The Education Department announced that students who are still enrolled in college may now consolidate federal student loans. Students may be able to save over $2,000 in the long term by consolidating early. Current interest rates are only 2.77 percent. However, it is expected that rates may go up to 5 percent when the rate changes are announced July 1.

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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