How much can I save when I
consolidate my student loans?
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Student Loan Consolidation
Savings Chart
Check out our savings chart to see how much you can potentially save each month.
Loan Amount |
$15,000 |
$25,000 |
$40,000 |
$60,000 |
Your estimated payment |
$175 |
$292 |
$467 |
$701 |
Your estimated payment |
$92 |
$154 |
$246 |
$369 |
Monthly Savings |
$83 |
$138 |
$221 |
$332 |
* All payments are calculated under the Federal Stafford Loan Repayment Plan, using 7.14% APR. This rate is effective from July 1, 2006 to June 30, 2007. A 10-year term is used for all examples.
** All payments are calculated under the Federal Consolidation Program Two-Year Graduated Repayment Plan option, which reflects interest only payments in effect for the first two years, using a 7.257% APR. This rate is effective from July 1, 2006 to June 30, 2007. Your rate will be a weighted average of all the loans you're consolidating rounded up to the nearest 1/8th of 1%. The maximum repayment periods shown are determined by the total amount owed on the student loans consolidated. For the above examples, a 15-year term is used for the $15,000 example; a 20-year term is used for the $25,000 example; a 25-year term is used for the $40,000 example; a 30-year term is used for the $60,000 example.
How to Get the Pre-July 1st Interest Rate After the Deadline!
According to the U.S. Department of Education, if you have "substantially completed" a student loan consolidation application prior to July 1, 2006, you may still qualify for the lower pre-July 1 interest rate, even at this late date!
CURRENT STUDENT LOAN CONSOLIDATION
INTEREST RATES
5.375% - 6.125%*
Testimonials