Student Loan Consolidation Calculator
Looking to find out what your payment will be after consolidating or refinancing 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 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.
* 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.
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 refinancing is the sum of monthly payments for all private loans and assumes a 15-year repayment term. Payment after refinancing 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).