cash consolidate loan loan student

Students Rushing to Complete Consolidation before July 1 Deadline

With interest rates rising nearly 2 percentage points on July 1st, students and recent graduates rushing to refinance their loans have been inundated with mail from consolidation companies looking for business.

The Chronicle of Higher Education reported that two of the largest consolidation companies reported ‘a threefold increase in call volume' in the past few weeks. Financial-aid advisers have been alarmed by aggressive, and at times, misleading language used by consolidation companies looking to cash in during the rush. They advise confused borrowers to proceed with caution and fully understand the fine print of offers they receive.

Financial-aid advisers expect consolidation to continue - albeit at a slower rate - after the deadline. Congress recently repealed the ‘single-holder' rule meaning that borrowers in the guaranteed-student-loan program will now be able to consolidate with the company of their choice.

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The First Marblehead Corporation Files an Application with the ...

The First Marblehead Corporation (NYSE: FMD) announcedtoday that it has submitted an application to the Office of ThriftSupervision (OTS) for approval to acquire Union Federal Savings Bankin North Providence, Rhode Island, from Union Bank, a Rhode Islandbanking corporation. Completion of this acquisition is subject tocustomary closing conditions, including obtaining the approval of theOTS. The Company expects that the acquisition of a federal savingsbank will allow First Marblehead to provide a greater range ofservices to its current and prospective clients.

About The First Marblehead Corporation

First Marblehead provides outsourcing services for private,non-governmental, education lending in the United States. The Companyhelps meet the growing demand for private education loans by providingnational and regional financial institutions and educationalinstitutions, as well as businesses and other enterprises, with anintegrated suite of design, implementation and securitization servicesfor student loan programs tailored to meet the needs of theirrespective customers, students, employees and members.

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