Student Loan Consolidation Calculator

Use our student loan consolidating calculator to help you pay off your private student loans and federal student loans. To begin, you'll need to input specific information about your existing loans, including: Loan balances on all your student loans, interest rate on each of these loans, your current monthly payment on each loan, and the type of loan (Federal or Private).

Current loan Direct Consolidation
Refinancing
Total amount paid $31,757 $31,857 $28,449
Monthly payment $176 $177 $158
Interest rate 6.700% 6.750%
4.990%
Payoff date October 2034 October 2034 October 2034

Total amount paid

Monthly payment

Current

$31,757

Consolidation

$31,857

Refinancing

$28,449

$0
$4,000
$8,000
$12,000
$16,000
$20,000
$24,000
$28,000
$32,000

Student Loan Consolidation Calculator: An Overview

A student loan consolidation calculator is a common tool used to gain key insight into student loan repayment.

Student loan consolidation means to group multiple student loans under a single loan. In other words, if you took out more than one private student loan or federal loan, you can combine them into one big one. This can help streamline your student loan payments by enabling you to make just one payment monthly as opposed to several.

Student loan consolidation doesn’t hurt your credit score. In fact, if you have a good credit history from pay down an auto loan on time and credit cards, it can improve it even more. This only work if student loan consolidation enables you to make your payments on time.

Consolidating a loan is one of the strategies that student loan borrowers use to eliminate debt. They also use student loan refinancing. People refinance their student loans to have a lower interest rate. However, this has its pro and cons as well.

It’s important to be careful when refinancing from a variable interest rate to a fix interest rate. You don’t want to get stuck with a rate you don’t like.

In light of Forbes’ recent report of the current student debt crisis, borrowers are bound to devise new ways to combat student debt.

After all, Forbes did make mention of the $1.6 trillion student loan debt issue that the United States is facing.

For this reason, borrowers use calculators to understand their repayment options to lower their current interest rate and reduce the life the loan(s) they have.

How Does the Student Loan Consolidation Calculator Work?

To begin, you’ll need to input specific information about your existing loans. To be specific, you must know the following:

  • Loan Balances On All Your Student Loans
  • Interest Rate On Each Of these Loans
  • Your Current Monthly Payment On Each Loan
  • The Type Of Loan (Federal or Private)

Populate the fields with the information solicited. Once you’ve done that, click ‘Calculate’ and the student loan consolidation calculator will generate results.

To generate the new interest rate, the calculator uses the average of the interest rates that you input.

Consolidation Loan: Pros

When you consolidate student loans, you need to bear in mind that there are pros and cons to doing so.

First, let’s take a look at the pros:

  1. Easier Management of Finances – This is one of the major benefits of direct consolidation loans. When one has multiple loans, it can be challenging to keep track of them all. For that reason, merging them into one helps the borrower to better manage their repayment strategy. This is often harder with private loans due to the lax of flexibility.
  2. More Time To Pay Off Loans – On each of your student loans, you will have a time period in which you must repay each one. If you consolidate your loans with a private company, you can negotiate a more favorable repayment plan for your pockets. A longer-term means that you’ll spend less on your minimum monthly payments.
  3. Freedom To Choose Your Lender – If you have federal loans, you had no choice when it came to your lender. You were assigned one and there was nothing you could do about it. If, however, you decide to consolidate your loan, you have more flexibility. The State allows you to choose one out of nine lenders to handle your debt moving forward.

Consolidation Loan: Cons

While the pros are attractive, there are some downsides to consolidating loans, including:

  1. You Pay More in Interest – An extension in your repayment term equates to you paying more interest. This is because the longer you have a loan, the more interest is charged to it. Even though in theory, your minimum monthly payments will be less, in the long run, your interest payments will exceed what you would have paid otherwise resulting in a larger loan amount.
  2. You Don’t Save Money – As a consequence of paying more interest, you don’t save money. With a student loan consolidation calculator, you will discover that your total monthly payments add up to more than the total amount you’d have invested with another plan.
  3. You Give Up Federal Loan Benefits – When you consolidate federal loans, you relinquish any rights you have to Public Service Loan Forgiveness. These benefits include deferment and forbearance options that would help you to manage your loan payments in a time of financial crisis.

Student Loan Consolidation Calculator: Verdict

Deciding whether or not to consolidating your student loans is the right decision is not always easy.

There is no right or wrong answer. It depends on your finances and personal preferences.

While consolidating your loans, it helps to organize your finances, it implies that you’ll be spending more than you need to.

If you feel like it’s the best option for you, go ahead and consolidate your loans. Just remember to use a student loan consolidation calculator to help you organize your finances.

Ready to Refinance Your Student Loans?

Here are a few of the best options:

LENDERVARIABLE APRELIGIBLE DEGREES 
1.99% - 7.06%Undergrad &
Graduate
Visit Splash
1.90% - 7.89%Undergrad &
Graduate
Visit Lendkey
3.50% - 8.72%Undergrad
& Graduate
Visit Earnest
2.62% - 6.12%Undergrad &
Graduate
Visit College Ave
2.31 - 8.72%Undergrad &
Graduate
Visit Credible