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So while one could characterize the weighted average as reducing the interest rate on the loan with the highest interest rate, one could also say that the weighted average increases the interest rate on the loan with the lowest interest rate.
Consolidating fafsa student loans
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There is no longer any opportunity to use consolidation to lock in an interest rate, since the interest rates on these loans are already fixed.
The fixed interest rate on the unsubsidized Stafford loan since July 1, 2006 is 6.8%.
The use of the weighted average in a federal consolidation loan does not significantly change the overall cost of the set of loans being consolidated.
Note that borrowers who consolidate their federal student loans often choose an extended repayment term.
For example, Stafford loan borrowers in 2005 could consolidate their loans during the in-school or grace periods to lock in an interest rate of 2.875%, much lower than the 8.25% cap on the variable interest rates.