Student loans are the hot topic again this week, but only for you old-timers (those of you with variable-rate Stafford Loans obtained before July 1, 2006).

You make out big-time, because the Fed is cutting the rate for those loans, effective July 1, 2008, from 6.62 percent to 3.61 percent. And with the economy causing stress to just about everybody these days, it's truly good news for a lot of people.

For those with newer loans, there's no bad news, and maybe some good news for you, too. Your loan rate won't change, because you have a fixed rate loan, which means you have what you have, and it won't change (won't go up, won't go down).

If you're one of the 5.5 million still in school, still taking out loans, that fixed rate on new loans taken after July 1 will be 6 percent. A student who borrows $15,125 would save $2,820 in interest payments, according to U.S. Public Interest Research Groups. Over the next three years, the government will continue to drop rates.

If you've just graduated, there is a one-time only, low-rate loan consolidation available -- but only for a six-month period after graduation. That could drop your rates considerably as well, but you'll have to dig a little deeper to find a consolidation program available (the trickle-down effect of all those bad mortgage loans). You might try the federal Department of Education's direct loan program -- you won't be alone, but definitely give it a try.

You should have all received notices from your lenders by now, but if not -- call them! Overall it's great news that loan rates are at least stable or dropping, rather than going up, isn't it?