Weighted Average Interest Rate Calculator

Weighted Average Interest Rate Calculator FAQs

1. I put all my loans into the calculator and got a result. Will this be my new interest rate with a Direct Consolidation Loan?

Maybe. Assuming you inputted all of your information correctly, it should be close.

The actual value might be slightly higher as the interest rate is rounded up to the nearest one-eighth of one percent.

2. What’s the difference between an “average” and a “weighted average”?

Great question! 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.

Here’s an example:

Loan 1: $10,000, 3.00%

Loan 2: $50,000, 5.00%

The average interest rate (with no weighting) for these two loans would be 4.00%.

However, the weighted average interest rate would be 4.67%. That’s a big difference!

Note that if these loans were used to apply for a Direct Consolidation Loan, the 4.67% interest value would be rounded up to 4.75%.

Interested in refinancing student loans?

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