ATLANTA -- Christina Bailey graduated from the University of West Georgia last summer, and consolidated her student loans within weeks.

“At the time, they told me the interest rate would go up eventually so I went ahead and locked it in and consolidated all my loans together,” Christina explains.

Christina locked in the super low rate of 2.875 percent on a balance of just over $13,000.

New graduates are being flooded right now with offers to consolidate. The current rate is just under 5.4 percent, but July 1, that rate jumps to 7.1 percent.

Tracy Ireland is Vice President of Financial Aid for the Georgia Student Finance Commission. He says there are several benefits to consolidation in addition to lower interest rates.

“Extends the term a little bit, lowers the monthly payment, makes it a little bit more affordable,” he says.

But Ireland says not everyone who receives an offer is eligible.

“You can consolidate one time, except or unless you take out new loans after that consolidation loan is made,” Ireland explains.

And you can’t consolidate a second time even if interest rates drop – but there are ways to see your loan payments reduced in time!

“A lot of lenders offer excellent benefits. A particular interest rate reduction in you make a bank draft or if you make the first 36 payments on time, you may get a reduction in rate or principal credit,” Ireland says.

Christina Bailey says the bottom line is making repayment a priority.

“I started in February, I started paying them back. I haven’t had a problem – it’s going fairly well,” she says.

Clark says if you’re an existing student, or you’ve just graduated, you want to get your loans fixed – known as consolidated – by the end of this month. Normally, if you’re in school you wouldn’t bother with this, but now you do – get those loans fixed!

How about parents? If you have outstanding student loans under Plus Program, get those locked in right now at just over 6 percent.

If you graduated more than 6 months ago and you never consolidated – do it right now so you can take advantage of rates in the low fives, otherwise your wallet is going to eat you up.

If all your loans come from a single lender, you must apply first to that lender, but if you’re denied, or have multiple lenders, you can shop around for a consolidation deal.

Here are more details on student loan rates:

After July 1, new government loans will have a fixed rate of 6.8 percent.

But students on old, variable rate plans could see interest rates soar as high as 8 and a quarter percent.

Borrowers who default on federally backed student loans risk wage or tax return garnishment, or the loss of a professional license.