consolidation federal loan n student
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Students rushing to meet loan deadline
Students and graduates are running out of time if they want to refinance college loans before an interest rate hike this weekend.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.If loans are consolidated before the Friday at midnight deadline, the interest rates will remain fixed.A consolidation loan allows students to combine their federal loans into a single loan with one monthly payment.The variable rate on a common Stafford loan dipped to as low as 2.77 percent for students in the 2004-2005 school year and 3.37 percent for graduates already making repayments. Those rates rose last year to 4.7 percent for students and 5.3 percent for graduates.On Saturday, the rates will shoot up to 6.8 percent for students and 7.14 percent for graduates.
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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.
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