Student-loan borrowers, take heed: As of July 1, the interest rate on outstanding Stafford loans will rise almost two percentage points, to 6.5% if you're still in school or in the grace period and to 7.1% if you've already started repaying.
You can avoid that hike by consolidating your loans and locking in the current rate, but act now. This window slams shut at midnight on June 30. Parent borrowers who have yet to consolidate should also get cracking. The rate for PLUS loans rises on July 1, from 6.1% to 7.9%.
When you consolidate, you're basically refinancing your loans. It's usually a one-time deal. If you consolidate your loans, you can't do it again if rates happen to fall -- unless you add a new loan to the mix. In that case, you'll lock in a weighted average of the current rates on all your loans if you consolidate more than one.
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