american consolidation loan student

Student loan interest rates set to increase

Today is the last day student loan holders will have to consolidate their debt without feeling the hit of the nearly 2-percent increase in interest. The Federal Stafford loan rate will rise 1.93 percent July 1 and parent loans for undergraduate students (PLUS) will rise 2.4 percent, marking the largest jump since 2000. The change stems from a new bill that was incorporated into the Deficit Reduction Act of 2005, S. 1932, according to a press release from the Montana Guaranteed Student Loan Program.Ron Muffick, director of business relations and programs for the MGSLP, said, "Because of the interest rate change effective July 1, I encourage borrowers to contact their lenders to explore all of the options for repayment including consolidation."The average student debt for a Montana borrower is $20,000, quite less than the national level of $50,000, according to the American Council on Education."The rate increases mean higher interest payments for students and graduates over the life of their loan," said Jim Stipcich, president of Student Assistance Foundation.

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All Student Loan Borrowers Can Now Consolidate Federal Student ...

HARRISBURG, Pa., June 20 /PRNewswire/ -- Good news for student loan borrowers across the nation -- Congress has repealed the "Single Holder Rule," allowing any student loan borrower to consolidate their student loans with American Education Services (AES).

Under the Single Holder Rule, borrowers whose federal student loans were held by one lender were only able to consolidate their loans with that lender. Now borrowers can consolidate their student loans with any eligible lender, including those who offer lower interest rates, rebates, better repayment terms and quality customer service.

"We're thrilled with this long-anticipated ruling," said Dick Willey, AES President and C.E.O. "We receive consolidation requests from borrowers on a daily basis, looking to take advantage of our repayment benefits and services, and we have been forced to turn them down because of the Single Holder Rule.

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