The only way to change the interest rate on your student loans is to become Chairman of the Federal Reserve Board. This person determines our interest rates in the United States.That was supposed to be a bit of a joke...
Anyway, you can't get lower interest rates on your student loans, and you don't want to consolidate your loans until you are reaching the end of your college career. You can consolidate both subsidized and unsubsidized loans. Subsidized loans are loans that do not accumulate interest while you are at school. Unsubsidized loans do accumulate interest while you are at school.Before I graduated, students were able to consolidate their loans at any time, so if the interest rate was going up, you could consolidate your loans before the hike, even if you weren't graduating. I heard that this was going to change, and that students would no longer be able to consolidate at any time.
The best thing for you to do is to consult your school's financial aid department. Also, please ignore spam "student loan consolidation" information you get in the mail. Trust your school's aid advisors, not people who call you on the phone or write to you.I know it's confusing, I hope this helps!
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