Student Loan Consolidation Calculator: Compare Lower Payment Options
Calculate your potential monthly payments under student loan consolidation, refinancing or an income-driven repayment plan.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Updated · 1 min read
Written by
Lead Writer 
Edited by
Head of Content, Core Personal Finance Consolidating multiple federal student loans into a single federal loan could lower your monthly payments. But depending on your situation, you may have better options. Consider these three routes to lower student loan payments:
- Federal student loan consolidation can lower your federal student loan payments by extending the time you have to repay. Consolidation replaces several federal loans with a single "direct consolidation loan." In some cases, you must consolidate before you can access income-driven repayment.
- Income-driven repayment (IDR) plans may reduce payments to a percentage of your income and extend your repayment term. You may also qualify for loan forgiveness after 20 or 25 years. IDR plans are only available for federal student loans.
- Private student loan refinancing can cut your payments with a lower interest rate, if you qualify. Consider refi if you already have private student loans. However, refi is not usually a good option if you have federal student loans, because you’ll permanently forfeit federal loan relief options, certain borrower protections and possible loan forgiveness.
Advertisement
Student loans from our partners
on SoFi® website
SoFi®
Fixed APR
4.24-9.99%
Min. credit score
650
on Earnest website
Earnest
Fixed APR
4.79-9.99%
Min. credit score
665
on Credible’s website
ELFI
Best for faster repayment options
Fixed APR
4.88-8.44%
Min. credit score
680
To see how much you’d pay monthly using each option — federal consolidation, income-driven repayment and refinancing — enter a few details about your loans into the calculator below.
» MORE: Can you refinance student loans?
Student loan consolidation calculator
How to use this consolidation calculator
Step 1: Enter details about your federal and private student loans. You'll need your loan balance, interest rate and monthly payment. You can estimate, but your result will be more accurate if you have specifics handy.
Step 2: Understand what you currently owe. You'll see a total of all your loan balances and payments, plus the weighted average interest rate for all loans. Use this information to compare interest rates and monthly payments.
Step 3: Choose an option to lower your payments. Each option may change your interest rate, monthly payment or repayment term:
- If you're consolidating federal loans, you may see a lower monthly payment and longer repayment schedule.
- Income-driven repayment plans are best suited for borrowers who have a large amount of debt compared to their income. These programs may mean substantially lower payments, but a longer repayment timeline and more accrued interest, too. Depending on the type of federal loans you have, you may need to consolidate them first before signing up for an IDR plan.
- If you're refinancing student loans, a lower interest rate could save you money. The best rates go to borrowers with good or excellent credit.
Consolidation calculator: Next steps
This calculator gives you estimates. For more specific details on how federal student loan consolidation and IDR plans could impact your payments, use the Education Department’s loan simulator.
Reach out to your federal student loan servicer with any questions or if you’re struggling to pay your student loan bill. If you have private loans, call your lender to ask about ways to lower your monthly payments, including refinancing. You may also contact vetted nonprofit organizations that offer student loan help.
If you’re ready to take action, here are some next steps for each option:
- Consolidation. Submit a consolidation application on studentaid.gov. Consolidation is irreversible, but your loans will stay in the federal system.
- Income-driven repayment. Submit an IDR application on studentaid.gov. You can switch your federal student loan repayment plan at any time.
- Refinancing. Compare refinancing rates available to you and explore NerdWallet’s top student loan refinance lenders. Refinancing is a permanent decision; if you refinance federal loans, they will become private loans.
Article sources
NerdWallet writers are subject matter authorities who use primary,
trustworthy sources to inform their work, including peer-reviewed
studies, government websites, academic research and interviews with
industry experts. All content is fact-checked for accuracy, timeliness
and relevance. You can learn more about NerdWallet's high
standards for journalism by reading our
editorial guidelines.
AD
Refinance Your Student Loans with Earnest: smarter rates, total flexibility, no fees.
Check rate
on Earnest's website
AD
Refinance Your Student Loans with Earnest: smarter rates, total flexibility, no fees.
- Fixed APRs starting at 4.79%, Variable Rates starting at 5.88%;
- Customize your term down to the month (5–20 years);
- Skip one payment every 12 months.
Check rate
on Earnest's website
AD
Refinance Student Loans with SoFi:
low rates, flexible terms, no fees.
Check rate
on SoFi®'s website
AD
Refinance Student Loans with SoFi:
low rates, flexible terms, no fees.
- Rates: 4.74-9.99% (fixed) / 5.99-9.99% (variable) APR;
- Terms between 5–20 years, plus features like interest-only SmartStart for residents;
- Zero application/origination/prepayment fees — ever.
Check rate
on SoFi®'s website