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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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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.

The Best Student Loan Rates of 2018.

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Showing 1-6 of 6 accounts Advertising disclosure
OVERALL RATING:
(4.5)
on Earnest’s website

Variable Rate

3.45%-6.99%

varies on credit

Fixed Rate

1.99%-6.89%

varies on credit

Variable Rate

3.45%-6.99%

Fixed Rate

1.99%-6.89%

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OVERALL RATING:
(4.5)
on CommonBond's website

Variable Rate

3.21%-6.45%

varies on credit

Fixed Rate

2.02%-6.30%

varies on credit

Variable Rate

3.21%-6.45%

Fixed Rate

2.02%-6.30%

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OVERALL RATING:
(5)
on LendKey's website

Variable Rate

3.49% - 7.75%

varies on credit

Fixed Rate

1.90% - 8.65%

varies on credit

Variable Rate

3.49% - 7.75%

Fixed Rate

1.90% - 8.65%

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OVERALL RATING:
(4.5)
on SoFi's website

Variable Rate

3.46%-7.36%

varies on credit

Fixed Rate

1.81%-7.36%

varies on credit

Variable Rate

3.46%-7.36%

Fixed Rate

1.81%-7.36%

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OVERALL RATING:
(4.5)
on PenFed's website

Variable Rate

2.17%-5.53%

varies on credit

Fixed Rate

3.23%-5.53%

varies on credit

Variable Rate

2.17%-5.53%

Fixed Rate

3.23%-5.53%

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OVERALL RATING:
(4.5)
on Citizens Bank's website

Variable Rate

3.45%-9.49%*

varies on credit

Fixed Rate

2.15%-9.29%

varies on credit

Variable Rate

3.45%-9.49%*

Fixed Rate

2.15%-9.29%

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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.