Looking to find out how much you can save by consolidating your loans? We can help. Our student loan consolidation calculator will show you how much you can save on your monthly payments.
To use this consolidation calculator, all you need are 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 your credit report now.
Student Loan Consolidation Calculator
* 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. Actual terms will be set by your lender or your school. We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues.
Ready to consolidate? Get started now »
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.
*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. Actual terms will be set by your lender or your school. We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues.
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).
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