Consolidating calculator

Using the free student loan payment calculator does not constitute an offer to receive a loan and will not solicit a loan offer.Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply.To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Loan Consolidation Information Call Center at 1-800-557-7392.

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Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.

But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.

Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.

top This depends on where you are in the consolidation process.

If you select this option, you won’t have to begin making payments on your new Direct Consolidation Loan until closer to the end of the grace period on your current loans.

Top Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. The current payment amount is based on the total monthly payment amount for all debts at the time of calculation, which could include interest-only payments for credit cards and lines of credit balances, and assumes that the debt is repaid in equal monthly installments for the specified comparison period, and depending on how much is paid toward the principal, could potentially have a balance at the end of the comparison period (may not be paid off in full).Personal lending products offered by Royal Bank of Canada and are subject to credit approval.This calculator is intended for consolidation loans only, and not mortgage refinancing.The calculation is based on the accuracy and completeness of the data you have provided; is for illustrative and general information purposes only; and is not intended to provide specific financial or other advice and should not be relied upon in that regard. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.

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