Free Student Loan Consolidation Calculator
See how combining multiple student loans into one could change your monthly payment and total interest.
Educational Disclaimer: Federal and private consolidation have different rules and trade-offs. This tool provides an estimate only.
How to Use This Calculator
- 1Enter the balance, interest rate, and monthly payment for each loan you're consolidating
- 2Review the automatically calculated weighted average rate, and adjust if you have a specific offer
- 3Choose your new loan term to see your estimated new payment
What This Is Useful For
- • Compare your current loans against a single consolidated payment
- • See whether consolidation would extend your payoff timeline
- • Get a starting point before talking with your loan servicer
Auto-calculated from your loans above: 6.02%
New Estimated Monthly Payment
$222.24
Total Balance Being Consolidated
$20,000
Total Interest. If Loans Stay Separate
$5,964
Total Interest. Under Consolidation
$6,669
Worth noting: based on what you entered, consolidating may lower your monthly payment, but it looks like it could extend your total payoff timeline compared to your current pace. A lower payment and a longer timeline often go together, consolidation isn't automatically the better choice just because the payment is smaller.
Want to know more?
This calculator does not currently link to a dedicated student loan content page, we plan to build one. In the meantime, see our Debt Relief Qualification Estimator for other debt strategies.
Frequently Asked Questions
Will consolidating my student loans always lower my payment?⌄
Often, yes, especially with a longer term, but a lower monthly payment usually means paying more in total interest over a longer timeline, not less.
Is federal loan consolidation the same as private refinancing?⌄
No. Federal consolidation combines federal loans and can preserve access to federal programs. Private refinancing can offer lower rates but generally forfeits federal protections like income-driven repayment and forgiveness eligibility.
How is the new interest rate calculated?⌄
For federal consolidation, the new rate is typically a weighted average of your existing loans' rates. Private refinancing rates depend on the lender and your credit profile instead.
Should I consolidate if I'm pursuing loan forgiveness?⌄
Be cautious, consolidating or refinancing federal loans can affect your progress toward forgiveness programs. Talk with your loan servicer before making a decision.
Dealing with other debt too?
Our free assessment can help you see your full picture, not just student loans.