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.

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.

Thanks. I thought it was the interest from before.