Spin off to Student Loan Consolidation- Interest Rate Questin

I have 2 student loans from my masters. One is a rate of 4.21% and the other is 6.8. RIght now I am paying back under a Standard Repayment...so it will take me 10 years to pay both back. Should I change the loan and consolidate?
They offer the Extended Fixed repayment which would cut my payments in half, they would always be the same amount but it would take 25 yrs to pay off (so i am paying a lot more interest but with much lower monthly payments.
They also offer the Graduated Extended Repayment which would also take 25 yrs but my payments would be VERY low for the first 2 years and then increase.
Or do I just leave well enough alone and continue my high payments but know that in 10 yrs I am done.

What are the rates currently???

Message edited 9/21/2008 7:26:21 PM.

Re: Spin off to Student Loan Consolidation- Interest Rate Questin

Consolidate. Always consolidate. You can also change your repayment plan once a year w/o penalty. And you can always pay more each month. Wghat plan you take depends on how high a payment you can make each month.

I don't know current interest rates, but you'd probably get a good one.

Re: Spin off to Student Loan Consolidation- Interest Rate Questin

I had 4 loans out of college and my Dad consolidated them for me upon graduation. So, although they stated it would take me 10 years to pay them off, I had a low interest rate and a low premium to pay. I paid more each month, to pay off the balance, and now I'm looking at being done with all payments in the next year, which will be 5 years out of school.