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Student Loan Consolidation Calculator

Student Loan Consolidation Calculator

Written by Andrew

January 19, 2020

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Student Loan Consolidation Calculator

If you have a lot of student loans, the payments coming out can feel a little like the game whack-a-mole. As soon as you hit one, another pops up. This can take up a ton of space in your brain and can even be costing you more money. This is where consolidation can make sense. Use our student loan consolidation calculator to see if consolidating your student loans makes sense.

 

Student Loan Consolidation Calculator

 

What you will need for the Student Loan Consolidation Calculator?

There are a few things you will need for each loan they are:

  1. Original loan amount
  2. Interest rate
  3. Length of loan

From there we will estimate your monthly loan payments and then show you how much debt you initially had and the payments on it. Unlike a rent calculator that just uses your income to calculate how much rent you can afford, changing the different amounts can have an affect on your payment.

 

How to use the student loan consolidation calculator

Next you will want to enter in your refinancing amount. It’s likely you don’t owe the same amount that you started out with, so you can enter a different amount into the refinancing section of the student loan consolidation calculator. After you have done that you can play around with the interest rates and term to see how much you can save by consolidating your loans.

If you need to check out rates you can see them at Sofi, they can give you a rate quickly.

 

Other Student Loan Calculators

Student Loan Refinance Calculator:  if you have a student loans then you may want a more straightforward calculator. You can check out our student loan refinancing calculator to get a better idea of what  a refinanced loan will have on your payments and how much interest you can save in doing this.

Student Loan Payoff Calculator: If you are on a journey to pay off your student loans quicker, take a look at our student loan payoff calculator. You could end up being loan free a lot faster than you think! Check out the student loan payoff calculator.