Federal student loan rates are set every year in July, but a state organization will work a deal to keep students from getting stuck with a rate increase. Suzanne Lowman of the Iowa Student Loan Liquidity Corporation says they want to be sure students get the lowest rate possible.She says if you want to consolidate your current loans and lengthen your term, you can send in the application and they’ll hold the loans until they find out the rate, and give you the lowest rate. Lowman says the rate you get on your loans depends on how long you’ve been out of college. She says if a borrower is in their grace period, that’s six months after leaving school or graduating, then their rate is point-six percent lower. She says those people probably want to get their paperwork in before the grace period ends. Lowman says it’s hard to predict what might happen with the student loan interest rate. She says one day they think the rate will go up and then next they think it will go down. For more information, surf to:www.studentloan.org, or call 1-800-243-7552.