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Interest rates on student loans about to increase

College graduates wanting to consolidate their loans might want to do so before Saturday, when some variable interest rates on student loans are set to increase by about 2 percentage points to a fixed rate.

On Saturday, interest rates will become fixed at about 6.8 percent for Stafford loans, a type of federal student loan, and 8.5 percent for federal parent PLUS loans. College graduates must apply to consolidate their loans today to maintain the lower current rates.

Wittenberg University students who graduated in May received a letter explaining the increases and encouraging consolidation.

J. Randy Green, Wittenberg financial aid director, said he never before sent a letter with such general advice because students’ situations vary, but added that the changes seem beneficial to most students.

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Federal Student Loan Consolidation Could Save Delaware Borrowers ...

WILMINGTON, Del., June 27 /PRNewswire/ -- American Education Services (AES) is encouraging borrowers with either federal Stafford or PLUS loans to act quickly if they are interested in consolidating their student loans, before interest rates increase by almost two percent on July 1, 2006. Borrowers will have until midnight on June 30th to consolidate their student loans.

Borrowers who consolidate will benefit by locking in the current low interest rate and will make their repayment easier by lowering their monthly payments and by combining multiple payments into one. By consolidating and locking in interest rates before July, borrowers with a $25,000 loan can save an average of $5,580 in interest.

"Time is running out for borrowers to potentially save thousands of dollars in repayment on their federal Stafford student loans," said Christine Lodge, Director of the AES Delaware office.

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