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Consolidation Interest Rate?

bigwrn67

By bigwrn67
in Student Loans

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bigwrn67

bigwrn67

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I consolidated my students loans to lock in the low interest rate but when I checked my account this morning it says my interest rate is 4.7%. Why is it 4.7% when I consolidated before July 1. I thought you wanted to consolidate to keep the low interest rate. Any remarks would be greatly appreciated.


LynnInMN

LynnInMN

Posted
Posted

From the DOE site...

 

<<Your consolidation loan interest rate will be fixed, and is calculated by taking the weighted average of the interest rates on the loans being consolidated, rounded to the nearest one-eighth of one percent. >>

 

Your interest rate is based on what you are already paying and when you took it out.

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