Student Loan Consolidation Calculator

Total Principal + Interest The total value of the principal plus the interest across all your loans.

Principal – 0.00%

Interest – 0.00%

weighted avg aprA single APR that represents the average APR of several loans with varying balances and APRs. Loans with a higher balance have more ‘weight’ on the final APR.


monthly payment


total interest


final payoff date

May. 2024

Loan Balances


Mo. Payment


Payoff Date

$0 0.00% $0 $0 May. 2024

Student Loan Consolidation Calculator Overview

Terms to Know


While principal typically has several different meanings, in this iteration the principal refers to the original sum of money borrowed for the student loan.


APR is also commonly referred to as “annual percentage rate”.  APR refers to the annualized cost of credit which includes interest plus any additional fees or costs associated with the transaction.


The weighted average interest rate represents the average rate of multiple loans with varying interest rates and balances. In this case, loans with a higher balance with have more “weight” when looking at their final rate.


The minimum monthly payment refers to the lowest amount of money required to be paid on the loan every month to remain in good standing with the financial institution.

Student Loan Consolidation Fundementals

Consolidating student loans is a fairly common way in which you can simplify your monthly payments and streamline your student loan bills. Many times, but not always, you will find that consolidation is done when you refinance your student loans, which helps to lower your overall interest rate. Check out some of our helpful articles below to get some of your common student loan consolidation questions answered and find out more on how combining your student loans will create a ‘weighted average’ as an interest rate.

What is the difference between student loan consolidation and refinancing?

This is a very common question that has been gaining momentum specifically in the student loan space in recent years. The difference between consolidation and refinancing is quite different so let us explain. When you consolidate student loans, you are simply combining multiple student loans in this case into one more manageable loan. This is helpful for a few reasons but one of the main reasons that this is so helpful is you no longer have to juggle multiple student loan payments and different times of the month with different student loans servicers. Instead, you will have one payment due per month to one student loan servicer.

When you choose to consolidate your student loans, all of the loans are added up. To find the interest rate of the loan, the company who consolidated the loan will find the weighted average of the interest rates on the loans you combine. One big thing to know about consolidation is that you will not save money on a new interest rate, rather doing this will make it much easier to manage your student loan debt in one singular place rather than multiple student loan servicers and times of the month you would need to pay.

In regards to refinancing, this can typically be done with several loans, or simply one loan and involves the process of getting a new loan all together which (usually offers) a lower interest rate than before. As an example, if you wanted to lower your monthly payment due to financial issues or strain you would want to refinance your student loan. As for when you do refinance, you generally will find a third party lender who will work with you to help pay off the original loan amount to the student loan servicer and you will get a brand new unified loan with a lower interest rate that you will now pay this third part bank for.

Can I refinance loans that have been consolidated or refinanced previously?

In most cases Yes. Generally the best way to see if you qualify is to reach out to one of our refinancing partners to see if your loan is eligible to be refinanced or consildated again. Please note that previous consolidation or refinancing applications will not affect the eligibility of this application with most lenders. For more details please head over to our refinancing page.

Consolidating your Student Loans doesn’t have to be Scary.
Consolidate your student loans into one more manageable loan and get control of your life back.

Common Student Loan Consolidation Questions

What types of loans can be consolidated?

‣ There are almost 20 total loan options in the student loan space that are available for consolidation. A list of approved loans would include the following; Direct PLUS Loans, Direct Unsubsidized Loans, Loans for Disadvantaged Students, Health Professions Student Loans, Health Education Assistance Loans, Nurse Faculty Loans, Nursing Student Loans, Federal Perkins Loans, Supplemental Loans for Students, PLUS loans form the Federal Family Education Loan (FFEL) program, Unsubsidized Federal Stafford Loans, Subsidized Federal Stafford Loans, and FFEL Consolidation Loans and Direct Consolidation Loans (in certain conditions). These loans listed are typically the most common student loans that are able to be consolidated, however, if you do not see your loan on this list, you may want to check with the Student Aid Government website here.

When can I consolidate my loans?

‣ You are generally allowed to start consolidating your student loans after you have left school, graduated or have dropped well below the half-time enrollment at the school per their student handbook. If you are unsure if you meet these requirements please reach out to your school or student loan servicer to see if you qualify.

What are the requirements to consolidate a loan?

‣ When looking to consolidate your student loans there are a few prerequisites that you will need to meet in order to qualify. First and foremost the loans you are looking to consolidate must be in a grace period or repayment. In most cases, you will not be able to consolidate an existing loan that has been consolidated unless you are looking to add an additional loan for consolidation. To find out about more about what is needed for other instances of student loan consolidation that were not provided in this section please check out the official Student Aid website.

What is the interest rate on a consolidation loan?

‣ Once your student loan has been approved for consolidation and the consolidation process has happened, you should end up with a new fixed rate student loan. What is a fixed interest rate? A fix interest rate is an interest rate on a liability (your loan) the remains the same for the entirety of the loan’s term. A good example of this would be a $25,000.00 loan with a fixed interest rate of %5.00 for 15 years. The interest rate will remain at %5 throughout the term of the loan.

When do I begin repayment?

‣ Loan repayment with vary depending on the new loan servicer. Generally, they will let you know within 60 days of having your student loans consolidated. This means that the initial loans payments have been dispersed and you are now paying the loan servicer.

Ready to see how much you can save?
Now let us help you. Get started today.