How this calculator works
The consolidated rate is the weighted average of your loans rounded up to the nearest 1/8%. The maximum term depends on the total balance, from 10 years under $7,500 to 30 years at $60,000 or more. Current loans are compared on a 10-year schedule.
Worked example
With the example values below: New consolidated payment, $255.82 (6.250% for up to 20 years). Change any number above to run your own.
What you enter
| Input | Example |
|---|---|
| Loan 1 | |
| Balance | $12,000 |
| Rate | 4.99% |
| Loan 2 | |
| Balance | $8,000 |
| Rate | 6.54% |
| Loan 3 | |
| Balance | $15,000 |
| Rate | 7.05% |
| Loan 4 | |
| Balance | $0 |
| Rate | 0% |
What federal consolidation does
A Direct Consolidation Loan combines multiple federal student loans into one federal loan with one servicer and one payment. The fixed rate is the weighted average of the loans combined, rounded up to the nearest one-eighth of a percent. There's no application fee and no credit check.
Consolidation can also make some older loans, such as FFEL loans, eligible for programs they otherwise wouldn't qualify for.
Repayment term and its cost
Consolidation can extend your repayment term based on the total balance, from 10 years for balances under $7,500 up to 30 years for $60,000 or more. A longer term lowers the monthly payment but usually raises total interest a lot, which the calculator shows by comparing your current loans on a 10-year schedule with the consolidated loan.
You can always pay more than the required amount, so a longer term can serve as a safety net while you still pay on a faster schedule.
| Total balance | Maximum term |
|---|---|
| Under $7,500 | 10 years |
| $7,500 to $9,999 | 12 years |
| $10,000 to $19,999 | 15 years |
| $20,000 to $39,999 | 20 years |
| $40,000 to $59,999 | 25 years |
| $60,000 or more | 30 years |
Pros and cons
- Pro: one payment and one servicer.
- Pro: can make older federal loans eligible for income-driven plans or forgiveness.
- Pro: can lower the monthly payment with a longer term.
- Con: the rate is rounded up and can't go down.
- Con: unpaid interest is added to the new balance.
- Con: you lose the ability to target extra payments at your highest-rate loan.
Consolidation vs. refinancing
Consolidation keeps federal protections but doesn't lower your rate. Refinancing with a private lender can lower the rate but ends federal benefits. Private loans can't be consolidated into a federal loan. The weighted average interest rate calculator shows exactly what your consolidated rate would be.
Frequently asked questions
Does consolidating student loans lower the interest rate?
No. The new rate is the weighted average of your loans rounded up to the nearest one-eighth of a percent. It can lower your monthly payment by extending the term, but not the rate.
Is student loan consolidation a good idea?
It helps if you need to make older federal loans eligible for income-driven repayment or forgiveness, or want one payment. If you only want to save money, it usually doesn't help, and extending the term costs more interest.
Can I consolidate private student loans with federal loans?
Not into a federal Direct Consolidation Loan. Private lenders can refinance both together, but the result is a private loan without federal benefits.
How long does federal consolidation take?
Usually 30 to 60 days. Keep paying your current loans until the servicer confirms the consolidation is complete.
Does consolidation affect my credit score?
Federal consolidation doesn't require a credit check. Your old loans show as paid and a new loan appears, which can shift the average age of accounts slightly, but the effect is usually small.
Grow what this calculator projects.
TruthSayer AI sends quantitative stock signals across valuations, earnings and dark-pool activity, each one traded in its own funded account first.
Estimates for planning only, not financial, tax or legal advice. Tax tools use 2026 federal figures (brackets, $16,100 / $32,200 standard deduction, $19,000 gift exclusion, $15M lifetime exemption). Rates shown as defaults are examples; replace them with quotes you actually receive.