consolidation interest loan low student

Students Rush to Consolidate Before Rates Increase

"We have seen an increase in student loan consolidation activity and we anticipate a rush between now and midnight June 30th," said Mari Mann-Silva, vice-president of Financial Operations of the not-for-profit Council for South Texas Economic Progress (COSTEP). "Loan consolidation incentives along with the July 1, 2006 rate increase are driving the market," Mann-Silva added. "COSTEP offers incentive plans based on loan amounts. The following is a recap of those incentives: Student loan amounts of $12,500 or greater will receive a 1% interest rate reduction at the time of consolidation and an additional 1% interest rate reduction after 36 on time payments; loan amounts that are between $5,000 and $12,499.99 will receive a 1% interest rate reduction after 36 on time payments; all student loans are eligible to receive a .25% incentive for participating with the SUREPAY(SM) program."

"The end result is that many students will be paying thousands of dollars more in interest rates unless they consolidate now," said Patricia Beard, president of COSTEP.

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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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )

"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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