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Student Loan Consolidation vs. Refinancing Calculator

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When you're looking to consolidate your student loans, you have two options: a Direct Consolidation Loan or Refinancing with a private lender. Both options will combine your student loans into one new loan with one monthly payment. To find out which option suits your best, use our Consolidation vs. Refinancing Student Loan Calculator (for federal student loans only).

Step 1: Current Loan Info
Federal student loan balance
Average interest rate
Current monthly payment
Step 2: Refinancing Info
New interest rate
New loan term (years)

Which is right for you?

Plug in some numbers and see if consolidating or refinancing makes more sense.

Remember: Consolidating doesn't lower your monthly payments.

Geek out with some quick facts.

Start with the basics.

Student Loan Consolidation

Student Loan Refinancing

What does it do?

Combines multiple federal loans into one federal loan

Combines private and/or federal loans into one private loan

Which loans can I combine?

Only federal loans

Federal loans and private loans

Can I lower my interest rates?



Will I be able to save cash?

No. Consolidation just takes the weighted average of all your interest rates, it will not lower it


Can I use federal programs like forgiveness or Income-Driven repayment plans?



Is there just one monthly bill?



How much does it cost?

Nothing. It's free.

Nothing. It's free.

The Best Student Loan Rates of 2020.

DollarGeek has done the work for you. We’ve sorted through the best student loan lenders and made refinancing your student loan simple. Don’t take the passive approach, start saving thousands by refinancing your student loan today.