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Graduates and students can save on loans

Graduates and current students who want to save money on federal loans should seek out the University of Texas at Brownsville and Texas Southmost College for help. Although currently issued with variable rates, student loans will have fixed rates after July 1. This is important for the people that are done with school and have graduated, if they want to lock in a fixed interest rate for their student loans, said Cammy Penrod, student loan coordinator.

According to the Federal Family Education Loan Program, 44,143 loans are out to 17,159 UTB-TSC students, totaling about $125.6 million in debt. Previous student loans were issued with variable interest rates. Each year, the rate is adjusted, sometimes as low as 3 percent and not to exceed 8.25 percent. Currently, the rate is about 4 percent, but Penrod said it is expected to increase next year and could cost graduates more in the long run as interest rates climb.

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Students can lock in lower loan rates this week

With less than a week remaining before student-loan interest rates spike, borrowers are being flooded with loan consolidation offers.

Solicitations arrive in e-mails, pop-up ads and letters. They come from banks such as Bank of America, Wells Fargo and Wachovia, and from hundreds of Internet-based companies.

Melet Leafgreen, assistant director of loan programs at Texas Christian University, said students have been coming to her department for help sorting through stacks of mailers, postcards and fliers. "It's very confusing to get through all of those things," she said. "They're all the same, just displayed five different ways."

Beginning Saturday, interest rates on new Stafford loans will be fixed at 6.8 percent, but variable rates on existing Stafford loans will jump almost two points, according to the U.S.

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