Student Loan Consolidation Calculator: Compare Lower Payment Options

Consolidating multiple federal student loans into a single federal loan could lower your monthly payments. But depending on your situation, you may have better options. Consider these three routes to lower student loan payments:

• Federal student loan consolidation can lower your federal student loan payments by extending the time you have to repay.

• Private student loan refinancing can cut your payments with a lower interest rate, if you qualify. Consider refi if you already have private student loans. However, refi is not usually a good option if you have federal student loans, because you’ll permanently forfeit federal loan relief options, borrower protections and possible loan forgiveness.  

• Income-driven repayment (IDR) plans may reduce payments to a percentage of your income and extend your repayment term. You may also qualify for loan forgiveness after 20 or 25 years. IDR plans are only available for federal student loans.

To see how much you’d pay monthly using each option — federal consolidation, refinancing and income-driven repayment — enter a few details about your loans into the calculator below.

» MORE: Can you refinance student loans?

Student loan consolidation calculator

How to use this consolidation calculator

Step 1: Enter details about your federal and private student loans. You'll need your loan balance, interest rate and monthly payment. You can estimate, but your result will be more accurate if you have specifics handy.

Step 2: Understand what you currently owe. You'll see a total of all your loan balances and payments, plus the weighted average interest rate for all loans. Use this information to compare interest rates and monthly payments.

Step 3: Choose an option to lower your payments. Each option may change your interest rate, monthly payment or repayment term:

• 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 could save you money. The best rates go to borrowers with good or excellent credit.

• Income-driven repayment plans are best suited 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. Depending on the type of federal loans you have, you may need to consolidate them first before signing up for an IDR plan.

Consolidation calculator: Next steps

This calculator gives you estimates. For more specific details on how federal student loan consolidation and IDR plans could impact your payments, use the Education Department’s loan simulator.

Reach out to your federal student loan servicer with any questions or if you’re struggling to pay your student loan bill. If you have private loans, call your lender to ask about ways to lower your monthly payments, including refinancing. You may also contact vetted nonprofit organizations that offer student loan help.

If you’re ready to take action, here are some next steps for each option: