Consolidation vs. Refinancing Calculator

This student loan consolidation vs. student loan refinancing calculator shows you how which strategy saves you more money: student loan consolidation or student loan refinancing.
Step 1: Enter Current Loan Info

Student Loan Balance

Average Interest Rate 

Current Monthly Payment 
Step 2:  Enter Refinancing Info

New Interest Rate (%)
3%

New Loan Term (years)
10
CONSOLIDATION SAVINGS
$112
View Details
CONSOLIDATION
Monthly Payment: $333
Total Payment: $222
Payoff Date: $222
Go Back
REFINANCING SAVINGS
$21,124
View Details
REFINANCING
Monthly Payment: $333
Total Payment: $222
Payoff Date: $222
Go Back
If you refinance $30,000 of student loans at a 3.25% interest rate with a 10-year repayment term, you can save $4,789 over the life of your loan.

Top Picks For Student Loan Refinancing

January 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
1.74% - 7.24%
2.49% - 7.59%
1.74% - 7.59%

View Details

on SoFi's website

Overview

Variable APR:
1.74% - 7.24%
Fixed APR:
2.49% - 7.59%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 5.64%
2.44% - 5.79%
1.74% - 5.79%

View Details

on Earnest's website

Overview

Variable APR:
1.74% - 5.64%
Fixed APR:
2.44% - 5.79%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except KY or NV
Hardship Deferment:
Yes
Co-signer Option:
No
-
2.44% - 6.22%
2.44% - 6.22%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
2.44% - 6.22%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.86% - 6.01%
2.47% - 5.99%
1.86% - 6.01%

View Details

on ELFI's website

Overview

Variable APR:
1.86% - 6.01%
Fixed APR:
2.47% - 5.99%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$15,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.74% - 7.49%
1.99% - 7.84%
1.74% - 7.84%

View Details

on Splash's website

Overview

Variable APR:
1.74% - 7.49%
Fixed APR:
1.99% - 7.84%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
Yes
1.89% - 5.90%
2.50% - 6.00%
1.89% - 6.00%

View Details

on Laurel Road's website

Overview

Variable APR:
1.89% - 5.90%
Fixed APR:
2.50% - 6.00%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
1.90% - 5.25%
2.49% - 7.75%
1.90% - 7.75%

View Details

on LendKey's website

Overview

Variable APR:
1.90% - 5.25%
Fixed APR:
2.49% - 7.75%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

Popular Questions

What is the difference between student loan consolidation vs refinancing?

When you consider student loan consolidation vs refinancing, remember that student loan refinancing enables you to receive a lower interest rate on your student loans and therefore save money. You can refinance your federal student loans, private student loans or both. Student loan refinancing is one of the most effective ways to save money on your student loans and pay off your student loans faster.

Student loan consolidation enables you to combine your existing federal student loans into a single, Direct Consolidation Loan. You can analyze student loan consolidation with a student loan consolidation calculator. Unfortunately, private student loans cannot be consolidated into a Direct Consolidation Loan. With a Direct Consolidation Loan, your interest rate is equal to a weighted average of the interest rates of your existing federal student loans, rounded up to the nearest 1/8%. Therefore, you will not receive a lower interest rate with federal student loan consolidation.

The decision to choose student loan refinance vs consolidation, therefore, should include these considerations.
What are the benefits of student loan refinancing?

Student loan refinancing has many benefits, including:

  • You receive a lower interest rate
  • You can choose a shorter payoff period
  • You can pay off your student loans faster
  • You can have only monthly payment
  • You can have only one student loan
  • You can have only one student loan servicer
  • You can choose a fixed or variable interest rate
  • You can save tens of thousands of dollars
Should I refinance my student loans?

The decision to refinance student loans is a personal choice. If you have a strong credit score, stable income, are employed and want to lower your interest rates on your student loans, then student loan refinancing is an option to consider.

With student loan refinancing, you can lower your interest rate, pay off your student loans faster and save up to tens of thousands of dollars on your student loans.

With a student loan refinance calculator, you can see how much you can save through student loan refinancing. When you refinance student loans, you convert your federal student loans, private student loans or both into a single, private student loan with a lower interest rate and a single monthly payment. The goal is to reduce your high-interest rate to a low-interest rate, save thousands of dollars and get out of debt faster. You can check your interest rate for free in just two minutes from these top-rated lenders.
Is it worth it to refinance student loans?

Student loan refinancing is free so it won’t cost you anything to refinance student loans. The application takes about 10 minutes and you can check your new interest rate for free in just two minutes.

A student loan refinance calculator can show you how much you will save through refinancing student loans. Plus, this student loan refinance vs consolidation calculator compares how much money you can save through student loan refinance vs consolidation.

You can compare the lowest rates and find the best lender for you.

When you refinance student loans, you can lower your interest rate, save money and pay off your student loans faster.

Why would you refinance a student loan?
The top reason to refinance a student loan is to lower your interest rate, save money and get out of debt faster. Student loan refinancing is free, has no application fee and has no prepayment penalty. So, you can apply for free and pay off your student loans anytime. With a lower interest rate, you could potentially save tens of thousands of dollars on your student loans.
Will student loan consolidation vs refinancing save me money?

A student loan consolidation calculator shows you whether you save money through student loan consolidation.

Unfortunately, student loan consolidation does not save you money. Federal student loan consolidation is an organizational tool to combine your existing federal student loans into a single Direct Consolidation Loan. The interest rate for a Direct Consolidation Loan is equal to the weighted average of the interest rates on your federal student loans, rounded up to the nearest 1/8%. So, a Direct Consolidation Loan may actually increase your student loan interest rate.

This is it is important to compare the benefits and drawbacks of student loan consolidation vs refinancing.

What types of student loans are eligible for Direct Loan Consolidation?
If you want to know which types of student loans are eligible for student loan consolidation, the types of student loans that are eligible for Direct Loan Consolidation include almost all types of federal student loans such as Stafford Loans. Remember, only federal student loans are eligible for a Direct Consolidation Loan. Private student loans are not eligible for a Direct Consolidation Loan.
Are private student loans eligible for Direct Consolidation?
Private student loans are not eligible for a Direct Consolidation Loan. Only federal student loans are eligible for direct consolidation.
Can I refinance my private student loans?
Yes, you can refinance private student loans, federal student loans or both. You can use a student loan refinance calculator to weigh the benefits of student loan refinance vs consolidation.

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