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What's Your True Consolidation Rate

Steps to calculate your actual consolidation rate


Enter each student loan balance
that you want to consolidate with its current interest rate.
Press calculate.
It will multiply the balance by its current interest to give you a weighted factor for each loan:

  X % =
  X % =
  X % =
  X % =
  X % =
  X % =
  X % =
  X % =
Add the weighted factors together to get a weighted average:
Sum the outstanding balance
of all loans:
Divide the weighted average
by the loan balance. Convert the division to a percentage:
Now round the percentage up to the nearest 1/8 of a percent
or 8.25%, whichever is less. This is your estimated consolidation fixed rate:
Your interest rate will not exceed 8.25%
and it will remain fixed for the life of your loan.

Click for information about the in-grace discount.



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