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Go online to save on student loans
College students who need a loan and want to avoid Saturday's big interest rate hike have one last-minute option: the Internet."We have actually been overwhelmed by callers," said Whitney Bank president Tommy Tait. "At this point in time it's too late with all the paperwork we would have to process."Tait recommends applying online through Sallie Mae, the leading provider of student loans.Bank of America, with several branches in the Pensacola Bay Area, also participates in the student loan program. Applicants can seek a last-minute loan through the Bank of America's Web site.Students who want to consolidate their existing loans, or need loans to start school this fall, have every incentive to lock in rates before Saturday.The rate increase will be one of the largest one-year increases in the history of the federally backed student loan program.
More online consolidate loan student info
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.