The federal student loan program changed drastically in 2006, as you may or may not know. Interest rates charged to students and parents effectively doubled. So - before it happened - many people were able to lock in lower rates before the deadline, June 30. If you didn't lock in before that time, it seemed pretty hopeless that you'd get a break from the new, higher rates. But hope springs eternal! There is one last opportunity to lock in low rates. You won't get the super cheap rates that were available before July 1, but they are the ones available to people who graduated from college in 2006. Basically, you’re given 180 days after graduation to lock in that rate, and the most you’ll pay is about 6.5 percent. But if you shop around, you could beat it by a lot more. One great site to try is myrichuncle.com. So, don’t let those 180 days pass you by. If there is less student loan money floating around, colleges are less likely to raise tuition. That is the good side of the rate hike, so try to look at it that way.