Forking over your monthly student loan payment is surely something that makes you sigh with irritation, but here's some news that may make those times of the month less brutal.
If you've already consolidated your student loans and haven't added any new ones then you're not eligible for a rate reduction, but if you haven't yet consolidated consider marking July 1 on your calendar. Find out what rates may be available as of the first when you read more.
Here's the deal: If you have federal variable-rate student loans that were issued before July 1, 2006 and have not consolidated, you are eligible to lock in rates of 3.62 percent to 4.25 percent on Stafford Loans and 5.13 percent on PLUS Loans for graduate students and parents. This doesn't apply to students still in school, and if you're in your six-month grace period you can lock in the lowest rate for loans from your first two years of school.
The lowest rate is about three percentage points lower than the current federal rates. To find out more about consolidating your federal variable-rate loans (as of July 1, 2008) visit the US Department of Education.