Student Loan Consolidation Calculator

The Department of Education uses a weighted average: each loan's balance is multiplied by its interest rate, those are added together, then divided by your total balance across all loans. The result is then rounded UP to the nearest 1/8 of a percent (0.125%) — so your new rate is always slightly at or above the true mathematical average, never below it.

For a Direct Consolidation Loan, the standard repayment term is set by your total combined balance: under $7,500 gets 10 years, $7,500-$10,000 gets 12 years, $10,000-$20,000 gets 15 years, $20,000-$40,000 gets 20 years, $40,000-$60,000 gets 25 years, and $60,000 or more gets 30 years.

It can significantly increase total interest paid, since a longer repayment term (say, 20 years instead of 10) means more months of interest accruing, even though your new rate is close to your old weighted average. This calculator shows the estimated total interest so you can compare directly.

No — federal consolidation combines your federal loans into one federal loan at a new weighted-average rate and keeps federal protections (income-driven repayment, forgiveness programs). Private refinancing replaces federal loans with a private loan, usually at a market-based rate, and gives up federal protections. This calculator is for federal Direct Consolidation only.

This calculator estimates your current combined payment by assuming each existing loan is on a standard 10-year term at its own rate, then compares that to the new consolidated payment and term. Consolidating usually lowers your monthly payment (since the term is often longer) but can increase total interest paid over the life of the loan — the comparison shows both sides so you can see the actual tradeoff, not just the new payment in isolation.