best consolidation loan student
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Hours Remain for Borrowers to Lock in a Low Interest Rate Through Student Loan Consolidation
In a matter of hours, on July 1, interest rates on most federally guaranteed student loans will jump by nearly 2 full percentage points. To avoid the rate increase, borrowers must submit their Federal Consolidation Loan application by midnight on Friday, June 30, 2006.
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To respond to last-minute requests from borrowers seeking to lock in today's interest rates through student loan consolidation, Sallie Mae will divert all available customer service personnel to focus on helping individuals with consolidation-related issues.
"By redirecting all available resources in the final hours of this unusual interest rate environment, we will help our borrowers receive the best possible service and the lowest possible rate when they consolidate their loans," said Keith D'Ambra, senior vice president of loan consolidation, Sallie Mae.
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Financial Aid
Officials recommend that graduates and those close to graduation consolidate. Story by: Meredith Patterson The Shorthorn staff While student loan consolidation can ease the burden of making multiple payments to multiple lenders, students should consider how close they are to graduating before making the decision to consolidate, said Karen Krause, financial aid director. With the Friday consolidation deadline looming, she cautioned that loan consolidation may not be for every student and said it depends on where students are in their education and how many loans they have. "It's more for those folks who are finishing or have finished school," she said. "Typically, a student who has multiple types of loans or multiple lenders may want to consolidate. Students who are still in school really need to think about that because consolidating may not be the best thing for them." She said that if students consolidate loans early in their school career, they might not be able to consolidate additional loans they accrue during school.