Calculating the FFEL Consolidation Loan Interest Rate
School consolidation loans have fixed interest rates that are based on the weighted average of the interest rates on the loans being consolidated. The lender can provide you a new consolidation school loan with the lowest statutory weighted average interest rate for loans by using the lower of the weighted average of the interest rates on the loans being consolidated as of July 1 or the date the lender received your consolidation loan application. The lender should always apply a consistent method of determining when an application is received.
A majority of the federal education loans are eligible for consolidation, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans.
PLUS Loan borrowers (parent and graduate/professional degree students) can also consolidate their loans. Private education loans are not eligible for consolidation through the federal consolidation program.
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