consolidate loan massachusetts student

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.

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Students seek to lock in interest rate for loans

BISMARCK, N.D. - The Bank of North Dakota has received thousands of applications for federal student loan consolidations from students seeking to lock in an interest rate.

Julie Kubisiak, the bank's senior vice president and director of student loan services, said the bank has finished processing about 4,200 applications and has about 3,000 left. The applications have come in from the end of May through June, she said. Interest rates went up July 1.

The bank reported about 11,145 phone calls about student loans in June, more than double the normal amount.

Kubisiak said students were able to lock in an interest rate of as low as 4.71 percent. The rate has since gone up to 6.8 percent.

The federal government adjusts interest rates on its student loans each July 1, based on a formula tied to the yield on short-term Treasury bills.

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