I just applied to consolidate all my loans to lock-in the low interest rates. All my loans are at 2.77% now and in interest only repayment ( on only the unsubsidized, grace otherwise).

When I submitted the app it said " Your Loan will take 6-8 weeks to process"

Now, if rates are really going to rise July 1st, does this mean that I have applied too late right NOW to even get the good rates? 6-8 weeks from now is in July. I am just worried that I will get the rates 6-8 weeks from now when i applied today. Or does the 6-8 weeks just mean total time for the whole process and that I get current rates as of today?

If its sallie mae its from today from experience.

Its Citibank. I have all my loans through them except my first loan was from US Dept of Ed.

citibank told me from the date of application. you have the bomb rate. mine is slightly higher because of my first consolidation. my consolidation took about 4 weeks because sallie was trying to get me to come back.

The interest rate is set from the date you applied, not when it is completed. Relax, your in good shape...I recently applied to consolidate mine as well. All of my loans are with one lender Edfinancial and the process is quicker I am told. Since your loans are only with two lenders, it will go fast!

well, one of my lenders is pissed that Im taking my gargantuan balance from them so they are taking their sweet time.