Bush Signs New Student Bill, Federal Loans Cut!?

Asked by Dr. W
Ok, I was just reading an article on Time magazine about Bush signing a new student aid bill. http://www.time.com/time/politics/article/0,8599,1666124,00.html?xid=rss-topstories "It also cuts in half the interest rates on federally backed student loans — from 6.8 percent to 3.4 percent — over the next four years." I am a second year grad student on a four year program, and my stafford loans are currently on 6.8%... can I take advantage of this bill? if so, will it be through consolidation when I finish school? or is this in effect before I finish school? Many thanks!