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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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MONEY | Cutting college loan costs

Rates on federally sponsored college loans are scheduled to increase Saturday, and consolidating existing loans will become less advantageous then. -Many borrowers can get discounts such as a quarter-point reduction in the interest rate for paying by automatic debit and another one-point reduction in the rate after they make 36 on-time payments. On a $30,000 consolidation loan, that would save an additional $6,000 over 20 years.

-Some families might find it cheaper to borrow money by taking out a second mortgage or home-equity credit line, or to lower the payment by extending an existing loan.

-To learn more about federal student loans, see the Department of Education's Web site at .gov. For details on consolidation loans, see Sallie Mae's Web site at www.smartloan.com.

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