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Student Loan Consolidation Calculator

Interested in consolidating your student loans? Here are the 3 best student loan consolidation calculators you can use to understand your options.

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

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 mention 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 of the loan(s) they have, without necessarily refinancing.

Read on to learn about 3 best student loan consolidation calculators you can use in 2020.

How Does the Student Loan Consolidation Calculator Work?

Use the student loan consolidation calculator to help pay off your private student loans and federal student loans.

To begin, you’ll need to input 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)

3 Best Student Loan Consolidation Calculators

1.      FutureFuel.io

Did you know you could optimize your student loans without consolidating?

FutureFuel.io’s Reassess tool demystifies the eligibility requirements for all government-sponsored plans.

Use FutureFuel.io’s Reassess tool to calculate how much you could save with personalized insights. The average borrower saves between $260 – $326 per month by switching to an income-driven repayment plan.

2.       Student Loan Hero

Student Loan Hero’s Student Loan Consolidation vs. Refinancing Calculator helps you figure out whether loan consolidation or loan refinancing is a better option for you.

You enter your current loan, which includes your federal student balance, average interest rate, and your current monthly payments. You then enter your refinancing info that includes the new interest rate and the new loan term in years.

The results then show you a comparison of the difference you can get with direct consolidation and refinancing compared to your current loan.

3.       MagnifyMoney

MagnifyMoney’s Student Loan Consolidation vs. Refinancing Calculator helps you compare the difference in your loan if you consolidate them or refinance them.

After you enter your current loan and refinancing info, it’ll show you the total amount paid, monthly payments, interest rate, and payoff dates for your current loan, consolidated loan, and refinanced loan.

Using this comparison, you can choose the best course of action where you have to pay the least amount back, make lesser monthly payments, and pay off your loan faster.

Should You Consolidate Your Loans?

Student loan consolidation means grouping 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. This can 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 paying down an auto loan and credit cards, it can improve it even more. This only works 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 pros and cons, as well.

Consolidating your loans typically makes it easier to manage your finances since you are only responsible for making one payment instead of juggling multiple . 

Start Using a Student Loan Consolidation Calculator

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.

If you combine its use with a personalized Financial Health platform like FutureFuel.io, you could double your efforts and clear your debt faster.