WASHINGTON (June 29, 2012)--Borrowers who hope to consolidate their student loans through a special government program have until Saturday to apply.

President Barack Obama announced the plan in October through which borrowers can save as much as half a percentage point on their interest rates.

The Education Department said about 440,000 borrowers have applied, with loans totaling $10.6 billion.

Borrowers who miss the deadline can still apply for a regular consolidation, but they won't get the interest rate deduction.

The White House says 2 in 3 college graduates borrow to pay for college, and the average borrower graduates with about $26,300 in debt.

Young voters and recent graduates are crucial to Mr. Obama's re-election.

Exit polls say voters age 18-24 overwhelmingly supported Mr. Obama in 2008.