Student Loan Refinancing Calculator
What are my private student loan options?

Student Loan Refinancing and Consolidation Calculator

Looking to find out what your payment will be after consolidating or refinancing your loans? We can help. Our student loan refinancing calculator will show you how much you can cut your monthly student loan payments.

To use this calculator, you need 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 a free copy of your credit report now.

* 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. We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues.

Student Loan Consolidation Calculator

Current Loan Summary

Loan Type Amount Borrowed Current Payment Current Term Total Cost of Loan
Current Monthly Payments:

Your Consolidation Loan Summary

Loan Type Amount Borrowed New Payment New Term Total Cost of Loan

New Monthly Payments:

View My Loan Options

Learn More About Student Loan Refinancing

Frequently Asked Questions 

Find answers to some of the most common student loan consolidation and refinancing questions.

Find your student 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 refinancing or consolidation process. Remember, if you want to consolidate your loans into a federal Direct Consolidation Loan, you can only include federal student loans. However, if you want to refinance your student loans, you can refinance both private and federal student loans together.

Student loan consolidation rates

The interest rate for a Direct Consolidation Loan will be the weighted average (rounded up to the nearest one-eighth of a percent) of the loans you are consolidating. It’s important to understand how student loan consolidation and refinancing affects your wallet. If your goal is to lower your interest rate, you may want to consider refinancing.

Should you consolidate or refinance your student loans?

Still not sure if you should consolidate or refinance your student loans? We’ve gathered advice from experts to help you decide.

What will my new monthly payment be after I refinance my student loans?

Your payment after refinancing is based on the length of your repayment term (number of months in repayment), and the new interest rate of your loan. The terms of your student loan refinance (such as loan benefits, length of your repayment term, and interest rate) will be set by your lender. You will need to know this information before your new monthly payment can be determined.

If your goal is to lower your interest rate, a creditworthy cosigner may help you qualify for the best rates.

Direct consolidation loan monthly payment calculators

A federal Direct Consolidation Loan determines your new interest based on the weighted average of the interest rates of the loans you are consolidating rounded up to the nearest 1/8th of one percent, and calculates your monthly payment based on your determined repayment term (number of months in repayment). The loan’s repayment term is determined by the borrower’s total education indebtedness. The larger your student loan debt, the longer your repayment term (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 refinancing is the sum of monthly payments for all private loans and assumes a 15-year repayment term. 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).

What are my private student loan options?