The changes coming in the student loan program affect people who already have loans AND those who are taking out new loans. It’s a major overhaul and you need to pay attention regardless of your situation. Clark wants to give you a recap. Recent college graduates normally wouldn’t get around to consolidating their loans for about six months. But that luxury doesn’t exist for them anymore. They need to lock in their rate immediately because come July 1 the rates will go up dramatically. People in that situation can lock in for about 4 percent. Those who graduated more than six months ago or who dropped out of school a while ago and never consolidated can lock in now for a little more than five percent. If you took out a PLUS loan for your child, you want to consolidate as well. You will fix the loan at about 6 percent instead of paying the new, higher 8.5 percent rate. If you have a son or daughter in college right now, you want to do what’s called in-school consolidation. That normally wouldn’t happen until about six months after they graduate, but things are different now. You will avoid the much higher rate that goes into effect after July 1. To get started, click here. It's a government site that will walk you through the process.