This weighted average interest rate calculator shows you a single, weighted average interest rate if you have multiple loans with different interest rates.

Step 1: Enter Loan Info

Loan #1

Balance

Interest

Loan #2

Balance

Interest

WEIGHTED AVERAGE INTEREST RATE

If you refinance **$30,000** of student loans at a **3.25%** interest rate with a **10**-year repayment term, you can save $4,789 over the life of your loan.

September 2023

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.

Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.

APR

View Details

Variable APR:

6.24% - 9.99%

Fixed APR:

5.24% - 9.59%

Minimum Credit Score:

650

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000 ($10,000 in CA)

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states

Hardship Deferment:

Yes

Co-signer Option:

Yes

View Details

Variable APR:

5.72% - 9.74%

Fixed APR:

4.96% - 9.79%

Minimum Credit Score:

680

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5-20 years

Borrower Residency:

All States except NV

Hardship Deferment:

Yes

Co-signer Option:

No

View Details

Variable APR:

5.80% - 9.67%

Fixed APR:

4.99% - 9.74%

Minimum Credit Score:

680

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,001 ($10,001 in CA)

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5-20 years

Borrower Residency:

All States except NV

Hardship Deferment:

Yes

Co-signer Option:

No

View Details

Variable APR:

5.28% - 8.99%

Fixed APR:

5.08% - 8.54%

Minimum Credit Score:

680

Minimum Income:

$35,000

Fees:

None

Minimum Loan Amount:

$10,000

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All States

Hardship Deferment:

Yes

Co-signer Option:

Yes

View Details

Variable APR:

4.99% - 10.89%

Fixed APR:

4.96% - 10.99%

Minimum Credit Score:

640

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5 – 20 years

Borrower Residency:

All states

Hardship Deferment:

Varies

Co-signer Option:

No

View Details

Variable APR:

7.05% - 12.40%

Fixed APR:

6.79% - 10.99%

Minimum Credit Score:

Not disclosed

Minimum Income:

$24,000

Fees:

No prepayment or origination fees

Minimum Loan Amount:

$10,000

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states

Hardship Deferment:

Yes

Co-signer Option:

Yes

View Details

Variable APR:

4.99% - 10.89%

Fixed APR:

5.24% - 10.99%

Minimum Credit Score:

660

Minimum Income:

None

Fees:

None

Minimum Loan Amount:

$5,000

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All States

Hardship Deferment:

Yes

Co-signer Option:

Yes

View Details

Variable APR:

5.02% - 8.18%

Fixed APR:

5.24% - 10.68%

Minimum Credit Score:

680

Minimum Income:

$24,000

Fees:

None

Minimum Loan Amount:

$5,000

Eligible Loans:

Private & Federal

Eligible Degrees:

Undergraduate & Graduate

Loan Terms:

5, 7, 10, 15, 20 years

Borrower Residency:

All states, except ME, ND, NV, RI, WV

Hardship Deferment:

Yes

Co-signer Option:

Yes

Disclosures: SoFi | Earnest | NaviRefi | ELFI | Splash Financial | Citizens | Laurel Road | LendKey

How does this weighted average interest calculator work?

This weighted average interest calculator is easy to use. This weighted average interest rate calculator automatically calculates the weighted average interest rate on your student loans. The weighted average interest rate is the interest rate used for federal student loan consolidation and is also your effective interest rate for your student loans. Here’s how the weighted average interest calculator works:

- For each of your student loans, enter your student loan balance and interest rate.
- You’re all done

The weighted average effective interest rate calculator will calculate your total student loan balance and your weighted average interest rate based on your number of student loans. You can use this weighted average interest calculator for all your student loans or simply for your federal student loans for purposes of federal student loan consolidation.

How do you calculate weighted average interest rate?

To calculate weighted average interest rate with this weighted average interest rate calculator, all you need is your student loan balance and interest rate for each student loan. The weighted average interest calculator then calculates the weighted average interest rate for you.

Let’s use an example. Let’s assume that you have three loans:

- $10,000 loan at 7% interest rate
- $15,000 loan at 9.5% interest rate
- $18,000 loan at 11.2% interest rate

So, how do we calculate the weighted average interest rate of these three loans? Here is how:

- $10,000 * 7% = $700
- $15,000 * 9.5% = $1,425
- $18,000 * 11.2% = $2,016

$700 + $1,425 + $2,016 = $4,141

We can determine the total loan balance by adding all three loans:

$10,000 + $15,000 + $18,000 = $43,000

So, the total loan balance is $43,000.

$4,141 / $43,000 = 9.63%

Therefore, the weighted average interest rate of the three loans is 9.63%.

If you consolidate federal student loans into a Direct Consolidation Loan, then the resulting interest rate is equal to a weighted average interest rate of your federal student loans, rounded up to the nearest 1/8%. In this hypothetical, the weighted average interest rate would be rounded up to 9.75%.

How is your weighted average interest used?

Your weighted average interest rate is used in several ways.

First, your weighted average interest rate can tell you how much interest you are paying overall for your loans. Rather than have to calculate each individual loan, the weighted average interest rate can tell you quickly what your effective interest rate is and how much your loans will cost you.

Second, your weighted average interest rate is used for a Direct Consolidation Loan when you consolidate student loans.

As this weighted average interest calculator shows, your weighted average rate, rounded to the nearest 1/8%, is your new interest rate with a Direct Consolidation Loan.

What is the average interest on a personal loan?

The interest rate on a personal loan is based on several factors and typically ranges from approximately 5% – 36%. Online lenders typically offer the lowest personal loan rates. If you have a strong credit profile and income, you may be well positioned to be approved for a personal loan. Lenders evaluate several factors when deciding if you are eligible for a personal loan. These factors may include your credit score, income, debt-to-income ratio, monthly cash flow and other factors.

What is the difference between “average” interest rate and “weighted average” interest rate?

Average interest rate is simply the average of your interest rates. This means you simply add your interest rates together and divide by the number of interest rates. The problem is the average interest rate is not reflective of how much interest you are actually paying. That’s why you need a weighted average interest rate calculator. When you calculate average interest rate over time, you will see that the weighted average interest rate is the more accurate calculation. This is because weighted average interest rate accounts for the relative size of each of your loans and assigns more “weight” to the interest rates with higher loan balances. Therefore, the weighted average interest rate is the more precise calculation of your effective interest rate. This is why this weighted average interest calculator is useful.

If I consolidate my student loans into a Direct Consolidation Loan, how is my interest rate calculated?

With a Direct Consolidation Loan, your interest rate is equal to a weighted average of the interest rates of your existing federal student loans, rounded up to the nearest 1/8%. Therefore, you will not receive a lower interest rate with federal student loan consolidation. With student loan consolidation, your interest rate will be either equal to or slightly higher than your weighted average interest rate.

Student loan consolidation enables you to combine your existing federal student loans into a single, Direct Consolidation Loan. You can analyze the difference between student loan consolidation and student loan refinancing with a student loan consolidation calculator. Unfortunately, private student loans cannot be consolidated into a Direct Consolidation Loan.

How do you calculate the average interest rate on multiple loans?

If you want to calculate the average interest rate on multiple loans, then this weighted average interest rate calculator will supply the answer. This is because the weighted average interest rate considers the interest rate on each of your loans, and then weights them by the size of the loan. Therefore, a weighted average of your loans is the effective interest rate that you are paying on your loans.

You can enter multiple loans in this weighted average interest rate calculator and determine automatically what is your weighted average interest rate.

What other student loan calculators are helpful?

**Student Loan Refinancing Calculator**– helpful to calculate your new monthly payment, total payment and how much money you can save with student loan refinancing**Student Loan Consolidation vs Student Loan Refinancing Calculator**– helpful to calculate your monthly payment, total payment and amount of money you can save under student loan consolidation and student loan refinancing**Pay As You Earn Calculator**– helpful to calculate your monthly payment, total payment and student loan forgiveness under this income-driven repayment plan