Student Loan Consolidation and Debt Payoff Calculator
Compare your current student loans against a single consolidated loan to see the new payment, payoff timeline and interest impact.
A worked example
Running this tool on current national benchmarks (Federal Reserve / Freddie Mac via FRED (St. Louis Fed)) — swap in your own numbers to see how the result moves.
- Total debt to consolidate
- $35,000
- Current average rate
- 6.50%
- Current total monthly payment
- $400
- Consolidation loan rate
- 6%
- Consolidation term (years)
- 10
new payment $388.57/mo
- New monthly payment$388.57
- New total interest$11,629
- Current total interest$12,565
How the interest you could save changes with total debt to consolidate
Holding the other inputs at the example above, here is how the result moves as total debt to consolidate changes.
| Total debt to consolidate | Interest you could save | New monthly payment |
|---|---|---|
| $20,000 | $3,257 | $222.04 |
| $25,000 | $2,702 | $277.55 |
| $35,000 | $937 | $388.57 |
| $55,000 | $27,849 | $610.61 |
| $70,000 | $125,542 | $777.14 |
The math behind it
The calculator amortizes your current student loans at their average rate and payment, then amortizes a single consolidated loan at its rate over your chosen term, and compares total interest and payoff time. Consolidation replaces several payments with one and can lower the rate or the payment, but a longer term adds interest. The result shows the new monthly payment, the new payoff timeline, and whether you save or pay more overall.
Assumptions & limits
- Current loans are treated as one balance at a single average rate.
- The consolidated loan is fixed-rate over the term you select.
- Rates are fixed for the comparison.
- Federal borrower protections and forgiveness eligibility are not modeled.
- No fees or capitalized interest at consolidation are included.
Common questions
Does consolidating federal student loans cost me anything besides interest?
Potentially yes. Refinancing federal loans into a private consolidation loan can forfeit income-driven repayment, deferment options, and forgiveness programs like Public Service Loan Forgiveness. A federal Direct Consolidation keeps those protections but may not lower your rate. This calculator compares dollars only — weigh the lost benefits separately before you consolidate.
Will consolidation lower my interest rate?
A private refinance can, if your credit and income have improved since you borrowed. A federal Direct Consolidation, by contrast, sets your new rate as the weighted average of your existing loans rounded up — so it simplifies payments without really cutting the rate. Enter the rate you have actually been offered.
Why does a longer term raise my total interest?
Consolidation often resets your loans to a new, longer schedule, which shrinks the monthly payment but keeps interest accruing for more years. Lower payment, higher lifetime cost. Compare the total-interest figures, and keep the term as short as your budget allows to hold down the cost.