Since her sophomore year, April Allen has been receiving phone calls asking her to consolidate her school loans.

Her mailbox has a continuous flow of letters telling her consolidating is in her best interest.

Allen, senior in psychology, said she does not even think students can consolidate their loans before their senior year.

“I think you’re suppose to wait until your last semester,” she said.

Roberta Johnson, interim director of student financial aid, said this is not necessarily true.

Students can reconsolidate loans, she said.

“If they still had some time left to finish school, and [they were] borrowing more loans and would do reconsolidation, [they would get a new weighted average],” Johnson said.

The weighted average Johnson refers to is a matter of concern for many students, Johnson said.

If a student had consolidated his or her loans last year at the rate of 4.06 percent, he or she is locked in at that fixed interest rate, she said. Interest rates have fallen to 3.42 percent this year, a new all-time low, and many students are upset their consolidation rates are higher than students who consolidated this year.

Reconsolidation is a possible solution for the problem, Johnson said.

Students consolidate their loans by going to a federal Web site, http://loanconsolidation.ed. gov/, to input data about the loans they have taken, and a weighted average interest rate is calculated, she said.

There is a risk whenever a student decides to consolidate, Johnson said.

“As with any financial decision, you are taking a chance that it’s going to go up, and things will change,” she said. “No one had a crystal ball to know rates would drop even further this year.”

Allen said she does plan on consolidating her loans when she graduates. She realizes the risk she will take, but hopes she will not face the situation many are facing now.

“Hopefully it won’t happen to me, but it would make me angry,” she said. Allen said her sister consolidated her loans when interest rates were higher.

The economy in general is having a substantial effect on recent graduates. Along with a higher fixed interest rate, the scarcity of jobs is making her sister’s situation worse, she said.

“It’s hard to find a job right now anyway,” Allen said. “It’s more you have to pay.”

Johnson said she advises any student looking into consolidation to wait until the beginning of spring semester to decide.

“The [federal reserve] usually announce what the rate will be in June,” Johnson said. “Students would be well advised to wait until July first. If it turns out the rates will increase, students have adequate opportunity to consolidate.”