best student loan consolidation program

Five Tips: Student loan myths

The deadline to consolidate your student loans is two days away...Friday, June 30th.

And while consolidation for many folks is the best option, it also can be a little confusing. Today, we're going to dispel some commonly held myths about student loan consolidation.

You still have time. But it's your last chance if you want to lock in the fourth lowest rate in the program's history. There are no second chances.

Your best bet is to go online and choose a lender. You can either consolidate with a lender you already have (if you've forgotten, go to the National Student Loan Data System at www.nslds.ed.gov) or you can find a different one.

Make sure you know what loans you have, what the balance is and your current interest rate. Once you're online, it should only take you 15 to 20 minutes to complete the application.

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Nelnet data tape containing information on 188,000 customers lost by UPS

Lincoln-based student loan provider Nelnet Inc. says a computer data tape containing the personal information of as many as 188,000 customers has gone missing.The company said the tape, which included data on loans serviced by Nelnet that previously were serviced by the College Access Network between Nov. 1, 2002, and May 31, 2006, was in possession of United Parcel Service and cannot be located.Lynnette McIntire, a UPS spokeswoman, said that while UPS cannot locate the tape, the company has no indication that the tape "has gone outside the UPS system."McIntire said UPS is working to allay any concerns Nelnet might have."Obviously this is extremely rare for us, and we feel terrible about it," she said.Ben Kiser, a Nelnet spokesman, said the tape originated from a Nelnet office in Aurora, Colo.Kiser said UPS notified the company in writing July 10 that it could not find the tape.Asked why Nelnet did not inform the public about the missing tape until a week later, Kiser said: "We are proceeding quickly, but in a sensible manner that ensures that we are in the best position possible to support our customers and follow the applicable state and federal privacy laws".Nelnet in November 2005 took over the student loan servicing and guarantee operations of College Access Network, which is the Colorado state-designated guarantor of student loans and administers the federal Family Education Loan Program, providing federal Stafford, PLUS and consolidation loans to students and parents through private lenders. Nelnet said it is notifying its potentially affected student loan customers, as well as other lenders whose customers may be affected.

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