Weighted Average Interest Rate Calculator

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Weighted Average Interest Rate Calculator Calculator

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DollarGeek's Weighted Average Interest Rate Calculator helps student loan borrowers calculate the weighted average interest rate of their student loans. You would use a weighted average interest rate when you're consolidating your federal student loans with a Direct Consolidation Loan. With a Direct Consolidation Loan, the weighted average of the interest rates of all loans will be rounded up to the nearest 1/8th of a percentage point.

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FAQs: Weighted Average Interest Rate Calculator

Alright, I found my weighted average interest rate, so will this be my new interest rate with a Direct Consolidation Loan?

Average vs Weighted Average. Is there a difference?

The Best Student Loan Rates of 2018.

DollarGeek has done the work for you. We’ve sorted through the best student loan lenders and made refinancing your student loan simple. Don’t take the passive approach, start saving thousands by refinancing your student loan today.

Showing 1-7 of 7 accounts

OVERALL RATING:

(4.5)

Learn More

on Earnest’s website

Fixed Rate

3.45%-6.99%

varies on credit

Variable Rate

1.99%-6.89%

varies on credit

Fixed Rate

3.45%-6.99%

Variable Rate

1.99%-6.89%

+ Show More Details

Geeky Insight

Earnest will let you get a personalized rate without affecting your credit score.
Refinance your student loan with a low rate and a flexible repayment schedule - down to an exact month (rare perk).
Earnest will let you pick a loan term ranging from 5-20 years.
If you're looking for a co-signer you'll have to look elsewhere. Earnest does not let borrowers apply with a co-signer.
You will not be able to refinance ParentPLUS loans, only federal and private student loans.
Not available to borrowers in Delaware, Nevada and Kentucky.

Perks

No Late Fees
No Origination Fees
No Application Fees
No Prepayment Penalty
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts: $5,000 -$500,000
Loan Terms: 5 - 20 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: None
Co-Signer Release: No

View Details

Geeky Insight

Earnest will let you get a personalized rate without affecting your credit score.
Refinance your student loan with a low rate and a flexible repayment schedule - down to an exact month (rare perk).
Earnest will let you pick a loan term ranging from 5-20 years.
If you're looking for a co-signer you'll have to look elsewhere. Earnest does not let borrowers apply with a co-signer.
You will not be able to refinance ParentPLUS loans, only federal and private student loans.
Not available to borrowers in Delaware, Nevada and Kentucky.

Perks

No Late Fees
No Origination Fees
No Application Fees
No Prepayment Penalty
Refinance Federal Loans
Refinance Private Loans

Details

Loan Amounts:
$5K -$500K
Loan Terms:
5 - 20 yrs
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
None
Co-Signer Release:
No

OVERALL RATING:

(4.5)

Learn More

on SoFi's website

Fixed Rate

3.46%-7.36%

varies on credit

Variable Rate

1.81%-7.36%

varies on credit

Fixed Rate

3.46%-7.36%

Variable Rate

1.81%-7.36%

+ Show More Details

Geeky Insight

Get a personalized interest rate estimate without affecting your credit score.
You can refinance both your federal and private student loans with SoFi.
There is no co-signer release option with SoFi.
SoFi is one of the most recognized student loan refinancing lenders around. Aside from student loans, SoFi is a one stop for all things finance. Whether you need a personal loan, home loan or just want to start investing - SoFi has the technology and tools to help you achieve financial success.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts: $5,000 - Total outstanding balance
Loan Terms: 5, 7, 10, 15 and 20 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: $5 if 15+ days late
Co-Signer Release: No

View Details

Geeky Insight

Get a personalized interest rate estimate without affecting your credit score.
You can refinance both your federal and private student loans with SoFi.
There is no co-signer release option with SoFi.
SoFi is one of the most recognized student loan refinancing lenders around. Aside from student loans, SoFi is a one stop for all things finance. Whether you need a personal loan, home loan or just want to start investing - SoFi has the technology and tools to help you achieve financial success.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Refinance Federal Loans
Refinance Private Loans

Details

Loan Amounts:
$5K - $500K
Loan Terms:
5 - 20 years
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes
Co-Signer Release:
No

OVERALL RATING:

(5)

Learn More

on CommonBond's website

Fixed Rate

3.21%-6.45%

varies on credit

Variable Rate

2.02%-6.30%

varies on credit

Fixed Rate

3.21%-6.45%

Variable Rate

2.02%-6.30%

+ Show More Details

Geeky Insight

Get a rate estimate with CommonBond without affecting your credit score.
CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate.
CommonBond offers borrowers a longer than usual forbearance period which can be a great perk for borrowers that might need flexibility in case of any financial hurdles.
Choose between a fixed, variable and hybrid loan.
If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts: $5,000 - $500,000
Loan Terms: 5, 7, 10, 15 and 20 years for fixed and variable rate loans. 10 years for hybrid loan.
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: Yes, 15 days after missed payment and the lesser of $10 or 5% of the monthly payment.
Co-Signer Release: Yes, after 36 months of on time payments

View Details

Geeky Insight

Get a rate estimate with CommonBond without affecting your credit score.
CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate.
CommonBond offers borrowers a longer than usual forbearance period which can be a great perk for borrowers that might need flexibility in case of any financial hurdles.
Choose between a fixed, variable and hybrid loan.
If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Details

Loan Amounts:
$5K - $500K
Loan Terms:
Varies
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes
Co-Signer Release:
Yes

OVERALL RATING:

(5)

Learn More

on LendKey's website

Fixed Rate

3.49% - 7.75%

varies on credit

Variable Rate

1.90% - 8.65%

varies on credit

Fixed Rate

3.49% - 7.75%

Variable Rate

1.90% - 8.65%

+ Show More Details

Geeky Insight

Check out what your rate can look like with LendKey without affecting your credit score.
LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments.
The minimum amount you can refinance is $7,500 for all degree types.
If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts (Undergraduate): $7,500 - $120,000
Loan Amounts (Graduate Student): $7,500 - $250,000
Loan Amounts (Med School & Advanced Degrees): $7,500 - $300,000
Loan Terms: 5, 7, 10, 15 or 20 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: Yes, $5 to $15 depending on the lender
Co-Signer Release: Yes, after 12 on time payments

View Details

Geeky Insight

Check out what your rate can look like with LendKey without affecting your credit score.
LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments.
The minimum amount you can refinance is $7,500 for all degree types.
If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Details

Loan Amounts:
$7,500 - Varies
Loan Terms:
5, 7, 10, 15 or 20 years
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes and it varies
Co-Signer Release:
Yes

OVERALL RATING:

(4.5)

Learn More

on Splash's website

Fixed Rate

1.98% - 7.10%

varies on credit

Variable Rate

2.88% - 727%

varies on credit

Fixed Rate

1.98% - 7.10%

Variable Rate

2.88% - 727%

+ Show More Details

Geeky Insight

Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions.
Complete one application and get rates from multiple lenders at once.
Minimum credit score of 660 is required
Co-signer release is available after 12 consecutive on time payments.

Lender Details

Loan Amounts: $1,001 - $65,000 per year
Loan Terms: 7, 10 and 15 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: Yes. If the scheduled payment is not received within 10 calendar days after the payment due date, a late fee in the amount of 5% of the overdue payment is charged.

View Details

Geeky Insight

Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions.
Complete one application and get rates from multiple lenders at once.
Minimum credit score of 660 is required
Co-signer release is available after 12 consecutive on time payments.

Details

Loan Amounts:
$5,000 - No max
Loan Terms:
7, 10 and 15 years
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes

OVERALL RATING:

(4.5)

Learn More

on PenFed's website

Fixed Rate

2.58%-4.98%

varies on credit

Variable Rate

3.23%-5.53%

varies on credit

Fixed Rate

2.58%-4.98%

Variable Rate

3.23%-5.53%

+ Show More Details

Geeky Insight

Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score.
PenFed will let couples refinance their student loans together. This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two.
You can refinance federal, private and parents' PLUS loans with PenFed.
There are no prepayment or application fees.
You will have the option of a co-signer.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts: $7,500 - $300,000
Loan Terms: 5, 8, 12 or 15 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: Yes, and it varies
Co-Signer Release: Yes, after 12 months of consecutive on time payments

View Details

Geeky Insight

Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score.
PenFed will let couples refinance their student loans together. This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two.
You can refinance federal, private and parents' PLUS loans with PenFed.
There are no prepayment or application fees.
You will have the option of a co-signer.

Perks

No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Details

Loan Amounts:
$7,500 - $300K
Loan Terms:
5, 8, 12 or 15 yrs
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes
Co-Signer Release:
Yes

OVERALL RATING:

(4.5)

Learn More

on Citizens Bank's website

Fixed Rate

3.45%-9.49%*

varies on credit

Variable Rate

2.15%-9.29%

varies on credit

Fixed Rate

3.45%-9.49%*

Variable Rate

2.15%-9.29%

+ Show More Details

Geeky Insight

Get a personalized rate without affecting your credit score.
Citizens Bank, also known as Citizens One, will help you refinance your student loans. Even borrowers who didn't graduate with a degree or aren't U.S. citizens can refinance.
You have a co-signer release option after 36 months of consecutive on-time payments.
No late fees, prepayment fees or application fees.
Borrowers accepted in all 50 states.

Perks

No Late Fees
No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Lender Details

Loan Amounts: $10,000 - $500,000
Loan Terms: 5, 10, 15 or 20 years
Origination Fee: None
Application Fee: None
Prepayment Penalty: None
Late Fees: 5% of the late payment amount
Co-Signer Release: Yes, after 36 consecutive on time payments

View Details

Geeky Insight

Get a personalized rate without affecting your credit score.
Citizens Bank, also known as Citizens One, will help you refinance your student loans. Even borrowers who didn't graduate with a degree or aren't U.S. citizens can refinance.
You have a co-signer release option after 36 months of consecutive on-time payments.
No late fees, prepayment fees or application fees.
Borrowers accepted in all 50 states.

Perks

No Late Fees
No Origination Fees
No Application Fees
No Prepayment Penalty
Co-Signer Release Option
Refinance Federal Loans
Refinance Private Loans

Details

Loan Amounts:
$10K - $500K
Loan Terms:
5, 10, 15 or 20 yrs
Origination Fee:
None
Application Fee:
None
Prepayment Penalty:
None
Late Fees:
Yes
Co-Signer Release:
Yes

Alright, I found my weighted average interest rate, so will this be my new interest rate with a Direct Consolidation Loan?

It depends. Assuming you inputted all of your student loan information correctly, it should be very close. The actual value might be a little higher as the interest rate is rounded up to the nearest 1/8th of one percent.

Average vs Weighted Average. Is there a difference?

Yes. But, it's important to keep in mind that while these values may be similar or even the same in some cases, a weighted average for student loans takes into account the principal balance of each loan in addition to the interest rate.

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