national student loan consolidation

Five Tips: Student loan myths

The deadline to consolidate your student loans is two days away...Friday, June 30th.

And while consolidation for many folks is the best option, it also can be a little confusing. Today, we're going to dispel some commonly held myths about student loan consolidation.

You still have time. But it's your last chance if you want to lock in the fourth lowest rate in the program's history. There are no second chances.

Your best bet is to go online and choose a lender. You can either consolidate with a lender you already have (if you've forgotten, go to the National Student Loan Data System at www.nslds.ed.gov) or you can find a different one.

Make sure you know what loans you have, what the balance is and your current interest rate. Once you're online, it should only take you 15 to 20 minutes to complete the application.

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Student loan interest rates set to increase

Today is the last day student loan holders will have to consolidate their debt without feeling the hit of the nearly 2-percent increase in interest. The Federal Stafford loan rate will rise 1.93 percent July 1 and parent loans for undergraduate students (PLUS) will rise 2.4 percent, marking the largest jump since 2000. The change stems from a new bill that was incorporated into the Deficit Reduction Act of 2005, S. 1932, according to a press release from the Montana Guaranteed Student Loan Program.Ron Muffick, director of business relations and programs for the MGSLP, said, "Because of the interest rate change effective July 1, I encourage borrowers to contact their lenders to explore all of the options for repayment including consolidation."The average student debt for a Montana borrower is $20,000, quite less than the national level of $50,000, according to the American Council on Education."The rate increases mean higher interest payments for students and graduates over the life of their loan," said Jim Stipcich, president of Student Assistance Foundation.

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