What is the interest rate?

The rate will be a fixed rate equal to a weighted average of the interest rates on your existing loans rounded up to the nearest one-eighth of one percent.

Currently, rates are set to the following starting points:
Stafford Loans in grace: 4.7%
Stafford Loans in repayment: 5.3%
Stafford Loans in repayment prior to 7/1/98: 6.1%
PLUS Loans: 6.1%
Perkins Loans: 5%
HEAL Loans: 4.125%
Previous consolidations: existing consolidation rate

These rates are starting points and do not represent the final, lower rates you would receive with any applicable discounts.

Consolidations done during the loan "grace" period will be based on a weighted average of the in-school interest rates, which are generally lower. Use our Loan Calculator to help you figure out your new rate and monthly payment.

Please note that we cannot guarantee any interest rate due to the time it takes to process an application. We can only provide rough estimates; you should not rely on these estimates for financial planning! Why? Because consolidation takes between 30 - 60 days, and in that time period, you may be making payments, or your loan status may change. Because your interest rate is determined not only on the type of loan you have, but also on how much you owe, we can make no guarantee except to say that your interest rates will never exceed federally specified, published rates.