If you have a son or daughter in college or you are a college graduate, you should be aware that major changes are happening with the country’s student loan program. If you are a student right now, you’re probably paying about 4.7 percent on your loans. If you’re a graduate, it’s about 5.3 percent. And parents are paying about 6 percent. But under the current legislation, student rates are jumping to 7 percent and parents will be paying more than 8 percent. The good news is that you’ll have through June to lock in the old rates. It’s called a loan consolidation. The disadvantage is that you’ll lose the deferment of interest and payments. But at the same time, you’ll have much lower payments for many years to come. Clark will keep you posted on how to consolidate under the old system once the new bill is signed into law.