What are my loan consolidation options?

Student Loan Consolidation Calculator

Looking to find out what your payment will be after consolidating your loans? We can help. Our student loan consolidation calculator will show you how much you can cut your monthly student loan payments.

To use this consolidator calculator, you need your loan amounts, interest rates and your credit rating. Not sure where to find this information? It’s all tracked in your credit report. Get a free copy of your credit report now. 

Student Loan Consolidation Calculator
Type of Loan:
Amount of Loan:
Interest Rate:
Term:
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* Disclaimer: This calculator is provided for informational purposes only. Calculated results are based on many factors, including the assumptions provided by the user. We cannot and do not provide any guarantees, conditions or warranties as to result accuracy or applicability to the user’s particular circumstances. It is the responsibility of the user to verify that all of the output and resulting calculations are correct. This calculator should not be used by anyone to make material financial decisions and should be used solely for informational purposes. We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues.

Other helpful resources

Find your loan information

If you're not sure what type of loans you have or who services them, there are ways to find out. Learn how to locate your student loans so you can begin the consolidation process.

Frequently asked questions about consolidation

Find answers to some of the most common consolidation questions with federal loan consolidation FAQs or private loan consolidation FAQs.

Avoid student loan default

Struggling to make your payments? There are still ways to make payments more manageable. Learn about student loan default and how to avoid it.

Student loan forgiveness

Did you know that some student loans can be forgiven? Find out more about federal student loan forgiveness and discharge.

Federal monthly payment calculations

Payment before consolidation is the sum of monthly payments for all federal loans and assumes a standard, ten-year repayment term. Payment after consolidation takes a weighted average of the interest rates entered, and calculates monthly payment based on a set repayment term (number of months in repayment). Repayment term is determined by a student's total education indebtedness where the term increases as loan balance increases (see chart below).

Total education indebtedness Repayment term (months)
Less than $7,500 120
$7,500 - $9,999 144
$10,000 - $19,999 180
$20,000 - $39,999 240
$40,000 - $59,000 300
$60,000 or more 360

Private monthly payment calculations

Payment before consolidation is the sum of monthly payments for all private loans and assumes a 15-year repayment term. Payment after consolidation assumes a 20-year repayment term and calculates a new interest rate based on PRIME + a margin depending on a student's credit (1.00% good credit, 3.375% average credit, 5.75% bad credit).

What are my loan consolidation options?