Student Loan Consolidation & Debt Payoff

Consolidate student loans and use savings to accelerate other debt payoff.

  • Methods explained
  • Save scenarios
  • Compare saved scenarios

Student Loans

Loan 1

$
%
$

Loan 2

$
%
$

Loan 3

$
%
$

Consolidation Terms

%
120 months

Other Debts

$
%
$

Savings from consolidation can be applied to other debts

Consolidation Analysis

Current Student Loans

Total Monthly Payment$385
Total Interest$11,556

Consolidated Loan

Monthly Payment$358
Total Interest$9,976

Student Loan Savings

Monthly Payment Savings$27
Interest Savings$1,580

Impact on Other Debts

Current Payoff Time50
Accelerated Payoff39
Total Savings (All Debt)$2,121
How it works›

Model and assumptions. Compares the existing debt payments and interest with the entered consolidation loan and its fees. Extending repayment can lower payments while increasing cost. Student-loan benefit loss, underwriting and tax eligibility are not resolved by this cost comparison; secured borrowing also changes collateral risk.CFPB: money and debt worksheetsOpenStax: annuity formulas