Good news! After July 1, if you have any unconsolidated federal student loans with a variable interest rate, you can consolidate at the low, low rate of 3.6%. Phenomenal!

Unfortunately there are, as this MSN article points out, a few catches to qualify for this rate, making the whole deal nothing more than a talking point for some of our elected officials.

Seriously. Very few people will be able to take advantage of this offer. And those who can have not made the smartest financial decisions regarding their loans over the years.

The rundown:

1. If your student loans were issued after July 1 2006 ... BAM! No low rate for you!
2. If you are still in school ... whoops! Sorry...should have dropped out. Can't touch this rate!
3. You consolidated right after graduating to snag a lower rate? Too bad so sad.

That's right, if you made the sound financial decision to lock in a "low" interest rate on your federal student loans shortly after you graduated, you are out of luck. Yep, that's MC Hammer dancing over there with that 3.6% interest rate singing, "da na na na can't touch this."

It's graduation season, and another year's worth of college students will be paroled from the dorms, thrust into the scary world of trying to pay off the student loan debt they accumulated.

MSNBC has put together a video featuring clips from The Today Show experts giving tips to outgoing college students: the best cities for graduates, mastering the job market, succeeding in the interview, managing money and, heaven forbid, moving in with your parents.

Forward this post to any seniors you know who are graduating this year.