consolidation federal loan student

Access Group Offers Students Ability to Apply for Consolidation ...

WILMINGTON, Del., June 26 /PRNewswire/ -- With the July 1 interest rate increase looming on the horizon and students rushing to consolidate their eligible federal student loans, Access Group, the nonprofit graduate loan specialist, reminds borrowers that they can apply for a consolidation loan online or by phone 24 hours a day, seven days a week between now and midnight Hawaiian Standard Time on June 30. Borrowers who want to consolidate their loans with Access Group can go to http://www.FederalConsolidation.Org or call 866-241-5769. Borrowers who have already applied and want to check the status of their application can call 888-250-6401.

According to Daniel R. Lau, Access Group's CEO, "As the deadline approaches, we want to give borrowers every opportunity to save money on their loans, which is consistent with Access Group's mission: to provide affordable education financing to the broadest range of eligible students."

Based on Department of Education guidelines, lenders are able to use the current lower interest rates when calculating the fixed interest rate for a Federal Consolidation Loan, provided the borrower's application is received by the lender before July 1, 2006.

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Rates Increase July 1, but Last-Minute Applicants Can Still Lock ...

RESTON, Va., June 27 /PRNewswire/ -- Interest rates on federally guaranteed student loans will jump by nearly 2 percentage points this Saturday, July 1, but customers who submit their Federal Consolidation Loan application online by midnight (PDT) on June 30, 2006 can still receive today's lower interest rate. The forthcoming interest rate hike has caused record call volume to Sallie Mae's consolidation center from students, graduates and parents. To accommodate the call surge, Sallie Mae has added hundreds of customer service representatives responding to consolidation inquiries, and extended the operating days and hours of its phone hotline.

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"It is still not too late to lock in today's lower interest rates, but time is of the essence," said Patricia Scherschel, vice president of loan consolidation, Sallie Mae.

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