For college graduates who have not yet consolidated their student loans, time is running out to take advantage of low student loan rates. On Friday July 1st student loan rates will go up, and thus increasing the amount of interest students must pay on loans. Depending on the amount borrowed this difference could add up to hundreds or thousands of dollars.

College graduates can still take advantage of the savings of low student loan rates by going online. Many consolidators have online application forms set up on their websites. This online process makes the consolidation process fast and easy.

College students can save thousands of dollars by consolidating student loans now. click here to find out more about Student Loan Consolidation

Currently enrolled college students may also benefit from consolidation. A change in the consolidation policy by the Education Department now allows currently enrolled students to consolidate. This could be especially beneficial for students who will be graduating in the next 6 to 12 months, or have a substantial amount of money already borrowed.

The only drawback for students who consolidate early is that they forfeit the grace period. Normally college students have 6 months between graduation and the date that their first student loan payment is due.

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