Geeky Tools:
Student Loan Consolidation vs. Refinancing Calculator
DollarGeek's goal is to help you make the best possible financial decisions. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
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?
No
Yes
Will I be able to save cash?
No. Consolidation just takes the weighted average of all your interest rates, it will not lower it
Yes
Can I use federal programs like forgiveness or Income-Driven repayment plans?
Yes
No
Is there just one monthly bill?
Yes
Yes
How much does it cost?
Nothing. It's free.
Nothing. It's free.
FAQs: Student Loan Consolidation vs. Refinancing Calculator
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.