Student Loan Consolidation - Great Rates After July 1st

If you've got some old student loans, you might consider consolidating them after July 1st.

Rates on federal student loans will hit rock bottom, giving you the opportunity to lock in a low rate for the remaining life of your loan. According to FastWeb, the online financial aid resource, you can expect the following:

• Stafford Loan Consolidation (In-School/Grace Period): 2.00%
• Stafford Loan Consolidation (Repayment Period): 2.50%
• PLUS Loan Consolidation: 3.38%

You can only benefit from this opportunity if you have variable-rate federal (not private) student loans, and if your loan was originated before July of 2006. After July 2006, the rules changed.

Further reading:

• Fastweb: Interest Rates on Federal Education Loans to Drop July 1
• Student Loan Consolidation FAQ