I have student loans from grad school....and I consolidated them for 3.625% back in 2006. I just got a letter saying my interest rate was dropped to 2.625%. Wooohoo. I guess it doesn't matter so much since we will pay it off within the next 5 years....but I'm still excited about the decrease.
Oh, I had that same deal! I was waiting for it too, since I had to pay for 36 months to get the drop. But my payment didn't go down Just more goes to principal now and I'll pay it off quicker...I guess in 2024 instead of 2027, lol.
We must have graduated around the same time, or nearly so. My year of graduation was the last year that had the really nice interest rates. I hear that new student loans are climbing toward or exceeding 6% for new student loans. I'm on a reduced payment schedule right now, so mine will not be paid off in the next 5 years, but hopefully, we'll make good progress on the private loans in that time.
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Re: Student loan consolidation
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I consolidated my federal student loans last year to a fixed rate of 2.25%. It made a pretty significant difference in my payment.
I tried to consolidate my private student loans as well, but the interest rates there were HORRIBLE.