CONGRATULATIONS, Class of 2007!

Expect a mailbox full of missives to help you transition from the college campus to the real world: congratulatory cards (with checks enclosed) from family and friends, a few job offers and plenty of enticements from lenders eager to handle your student loans.

Although the first two are certainly more welcome, it pays to spend time considering the latter. More than two-thirds of graduates leave college with student loan debt, according to the Department of Education. Their average tab: $19,200.

In recent years, as the variable interest rates on the Stafford loan dipped to historic lows of 2.77% (3.37% in repayment) in 2004, student loan advice for recent graduates could be summed up in a single word consolidate. Not so for this year's grads, who face current rates of 6.62% during the in-school and grace periods, and 7.22% during repayment.

"The use of consolidation to lock in a low rate no longer applies," says Mark Kantrowitz, founder of FinAid.org. "Students have to be more proactive about getting the best deal."

Thanks to two recent changes, the Class of 2007 faces the added burden of mixed loans some fixed rate, some variable, some already consolidated. (Loans disbursed after July 1, 2006, carry a fixed interest rate of 6.8%, while those disbursed prior have variable rates up to a maximum of 8.25%. That date also marked students' last chance to consolidate loans while still in school.)

To get started off right, here are seven considerations for this year's grads:

Mind your grace period

Some borrowers can expect to receive their first student-loan statement before their first real-world paycheck. "We saw a huge wave of in-school consolidations over the past few years, as interest rates moved to record lows," explains Patricia Scherschel, vice president of loan consolidation for Sallie Mae. "But in doing so, students gave up their six-month grace period."

Not you? Before you gloat, consider joining their ranks. Consolidating before your six-month grace period runs out snags you a lower consolidation interest rate; currently 6.625% instead of the 7.25% you'd get post-grace. For a grad carrying a $20,000 balance, that's a difference of $1,795 in interest paid over the life of your loan.

Consolidate cautiously

Our experts agree with such high rates, there's less incentive to consolidate your loans this year. "The reasons students will consolidate are more to do with stretching repayment and lowering monthly payments," says Kantrowitz. It doesn't hurt that one payment to one lender is easier to keep track of than four to different lenders.

With fixed-rate loans in the mix, consolidating may not work out to your advantage. Someone carrying $20,000 in Stafford loans $15,000 consolidated at 6.625% and one $5,000, 6.8% loan would pay a total of $7,458 over the life of the 10-year loans. That's $100 less than the total interest you'd pay by consolidating all the loans under a 10-year repayment schedule.

Shop around for the best deal

In the Emergency Appropriations Act of 2006, Congress eliminated the "single holder rule," which had required students with loans from a single lender to consolidate with that lender. Take advantage of the switch to let lenders compete for your business, advises Kantrowitz. (Especially in the wake of a broadening student-loan scandal, it pays to do some comparison-shopping.)

access your loan data here, then work your way down the list of lenders to compare offers.

Call your current lender(s) to check the fine print first, says Kantrowitz. It may actually be cheaper to stay put. "Many lenders have included fine print that says you have to repay any discounts if you switch," he says. That includes the 4% origination and default fees assessed at Stafford loan disbursement, which many lenders waive.

Dig for repayment discounts

Making your student-loan payments electronically saves much more than a 41-cent stamp each month it also gets you a 0.25% reduction on your interest rate from most lenders. Whether you plan to consolidate your loans or not, be sure to consider repayment discounts when selecting a lender, says Kantrowitz. Depending on the lender, you may be able to reduce your balance outright, or reduce your rate by another 1% or so for making on-time payments.

"Focus on discounts that are immediate in nature, and that you can't lose," he advises. Discounts that take time to earn, such as making a set amount of payments on time, are worth progressively less the longer they take to kick in. They are also tougher to earn. "Less than one-quarter of students make their first 36 payments on time," Kantrowitz says. One missed or adjusted payment and you're right back at the starting line.

Keep private loans separate

Federal Consolidation Loans, by definition, can include only federal student loans. So steer clear of lenders that offer to let you consolidate both federal and private, cautions Brad Baldridge, a certified financial planner in Hales Corners, Wis. These hybrid loans won't be as low, and don't often carry repayment discounts. And keep in mind, the rate is tied in part to your credit score. Late payments on that credit card could send your rate skyrocketing.

Prepay your loan...

Sure, you can lower your monthly student-loan payment consolidation is one way, extended repayment another but that short-term relief comes at a price, says Susie Johnston, a certified financial planner based in Greenwood Village, Colo. You'll be making payments over a longer period of time, and ultimately paying more in interest. Someone with $15,000 in Stafford loans would pay about $5,475 in interest repaying them over 10 years. Consolidated under a 20-year repayment schedule, the interest paid more than doubles to $11,052.

If you take steps to lower your payment, aim to increase it again as soon as possible, says Johnston. "There is no penalty for prepayment," she adds. Ideally, you should aim to make your original monthly payment, but even an extra $10 a month helps. (In the case above, it would help you pay off your consolidated loan three years sooner, and cut your total interest paid by $1,836.)

...But put credit-card bills first

"Prepaying your student loans seems the right way to go, but it isn't always," says Baldridge. The math is simple enough: A credit card with an 18% APR accrues more interest, faster, than a 6.54% Stafford loan. Tackle your more expensive debts before beefing up your student-loan payment.