Student Loan Consolidation vs. Refinancing Calculator

When it comes to student loan consolidation, you have two options: a Direct Consolidation Loan or refinancing with a private lender. Both will combine your loans into one new loan with one monthly payment. But which is best? Our Consolidation vs. Refinancing Calculator (for federal student loans only) will help you compare. For refinancing private loans, check out our refinancing calculator.

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Consolidating your federal student loans through the Direct Loan Consolidation program would set your new interest rate at , slightly higher than your current rate of . If you chose to remain on the standard repayment plan, you would pay and would finish paying off your loans in . If you refinanced your student loans, with a and 15 year term, you would pay and pay off your loans by .

Refinancing is the only way to lower your interest rate but you may lose some of the safeguards associated with having federal loans, so make sure you are fully educated on the decision by reading our recommended resources below:

Student loan refinancing rates as low as % APR. Check your rate in 2 minutes.

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Interested in refinancing student loans?

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