Consolidating federal student loans calculator
So Fi’s turning the very idea of banking on its head and creating an experience that puts our members first.
There are so many choices to make when you take out student loans: big loan or small loan, federal or private, co-signer or no co-signer.The government combines your separate loans into a direct consolidation loan, and it assigns you a 10- to 30-year repayment term based on your total balance.Your interest rate is a weighted average of your previous rates, so it’s not determined by your financial history.Certain loan types that aren’t otherwise eligible for loan forgiveness and income-driven repayment become eligible as a result of consolidation.Access to income-driven repayment plans: If you’re having trouble affording your student loan bill, consider repaying your loans on an income-driven plan.You’ve got just as many choices when it’s time to repay your loans.
If you’re deciding between federal student loan consolidation and refinancing, it’s important to understand the differences before choosing which makes the most sense for you.
Here’s a quick breakdown: Learn more about the two types of loan consolidation to see whether one is right for you.
[Skip to refinancing] This option is available only for federal student loans.
That means your payments will be tied to your earnings and your loan balance will be forgiven after 20 or 25 years.
Only federal direct loans qualify, so consolidating certain other types of loans into a direct consolidation loan will let you repay them on one of these plans.
Access to Public Service Loan Forgiveness: The same is true if you plan to apply for Public Service Loan Forgiveness.