Current rates for consolidating student loans

The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Oct. Interest rates for these loans are not displayed on this site.

For information about any variable-rate loans you may have, contact your loan servicer.

How can I determine how much of my payment will go toward my outstanding principal balance?

Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%.

This process will also combine all the loans you refinance into one convenient payment.

While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.

Private student loans usually have variable interest rates, which can change depending on economic conditions.

Fixed interest rates don’t change for the life of your loan, so you’ll always know how much you’re expected to pay.

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This formula consists of multiplying your loan balance by the number of days since the last payment times the interest rate factor.

This means the money you receive will be less than the amount you actually borrow.

You're responsible for repaying the entire amount you borrowed and not just the amount you received. Most loans (excluding Perkins Loans) first disbursed prior to July 1, 2006, have variable interest rates that are effective from July 1 of one year through June 30 of the following year.

Student loan refinancing: Refinancing is when a student loan lender buys out your existing loans and gives you a single new loan with a potentially lower interest rate.

So if you feel like your interest rate is too high, refinancing could help.

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