Grr, as a current undergrad this fall, I wanted to lock in my old interest rate (which was raised on July 1st, once a year for the Direct Loans) on My Direct Loans (the government program, privatized in some way, giving out loans for college kids).
The catch that I (and my financial aid counselor at college) didn’t know, is that as of July 1, 2006; Direct Loans no longer does consolidations for students still in school. Unfortunately, that means the time I spent on that consolidation application was pretty nearly wasted, but it helped me get my finances more organized. Even the courteous lady on the phone sympathized with me and didn’t understand why those in charge did it.
(there may be more on here to make sure us, college kids are smart with our money and finances).