Just as hurricane season comes every year, so too does the quandary of whether students and their parents should consolidate student loans.

This year the answer is fairly easy for most borrowers: Yes.

I told you that recently, but this is a reminder because the deadline for consolidating to get the best interest rates is June 30. And you certainly don’t want to wait until then.

By law, interest rates on most existing federal student loans are variable and are calculated based on a formula that uses the interest rate of the 91-day Treasury bill set at the last auction in May.

That auction took place May 30. As a result, the interest rate for the one-year period beginning July 1 will be 6.54 percent for borrowers who are in school or who are in a grace or deferment status. Loans for borrowers in repayment will be set at 7.14 percent.

Although lenders make it seem as if consolidation is a no-brainer, I’ve received a number of e-mails from parents and students who need a little more clarification.

For example, there’s the dad whose daughter told him she can’t consolidate because she’s in deferment.

Pop, she’s wrong.

If you’ve received an in-school deferment (an authorized time period when your loan payments are not due) you still can consolidate. That doesn’t mean you have to repay the loan while you’re still in school; you can consolidate while in school and ask for a deferment. The loan payment begins either when you graduate or stop going to school at least part-time.

Oh, and so you know, recent changes in federal legislation will prohibit in-school borrowers from consolidating beginning July 1. This is why if you are in school, you need to beat the June 30 deadline.

I also should note that federal student loans first disbursed on or after July 1 now will have a fixed interest rate of 6.8 percent for the life of the loan. This fixed interest rate will apply to both in-school/grace and repayment periods.

Another reader didn’t think he could consolidate because he only has one Stafford loan.

Not true. If you only have one loan and you want to consolidate to take advantage of the lower rate before July 1, you can. However, you have to consolidate with the lender of that single loan. You can’t shop around. If you have federal student loans with more than one lender, you can choose to consolidate with any lender.

If you have any more questions, please contact your student loan lender and don’t wait until the last minute.