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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.
A Direct Consolidation Loan will use your
weighted average interest rate.
A weighted average interest rate is different than an average interest rate.

Fun Fact: You can't save money with a Direct Consolidation Loan.
FAQs: Weighted Average Interest Rate Calculator
The Best Student Loan Rates of 2020.
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.

Variable Rate
3.44% - 6.64%
varies on creditFixed Rate
3.49% - 6.74%
varies on creditGeeky Insight
- Get a rate estimate with College Ave without affecting your credit score
- No prepayment penalty
- Loan terms ranging from 5 to 15 years
- Forbearance option up to 12 months
- No co-signer release option
- Must have a credit score in the "Upper 600s"
Perks
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Custom Repayment Options
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No Origination Fees
-
No Application Fees
-
No Prepayment Penalty5
-
Refinance Federal Loans
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Refinance Private Loans
Lender Details
- Loan Amounts: $5,000 -$300,000
- Loan Terms: 5-15 years
- Origination Fee: None
- Application Fee: None
- Prepayment Penalty: None
- Late Fees: None
- Co-Signer Release: N/A
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1)College Ave Refi Education loans are not currently available to residents of Maine.
(2)The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
(3)$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
(4)This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 4/12/2022. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.
Geeky Insight
- Get a rate estimate with College Ave without affecting your credit score
- No prepayment penalty
- Loan terms ranging from 5 to 15 years
- Forbearance option up to 12 months
- No co-signer release option
- Must have a credit score in the "Upper 600s"
Perks
-
Custom Repayment Options
-
No Origination Fees
-
No Application Fees
-
No Prepayment Penalty
-
Refinance Federal Loans
-
Refinance Private Loans
Variable Rate
1.88% - 5.64%
varies on creditFixed Rate
2.50% – 5.79%
varies on creditGeeky 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 Penalty5
-
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
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
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Origination Fee:None
-
Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:None
-
Co-Signer Release:No
Variable Rate
1.98% - 8.55%
varies on creditFixed Rate
2.99% - 8.77%
varies on creditGeeky 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 Penalty5
-
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
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
Variable Rate
1.98% - 7.10%
varies on creditFixed Rate
2.88% - 727%
varies on creditGeeky 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.
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
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Loan Terms:7, 10 and 15 years
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Origination Fee:None
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Application Fee:None
-
Prepayment Penalty:None
-
Late Fees:Yes
Variable Rate
2.24% - 6.39%
varies on creditFixed Rate
2.74% - 6.74%
varies on creditGeeky 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 Penalty5
-
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
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
Variable Rate
2.99%-5.15%
varies on creditFixed Rate
2.25%-4.61%
varies on creditGeeky 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 Penalty5
-
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
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
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