refinanced Federal Direct Con-
solidation Loan is made under 
this section; or 
‘‘(bb) the original interest 
rate of the component loan. 
‘‘(II) GRADUATE
OR
PROFES-
SIONAL FDSL.—The interest rate for 
any component loan that is a loan 
under section 428 or a Federal Direct 
Stafford Loan made to a graduate or 
professional student shall be a rate 
equal to the lesser of— 
‘‘(aa) the rate of interest for 
a refinanced Federal Direct Staf-
ford loan determined under para-
graph (1)(A)(ii) if such loan were 
made on the date on which the 
refinanced Federal Direct Con-
solidation Loan is made under 
this section; or 
‘‘(bb) the original interest 
rate of the component loan. 
‘‘(ii) FEDERAL DIRECT UNSUBSIDIZED 
STAFFORD LOANS.— 
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‘‘(I) UNDERGRADUATE FDUSL.— 
The interest rate for any component 
loan that is a loan under section 
428H or a Federal Direct Unsub-
sidized Stafford Loan made to an un-
dergraduate student shall be a rate 
equal to the lesser of— 
‘‘(aa) the rate of interest for 
a refinanced Federal Direct Un-
subsidized Stafford loan deter-
mined under paragraph (1)(B)(i) 
if such loan were made on the 
date on which the refinanced 
Federal 
Direct 
Consolidation 
Loan is made under this section; 
or 
‘‘(bb) the original interest 
rate of the component loan. 
‘‘(II) GRADUATE
FDUSL.—The 
interest rate for any component loan 
that is a loan under section 428H or 
a Federal Direct Unsubsidized Staf-
ford Loan made to a graduate or pro-
fessional student shall be a rate equal 
to the lesser of— 
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‘‘(aa) the rate of interest for 
a refinanced Federal Direct Un-
subsidized Stafford loan deter-
mined under paragraph (1)(B)(ii) 
if such loan were made on the 
date on which the refinanced 
Federal 
Direct 
Consolidation 
Loan is made under this section; 
or 
‘‘(bb) the original interest 
rate of the component loan. 
‘‘(iii) 
FEDERAL
DIRECT
PLUS 
LOANS.—The interest rate for any compo-
nent loan that is a loan any loan under 
section 428B or Federal Direct PLUS 
Loan shall be a rate equal to the lesser 
of— 
‘‘(I) the rate of interest for a re-
financed Federal Direct PLUS loan 
determined under paragraph (1)(C) if 
such loan were made on the date on 
which the refinanced Federal Direct 
Consolidation Loan is made under 
this section; or 
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‘‘(II) the original interest rate of 
the component loan. 
‘‘(iv) FEDERAL
DIRECT
CONSOLIDA-
TION
LOAN.—The interest rate for any 
component loan that is a loan under sec-
tion 428C or a Federal Direct Consolida-
tion Loan shall be the weighted average of 
the interest rates that would apply under 
this subparagraph for each loan comprising 
the component consolidation loan. 
‘‘(v) OTHER
LOANS.—The interest 
rate for any eligible loan that is a compo-
nent of a loan made under section 428C or 
a Federal Direct Consolidation Loan and 
is not described in clauses (i) through (iv) 
shall be the interest rate on the original 
component loan. 
‘‘(3) FIXED RATE.—The applicable rate of in-
terest determined under paragraph (1) for a refi-
nanced loan under this section shall be fixed for the 
period of the loan. 
‘‘(d) TERMS AND CONDITIONS OF LOANS.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this section, a loan that is refinanced under 
this section shall have the same terms and condi-
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