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Summary Information
Starting to Repay Your Student Loans:
most students starting out or making career changes soon learn how challenging it can be to manage multiple student loan payments.

Total Repayment Can be High:
since each federal student loan has its own repayment rate and term, the total monthly payments for all student loans combined can be high.

Large Debts Can Increase Your Debt Ratio:
this combined payment each month can be challenging when you are starting out on your career or getting yourself qualified to buy your first home since large payments can increase your debt-to-income ratio: calculate your debt ratio

Lowering Your Payments:
you can lower your monthly payments by consolidating all of your federal student loans into one, lower-payment loan.

View this illustrative table to estimate how much lower your monthly payment can be:

Apply Online
Student Loan Consolidation Payment Reduction *
Loan Amount $15,000 $25,000 $40,000 $60,000
Your Current Estimated Monthly Payment $175 $292 $467 $701
Your Estimated Consolidated
Monthly Payment
$137 $198 $298 $409
Estimated monthly payment reduction $38 $94 $178 $292
download this monthly payment worksheet to run your own numbers:
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Estimate your payment reduction:

Total Loan Amt.
Current Payment
New Payment

What to do?

You can lower your monthly payments by consolidating
all of your federal student loans into one loan. Here is how it works:


Note: The chart is for example only. Your actual savings my differ. The numbers are estimated as follows:

Current Payment: uses a 7.14% interest rate under a standard 10 year repayment plan. This rate is for loans first disbursed between July 1, 1998 and June 30, 2005. Loans disbursed before this period have a slightly higher interest rate.

Consolidated Payment: calculated under the Federal Consolidation Program using an example of a 7.25% with extended repayment terms.

The In-Grace Consolidated Payment: calculated under the Federal Consolidation Program using the in-grace discount of 6.625% with extended repayment terms.

Note that extending the repayment period increases your total interest costs because you will be making smaller payments over a period of time. You can however prepay all or any portion of your outstanding balance without penalty reducing the total amount of interest paid over the life of the loan.

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