Long Island college students and graduates are rushing to lock in low interest rates before the federal loan consolidation deadline at midnight Friday.

Interest rates are set to increase about 2 percent July 1, which accountants say translates into $200 for every $10,000 borrowed. The interest rate for students will jump from 4.7 percent to 6.54 percent, while the rate for graduates will increase from 5.3 percent to 7.14 percent.

Many students say they were not aware of the rate hikes and were not planning on consolidating. Those who locked in the lower rates say every little bit of money helps when trying to pay for an expensive education.

Related Information: FinAid!