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Students seek to lock in interest rate for loans
BISMARCK, N.D. - The Bank of North Dakota has received thousands of applications for federal student loan consolidations from students seeking to lock in an interest rate.
Julie Kubisiak, the bank's senior vice president and director of student loan services, said the bank has finished processing about 4,200 applications and has about 3,000 left. The applications have come in from the end of May through June, she said. Interest rates went up July 1.
The bank reported about 11,145 phone calls about student loans in June, more than double the normal amount.
Kubisiak said students were able to lock in an interest rate of as low as 4.71 percent. The rate has since gone up to 6.8 percent.
The federal government adjusts interest rates on its student loans each July 1, based on a formula tied to the yield on short-term Treasury bills.
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Federal Student Loan Consolidation Could Save West Virginia ...
CHARLESTON, W.Va., June 27 /PRNewswire/ -- American Education Services (AES) is encouraging borrowers with either federal Stafford or PLUS loans to act quickly if they are interested in consolidating their student loans, before interest rates increase by almost two percent on July 1, 2006. Borrowers will have until midnight on June 30th to consolidate their student loans.
Borrowers who consolidate will benefit by locking in the current low interest rate and will make their repayment easier by lowering their monthly payments and by combining multiple payments into one. By consolidating and locking in interest rates before July, borrowers with a $25,000 loan can save an average of $5,580 in interest.
"Time is running out for borrowers to potentially save thousands of dollars in repayment on their federal Stafford student loans," said Elaine Chiles, Director of the AES West Virginia office.