The fixed interest rate for federal student loan consolidation equals the weighted average of the interest rates of the loans being consolidated, rounded up to the nearest 1/8th of one percent and capped at 8.25%Use Access Group's Weighted Interest Rate Calculator to determine your consolidation interest rate, or follow the example shown below.Determine the Weighted Interest Rate: An ExampleLoan Balances and Interest Rates$10,000 loan balance at 5.99% interest rate$7,500 loan balance at 6.79% interest rate$5,000 loan balance at 5.39% interest rateStep 1: Multiply each outstanding loan balance by its interest rate.10,000 x 5.99 = 59,9007,500 x 6.79 = 50,9255,000 x 5.39 = 26,950Step 2: Add the products.59,900 + 50,925 + 26,950 = 137,775Step 3: Total the outstanding loan balances.10,000 + 7,500 + 5,000 = 22,500Step 4: Divide the sum from Step 2 by the sum from Step 3.137,775 / 22,500 = 6.123Step 5: Round the result of Step 4 up to the nearest 1/8th percent.6.123 up to the nearest 1/8th percent = 6.125Fixed interest rate for this loan would be 6.125%If the decimal place of your rate is:Round up to:.001 through .125.125.126 through .250.25.251 through .375.375.376 through .500.5.501 through .625.625.626 through .750.75.751 through .875.875.876 through .000the next full percent (.00)
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