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Consolidation deadline for student loans nears
Kimberly Brown was eager to consolidate her multiple student loans - and lock in a low interest rate - when she graduated from Mercer University in May.
"You really don't have a choice with the interest rates going up in July," she said.
Brown, who has $30,000 in student loans, is just one of thousands of borrowers across the country who have just one week left to decide if they want to consolidate.
Starting July 1, the interest rate on federal loans for current borrowers who are still in school, in their grace period or in deferment will increase from 4.7 percent to 6.54 percent. Loans for borrowers in repayment will increase from 5.3 percent to 7.14 percent.
Stafford loans, one of the most common, will be set at a fixed rate of 6.8 percent.
More consolidate loan student info
Hours Remain for Borrowers to Lock in a Low Interest Rate Through ...
RESTON, Va., June 29 /PRNewswire/ -- In a matter of hours, on July 1, interest rates on most federally guaranteed student loans will jump by nearly 2 full percentage points. To avoid the rate increase, borrowers must submit their Federal Consolidation Loan application by midnight on Friday, June 30, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
To respond to last-minute requests from borrowers seeking to lock in today's interest rates through student loan consolidation, Sallie Mae will divert all available customer service personnel to focus on helping individuals with consolidation-related issues.
"By redirecting all available resources in the final hours of this unusual interest rate environment, we will help our borrowers receive the best possible service and the lowest possible rate when they consolidate their loans," said Keith D'Ambra, senior vice president of loan consolidation, Sallie Mae.