Simple Loan Calculator
Bankrate.com

The answer to this question depends entirely on your situation. There is truly no one correct answer for everyone. There are pros and consto the Direct Consolidation Loans and each payment plan described above. To make it simple, here are the factors you’ll want to consider:
  • Is your particular plan eligible for forgiveness at the end? If so, you could save money on the part of the balance that is forgiven, but you may also need to pay taxes on that amount the year it is forgiven.
  • If you extend the life of your loan, you could end up paying more interest over the life of the loan than you would have otherwise. If you truly cannot make your payments then this could be worth it – but if you can make your payments you’ll want to do the math to make sure that this really makes sense to you.
  • If you consolidate your loan, the terms and conditions of that consolidated loan will override the terms and conditions of your previous loan. Check the benefits of each loan to determine which is better for you before making a decision to consolidate.
No matter what your situation is, we’d recommend using the free ReadyForZero tool to manage your student loans and track your debt payoff progress.