Consolidating student loan payments
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).This calculator should not be used by anyone to make material financial decisions and should be used solely for informational purposes.We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues. Many people pay hundreds of dollars each month on college loan repayments.At a time when the economy is still in recovery and finding a well-paying job is easier said than done, the results of this debt could be devastating. * Disclaimer: This calculator is provided for informational purposes only.It is the responsibility of the user to verify that all of the output and resulting calculations are correct.
Payment before refinancing is the sum of monthly payments for all private loans and assumes a 15-year repayment term.
Perhaps that’s one reason around 7 million borrowers are in default, according to the Consumer Financial Protection Bureau. Consolidating your student loans can be a great way to ease financial strain — and the stress that goes with it. There are repercussions to refinancing that you should know before you sign on the dotted line.
Looking to find out what your payment will be after consolidating or refinancing your loans? Our student loan consolidation calculator will show you how much you can cut your monthly student loan payments. Calculated results are based on many factors, including the assumptions provided by the user.
To use this calculator, you need your loan amounts, interest rates and your credit rating. We cannot and do not provide any guarantees, conditions or warranties as to result accuracy or applicability to the user’s particular circumstances.
Payment after refinancing 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).