consolidate loan missouri student

Consolidation frenzy grows

Alumni, students and their parents have been calling Suni a dozen times a day at the University of Missouri-Kansas City financial aid office, asking his advice on whether to consolidate government college loans before interest rates rise July 1.

College financial aid offices throughout the country are being inundated with inquiries about government loans.

Suni, UMKC financial aid coordinator, said the calls are being fueled by the marketing strategies of lenders encouraging borrowers to consolidate.

"Lenders are mailing post cards and doing banner pop-ups on Web sites and offering a variety of deals for students to potentially get some savings down the road," Suni said. "This can be described as a mad feeding frenzy, and midnight on June 30th is the witching hour."

On July 1, the interest rate for government loans will jump nearly 2 percentage points, except for those borrowers, including students with loans, who consolidate and lock in their current rate.

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Rush Is On For Students To Consolidate Loans

KSDK - They are responding in record numbers. That's what loan experts are saying about students who are seeking to consolidate their college loans before interest rates increase dramatically.

The deadline is Friday, June 30th. On July 1st, interest rates on student loans are expected to jump by more than 2 percent, and that could add thousands of dollars to the cost of repaying a student loan.

In the mailroom at the Missouri Higher Education Loan Authority, or MOHELA, more than 1,000 applications are being processed each day for students who want to avoid higher interest rates. That's a record for the agency, which helps provide billions of dollars in student loans.

Assistant MOHELA Director Quinten Wilson says, "This fiscal year is going to be the highest amount of consolidation loans that we've ever managed to accumulate in one year.

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