Consolidation is one way to lower your student loan payments. But depending on your situation, you may have better options.
- Federal student loan consolidation lowers your payments by lengthening the time you have to repay.
- Private student loan refinancing cuts your payments with a lower interest rate, if you qualify.
- Income-driven repayment plans reduce payments to a percentage of your income.
To see how much you’d pay monthly using each option — refinancing, federal consolidation and income-driven repayment — enter a few details about your loans in the calculator below.
Student loan consolidation calculator
How to use this consolidation calculator
- If you’re consolidating federal loans, you may see a lower monthly payment and longer repayment schedule.
- If you’re refinancing student loans, a lower interest rate will save you money. The best rates go to borrowers with good or excellent credit.
- Income-driven repayment plans are for borrowers who have a large amount of debt compared to their income. These programs may mean substantially lower payments, but a longer repayment timeline and more accrued interest, too.