; and (iii) make the applicable interest rate for the refinanced Federal Direct Consolidation Loan the lesser of— (I) the weighted average calculated under clause (ii) ; or (II) 5.0 percent. (B) Interest rates for component loans The interest rates for the component loans of a loan made under section 428C or a Federal Direct Consolidation Loan shall be the following: (i) The interest rate for any loan under section 428, 428B, 428H, Federal Direct Stafford Loan, Federal Direct Unsubsidized Stafford Loan, or Federal Direct PLUS Loan shall be a rate equal to the lesser of— (I) the interest rate determined under section 455(b)(9)(A) for the date on which the component loan is made; or (II) the original interest rate of the component loan. (ii) The interest rate for any component loan that is a loan under section 428C or a Federal Direct Consolidation Loan shall be the lesser of— (I) the weighted average of the interest rates that would apply under this subparagraph for each loan comprising the component consolidation loan; or (II) 5 percent. (iii) The interest rate for any eligible loan that is a component of a loan made under section 428C or a Federal Direct Consolidation Loan and is not described in clause (i) or (ii) shall be the lesser of— (I) the interest rate on the original component loan; or (II) 5 percent. (3) Fixed rate The applicable rate of interest determined under paragraph (1) for a refinanced loan under this section shall be fixed for the period of the loan. (4) Capitalized interest and fees excluded With respect to a refinanced loan under this section, interest shall only accrue on the percentage of such refinanced loan that is equal to— (A) the amount of the unpaid principal of the original loan, or in the case of a refinanced Federal Direct Consolidation Loan, the sum of the unpaid principal of all the component loans, comprising the refinanced loan