Federal student loan interest rates are expected to rise on July 1, but college students and graduates can lock in today's low interest rates and potentially save thousands of dollars in interest over the life of their loan by consolidating student loans now.

If you're a procrastinator, Chase is ready to help you by offering last-minute applicants. Chase Education Finance will honor the lower interest rates on all eligible complete consolidation applications received by June 30.

Loan consolidation may significantly help students and graduates manage their debt repayments, to make repayment less burdensome on their pocketbooks.

According to Chase, Chase can provide every type of student loan to help students, graduates and their parents achieve their educational goals.

By locking in the current rate before the July 1 increase, it could lower monthly payments by up to 51 percent. For loans disbursed prior to July 1, 2006, the interest rate is determined based on the bond equivalent rate of the 91-day Treasury bill auctioned at the final auction held before June 1st. As of April 27, the rate on the 91-Day T-bill was 1.63% higher than the T-bill rate used to set student loan interest rates in 2005.

Current students may be able to consolidate their loans and lock-in today's low rates by immediately entering a repayment plan and foregoing their grace period. Once their loans consolidate, they can apply for deferment of future payments until graduation. After July 1, students cannot consolidate their loans while in school, according to federal guidelines.

In March, Chase completed its acquisition of Collegiate Funding Services Inc., creating a leading education finance company dedicated to providing students and their families with the practical advice and loan solutions they need to pay for the cost of higher education.