 TITLE: Can You Refinance a Student Loan to a Term Longer Than 20 Years? CONTENT: Choosing a Loan Term\n--------------------\nU-fi, a student loan refinance lender, offers a 25-year loan term, but it's one of the only lenders to do so. You must have a $25,000 minimum loan balance and choose a variable interest rate in order to get it.\nA 25-year loan term isn't ideal. To save the most money on interest, choose the shortest loan term you can manage when refinancing. That may mean the monthly payment on your student loans doesn't drop. Instead, you'll pay the same, or even more, per month. But by the time you've paid off your refinanced loans, you'll have paid less interest than if you hadn't refinanced.\nHere's how it works. If you have $25,000 and seven years left on your student loans at a 6% average interest rate, you'll pay $365 per month and $5,678 in interest overall. Refinance that amount to a five-year term at 4% interest and you'll pay $460 per month, but $2,625 in interest. You'll save more than $3,000 over time by refinancing, though your monthly payment won't decrease. A 25-year term would bring your monthly payment down to $132, but you'd pay a massive $14,588 in interest.\nFive years is generally the shortest loan term you'll find. Several lenders—SoFi, Citizens Bank, CommonBond and Education Loan Finance, for instance—make loans that last five, seven, 10, 15 or 20 years. Others, like PenFed by Purefy, offer five-, eight-, 12- and 15-year terms. Earnest provides custom term lengths that can last between five and 20 years. END