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Your federal student loan consolidation interest rate is the weighted average of your federal loans’ interest rates, rounded up to the next one-eighth of one percentage point. That means larger loans factor more significantly into your final interest rate.
Use the calculator below to find what rate you’ll pay after . Round up your answer to the nearest eighth.
If you’re interested in saving money on interest, refinancing student loans may be a better bet than federal student loan consolidation.
You can refinance both federal and private loans, not just federal loans. Refinancing is ideal for high-interest private loans in particular, since you’ll lose access to certain protections if you refinance federal loans.
Not everyone will qualify for refinancing. Your interest rate will depend on your credit score, income and other factors.
You can also by signing up for automatic monthly payments through your lender or getting a loyalty discount if you have a private loan through a bank that offers one.