You need not be finance-savvy to realize that you can save a substantial sum of money with lower interest rate on your student loan consolidation loans. By applying the knowledge of basic math, you can work out how much you can save with every 1/8th or 1/10th % reduction in the interest rate. A Penny saved is a Penny earned. Likewise, any amount of money saved, be it small or substantial, can make a significant difference to students. Therefore, it is very important for you to look out for the lowest Student Loan Consolidation Rate.