Consolidation is the word for student loans--after July 1.(Brief Article)

Waiting until after July 1 to consolidate your student loan will pay off in the long run with a lower fixed interest rate.

Charles P. Kelley, executive director of the Rhode Island Student Loan Authority (RISLA), a non-profit state authority that provides higher education loans for Rhode Island students and their families, wants to urge borrowers not to consolidate before that date for the lowest possible rates.

Effective July 1, interest rates will be 5.99 percent (down from 8.19 percent) for Stafford Loans, 6.79 percent (down from 7.99 percent) for PLUS Loans and 5.79 percent for Rhode Island Advantage PLUS Loans.

Consolidation loans convert one-year variable rate Stafford or PLUS Loans to a fixed rate for the term of the loan and protect borrowers from future rate …