consolidate indiana loan student

Era of low-interest rate college loans coming to an end

College students with multiple government-backed loans may want to consider consolidating them before interest rates go up July 1, says Indiana State Universitys director of student financial aid.I think theres a good potential for savings right now, said Tom Ratliff, ISU financial aid director.Current interest rates are very attractive, he said.Students will have to act fast, however.An era of low interest rates on federally-backed college loans is coming to an end. A combination of rising interest rates and legislative changes to the student loan program are affecting repayments. Rates on existing Stafford loans government-guaranteed student loans change annually and are tied to 91-day Treasury bills.On July 1, interest rates will increase from 5.3 percent to 7.14 percent for repayment of Stafford loans, which are variable rates.For PLUS (parent) loans, interest rates on existing variable rate loans will jump from 6.1 percent to 7.94 percent.There is a very substantial savings for parents, who consolidate, Ratliff said.Consolidation is an option for students who have multiple loans and at least $7,500 in outstanding debt, Ratliff said.

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First Marblehead Stock Down on BofA Pact

Shares of student-loan services provider First Marblehead Corp. sank nearly 16 percent on Thursday after a Wall Street analyst reported a major client, Bank of America, was sending some of its business to a First Marblehead rival.

First Marblehead's shares fell $8.84 to close at $46.75 on the New York Stock Exchange, where the stock nevertheless remained near the upper end of its 52-week range of $20.89 to $58.26.

Matt Snowling, an analyst with Friedman Billings Ramsey, said in a research report Thursday that he confirmed that EduCap, a Washington, D.C.-based nonprofit, has been servicing Bank of America-branded private student loans since late May.

The Charlotte, N.C.-based bank continues to do business with First Marblehead for other loan products, and accounts for about 27 percent of the Boston-based company's loan servicing.

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