direct federal loan loan student

Rush is on to consolidate before student loan rate hike

The door is closing rapidly on people with student loans who might benefit by consolidating debt and locking in lower interest rates. A change in federal law will cause a significant hike in rates and make it more difficult for students to combine their loans. Many borrowers who act before the June 30th deadline could save thousands of dollars. St. Paul, Minn. — The notices sent out recently by banks, governments and education institutions take on the tone of the dubious refinancing schemes by phone solicitors and email spammers. But in this case, borrowers with student loans should not dismiss the claims.

Jeffrey Hanson, director for borrower education at the Access Group, a non-profit student loan lender, said getting in under this week's deadline can mean real money.

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MyRichUncle, InYourFace

In the highly competitive student loan market, a new lender trying to get a bite at the apple has a couple of options. The safe but slow route is to try to persuade college financial aid directors — who are often gatekeepers to the lenders' potential customers, the students — to recommend them, formally or informally. With a series of eye-catching full-page ads in The New York Times and USA Today and a strategy of undercutting other lenders on its base rates for federal student loans, a new company called MyRichUncle has chosen the alternative route: seeking to win over individual borrowers.

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