consolidation interest loan rate student

Sallie Mae Works to Dispel Student Loan Consolidation Myths as ...

RESTON, Va., June 26 /PRNewswire/ -- With just over a week remaining for college students, graduates and parents to lock in today's low interest rates through student loan consolidation, Sallie Mae is helping student loan borrowers understand the truth about the consolidation process.

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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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