Consolidating Student Loans Calculator

This was actually created as my personal tool to help me calculate how much I’d have to pay back if I went and consolidated my student loans into a single loan with a lower interest rate. If you’re looking for a way to get rid of those pesky student loans, then this might help! It’s not foolproof, but it at least gives you some basic information about what kind of savings you’ll achieve depending on how many years you’ve had them and how much money you’re paying interest currently.

It doesn’t take into account any payments you may make off-campus (which would obviously reduce that number), but even just knowing how much you need to save each month is still useful.

Consolidating Student Loans Calculator

This calculator can help determine if consolidating student loans makes sense for you. Consi…

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Consolidating Student Loans Calculator

Consolidating student loans is definitely a good idea if you have a large amount of debt. When you consolidate your loan payments, they become easier to manage, and you may even end up saving money. You can find out how much consolidation would save you here…

Consolidating Student Loans Calculator

There are many calculators out there – however we have created our own Consolidation Calculator that looks at each student’s debt situation individually. We take into account each person’s loan type (private, federal, etc) and their total amount. We then calculate how much money they would need to make monthly payments. If they were able to increase their payment by $50/month, they could save themselves over $600 in interest charges over the course of 5 years!

Consolidating Student Loans Calculator

What Is Consolidation?

A consolidation loan is a type of loan where a borrower may combine several smaller loans into one larger loan. Sometimes, borrowers will take out several smaller student loans to pay their tuition costs. When they graduate, they will have several payments each month. In some cases, the monthly payment on these small loans might add up to much higher than what the borrower could afford. By consolidating those loans, the borrower gets a single monthly payment, lowering their interest rate and making it easier for them to handle.

Why Should I Consider Consolidation?

There are many reasons why a borrower should consider consolidation. In some states, consolidated government loans can offer lower rates than private loans, sometimes even zero percent financing. If the borrower’s financial situation changes, they can often refinance at a cheaper rate than if they were to consolidate their current debt. And finally, consolidation lowers the total amount of payments a debtor makes over time. Borrowers who consistently miss payments or fail to make any payments on their loans will likely incur fees or penalties that can significantly increase the cost of their original loan balance.

How Do I Calculate My Loan Balance?

The first step in calculating how much money you need to borrow is determining your current outstanding balance. Generally, this is simply subtracting the sum total of all payments you made so far on your loans from the total amount you borrowed. So let’s say the actual amount borrowed was $10,000.00 and you only paid off $1,500.00 so far, then the remaining $9,500.00 would be your current outstanding balance. Next, divide the total amount borrowed by the number of months in the term of your loan (i.e., 10 years divided by 12 equals 1 year per month). Then multiply that result by 30, and that gives you what you owe each month.

What Is The Best Loan Type For Me?

Some people prefer to use a federal or government-backed loan while others go for a private lender. A federal student loan is a loan provided by the Department of Education, while private lenders provide loans backed by guarantors or investors as well as non-profit organizations. Each option has its pros and cons. Federal student loans tend to carry lower interest rates and generally have a longer repayment period than private student loans. On the flip side, private lenders tend to offer lower rates and shorter repayment periods. It is best to seek out professional advice before choosing a specific loan program.

Can You Refinance Your Debt Without Paying Down All Of It First?

Yes! There are ways to do this without having to pay down all of your balances first. However, this does require good credit and a willingness to work closely with a qualified lender. With lower credit scores, borrowers may find themselves paying a higher percentage rate instead of getting a lower rate. Most lenders will not allow a borrower to refinance without paying down their entire balance.

How Much Would I Save As A Result Of Consolidation?

You can save anywhere between 50% and 90%, depending on what kind of loan consolidation you choose. Private consolidation options are generally less expensive than federal consolidation, and this means that you can borrow more money to cover the rest of your expenses. Depending on how long you plan to stay at college, you may be able to put away more of your savings by taking advantage of the federal consolidation loan programs.

Are These Fees Covered By Grants Or Scholarships?

No, but some grants and scholarships do reimburse certain types of fees. Check with your financial aid office about what kinds of fees are covered under your award.

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