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Bank sees rush to lock in low rates
The Bank of North Dakota will process more than 7,000 applications for federal student loan consolidations after being inundated last week with requests to lock in an interest rate.A mad rush of applications came in June because interest rates increased on July 1.Julie Kubisiak, senior vice president and director of student loan services, said the bank has finished processing about 4,200 applications and has about 3,000 to go. Those applications started coming in steadily at the the end of May through June.The bank received about 11,145 phone calls regarding student loans in June, which is more than double the normal amount of between 4,000 and 5,000 per month.Kubisiak said students were able to lock in an interest rate of as low as 4.71 percent.Federal loan consolidations are now expected to slow because now the rate people can lock into will be 6.8 percent.
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All Student Loan Borrowers Can Now Consolidate Federal Student ...
HARRISBURG, Pa., June 20 /PRNewswire/ -- Good news for student loan borrowers across the nation -- Congress has repealed the "Single Holder Rule," allowing any student loan borrower to consolidate their student loans with American Education Services (AES).
Under the Single Holder Rule, borrowers whose federal student loans were held by one lender were only able to consolidate their loans with that lender. Now borrowers can consolidate their student loans with any eligible lender, including those who offer lower interest rates, rebates, better repayment terms and quality customer service.
"We're thrilled with this long-anticipated ruling," said Dick Willey, AES President and C.E.O. "We receive consolidation requests from borrowers on a daily basis, looking to take advantage of our repayment benefits and services, and we have been forced to turn them down because of the Single Holder Rule.
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