and arts degrees. U.S. News & World Report rates it #34 on its list of top public universities. The school is also home to international student organizations and is known as being an LGBTQ+-friendly campus. Plus, if you love sports, the Hoosiers provide plenty of exciting athletic competitions.

      Total Cost of Attendance

      Here’s a close-up look at how much it costs to attend Indiana University Bloomington.

      Costs for 2024-25


      Student Type

      In-State

      Out-of-State

      Tuition & Fees

      $12,144

      $41,891

      Books & Supplies

      $1,250

      $1,250

      Room & Board

      $13,984

      $13,984

      Other Expenses

      $3,224

      $3,224

      Total Cost of Attendance

      $30,602

      $60,349

      As a point of comparison, the national average cost for public four-year universities was $28,840 per year for in-state students and $46,730 for out-of-state students, putting IU’s costs above the average.

      Financial Aid

      In the 2022-23 school year, 83% of IU students received some sort of financial aid with 69% of them receiving grants or scholarships. A few highlights:

      •  Grant or scholarship aid averaged $9,857 per student

      •  Pell grants averaged $5,293 per student

      •  State/local government grant/scholarship averaged $7,529 per student

      •  Almost a third (31%) of students obtained federal student loans, averaging $5,022 per student

      Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

      The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

      •  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and/or financial need.

      •  Grants: Generally based on financial need, these can come from federal, state, private, and nonprofit organizations.

      •  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

      •  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

      Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.

      You can find other financial aid opportunities on databases such as:

      •  US Department of Education – Search for grants from colleges and universities by state

      •  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

      Recommended: The Differences Between Grants, Scholarships, and Loans

      Private Student Loans

      Private student loans were obtained by 7% of Indiana University students, averaging $21,181 per student. The IU financial aid office offers to help students make savvy decisions about their use of private student loans, but does not offer specifics online.

      Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

      What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

      Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

      If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your student loan to process and for your lender to send money to your school.

      Recommended: Guide to Private Student Loans

      Projected 4-Year-Degree Price

      For in-state students, a four-year degree would cost $122,408, based on 2024-25 prices. For out-of-state students, the amount would be $241,396. It’s reasonable to add a 1% increase annually based on past history.

      Here’s some Indiana Student Loan & Scholarship Information for you.

      Repay student loans your way.

      Find the monthly
      payment & rate that fits your budget.

      Undergraduate Tuition and Fees

      Costs for 2024-25

      Student Type

      In-State

      Out-of-State

      Tuition & Fees

      $12,144

      $41,891

      Books

      $1,250

      $1,250

      Total

      $13,394

      $43,141

      Average total costs for tuition and fees at a four-year public university in 2024-25 were $13,394 for in-state students and $43,141 for out-of-state students, making an Indiana education costlier than the norm.

      Graduate Tuition and Fees

      Costs for 2024-25

      Student Type

      In-State

      Out-of-State

      Tuition

      $10,234

      $31,932

      Fees

      $1,522

      $1,435

      Total Cost of Attendance

      $11,756

      $33,367

      >In-state graduate school costs averaged $11,756, and out-of-state costs averaged $33,367 at IU. To compare, the average master’s student in the U.S. spends $21,730 each year on school. There are graduate loans available to help with these costs.

      Cost per Credit Hour

      IU tuition is on a per-credit basis. For in-state undergraduates, getting a bachelor’s degree at IU costs approximately $392 per credit hour. For out-of-state students, it can cost approximately $1,112 per credit hour.

      Campus Housing Expenses

      IU housing for the 2024-25 academic year was $13,984 for both in-state and out-state students to live on campus. The university lists $3,224 for other expenses related to living arrangements as well.

      The university notes that greater Indianapolis contains numerous apartment buildings where units can be rented and provides an off-campus housing guide. As a starting point, rent in Bloomington currently averages $1,109, according to Apartments.com. Note that leases may be for a full year rather than just the academic one.

      Indiana University Bloomington Acceptance Rate

      In fall 2023, the Indiana University acceptance rate was 80%. The university received 54,279 applications.

      Admission Requirements

      Students must have a high school diploma or an equivalent, which shares GPA, and a personal statement is typically needed. Recommendations, work experience, and the SAT or ACT are considered but not required.

      SAT and ACT Scores

      Indiana University considers SAT and ACT scores during the admissions process, when supplied by students, but does not require them. In fall 2023, 41% of applicants submitted SAT scores, and 16% of them submitted ACT scores; students admitted typically had the following scores:

      For submitted tests, here are the 25th and 75th percentiles:

      Subject

      25th Percentile

      75th Percentile

      SAT Evidence-Based
      Reading/Writing

      590

      690

      SAT Math

      580

      710

      ACT Composite

      27

      32

      ACT English

      26

      34

      ACT Math

      26

      31

      Graduation Rate

      Graduation rates for students who entered school in fall 2017 are:

      •  4 years: 71%

      •  6 years: 81%

      Post-Graduation Median Earnings

      Median earnings of IU grads is $63,742 vs. the U.S. average of $68,516.

      Bottom Line

      Indiana University Bloomington’s in-state tuition costs are somewhat higher for in-state students and significantly higher for out-of-state students vs. the national averages. However, it’s a top-ranked public school nationally, so it may be worth the extra expense. The university offers plenty of financial aid opportunities, including scholarships, grants, and federal and private student loans.

      SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.

      View your rate

      SoFi Private Student Loans
      Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
      Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
      SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.


      SoFi Loan Products
      SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


      Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

      Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.



      External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


      SOISL-Q225-105

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      Auto Loan Refinance Calculator

      Auto Loan Refinance Calculator

      Updated June 12, 2025

      Refinancing your car loan can lower your interest rate and save you hundreds and even thousands of dollars over the term of your loan. Discover how much you could potentially save with our car refinance calculator—no email or credit check required.

      Note: The calculator is an estimate and may not reflect the prequalified information—though our lenders show their best auto refinance rates and terms for your situation.

      Why Refinance Your Auto Loan?

      People usually refinance car loans when their financial situation and/or credit score has improved, interest rates have dropped, or they want to remove a cosigner. As a more qualified borrower, you can get more favorable rates and terms on your refinanced car loan.

      Pros and Cons of Refinancing Your Auto Loan

      As with all methods of borrowing money, there are pros and cons to refinancing a car loan.

      The pros

      People usually refinance car loans when their financial situation and/or credit score has improved, interest rates have dropped, or they want to remove a cosigner. As a more qualified borrower, you can get more favorable rates and terms on your refinanced car loan.

      Car refinance rates can be lower than initial auto loan rates.

      Refinancing an auto loan could extend your loan term, meaning you owe less each month.

      Car loan refinancing can also shorten your term, meaning you could pay less in interest in the long term.


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      The cons

      People usually refinance car loans when their financial situation and/or credit score has improved, interest rates have dropped, or they want to remove a cosigner. As a more qualified borrower, you can get more favorable rates and terms on your refinanced car loan.

      If you have enough equity in your car, you could get approved for a loan amount that exceeds what you owe on your vehicle.

      Extending your loan term could result in owing more money overall, as interest adds up over time.

      Shortening your loan term could result in larger payments each month.

      Recommended: Is an Auto Loan Secured or Unsecured?

      What to Expect in Your Auto Loan Refinance

      Terms

      Your refinance auto loan term can be for the same remaining term or changed. A change can affect your total interest paid, monthly payment, and when your car is paid off.

      Rates

      People are often tempted by auto refinance rates—and with good reason. A lower car refinance rate can save significant interest paid with the right terms and loan amount.

      Monthly payments

      When you refinance a car loan, your new loan amount and term will affect your monthly payment. A lower monthly payment can help ease cash constraints.

      How to Use the Auto Refinance Calculator

      Our car loan refinance calculator can help you estimate how much money refinancing your vehicle loan could save you. Using a few simple pieces of information, we can provide an educated guess about your auto refinance rates.

      Details About Your Current Loan

      Before using the car refinance calculator, you must compile the following information about your current vehicle loan. Contact your lender directly if you cannot find any of this information.

      • Current monthly payment: Include what you pay in principal plus interest each month for your current car loan.

      • Balance left on loan: This is how much you still owe on your current loan. Check your most recent statement or your lender’s payment portal/app to find this amount.

      • Current interest rate: As with the others, your current interest rate should be on your statement or the lender’s site. Remember, if your auto loan has a variable interest rate, this number could change throughout the life of your loan based on the overall market. But if you went for a fixed rate, your interest rate should stay the same throughout the life of your loan.

      Details About the Refinance Loan

      After entering the information above, put in your potential new interest rate and term for your vehicle refinance.

      • New interest rate: Include what you pay in principal plus interest each month for your current car loan.

      • New loan term: Input your preferred or quoted new loan term. Typical auto loans follow 12 month increments (e.g. 12, 24, 36, 48, 60, 72, 84). Longer terms can result in lower monthly payments but a higher overall cost because more interest accrues over the life
      of the loan. Conversely, shorter terms may have higher monthly payments but lower overall costs because interest has less time to accumulate.

      Understanding the Results and Your Potential Savings

      Once you enter all the information about your current and refinanced car loans, our auto refinance calculator crunches the numbers and shows your estimated new monthly payments and interest owed over the life of the loan.

      It also shows you how much you could potentially save on monthly payments and/or interest so you can decide if refinancing your car loan is worth it.

      Recommended: Financing a Car Out of State

      Your Next Steps

      If you have found a result you like using the auto refinance calculator, such as a more acceptable interest rate or monthly payment, hit “get prequalified rates.” Prequalifying requires more information, including your contact details, but it will not affect your credit score.

      Then you will be able to see what different lenders have to offer.

      Compare your refinancing options thoroughly. Do not just look at terms and rates; check benefits, pre-payment penalties, additional fees, and user reviews.

      After choosing the lender you are most comfortable with, apply directly with the lender. Their specific application requirements may differ, but they often require:

      Your employer information and pay stubs

      Tax documents

      Identifying documents, like a driver’s license and a Social Security number

      Details about your vehicle

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