I just consolidated $30k in undergraduate and graduate loans. By doing this, I'm going to end up saving over $10k in the 20 year pay back period. Since I'm going to LS this fall, I just have to call my lender and tell them to defer payment three years out. Remember to do that so your lender know what's going on. This is a big change, since up until recently you could not consolidate until you were out of school. Even if you miss out on the 6 month grace period, it's no biggie. For me, it's a $1,200 difference (paying immediatley after graduation) over a $10,000 difference in the LR.