refinancing consolidated student loan

Student loan consolidation deadline is Friday

People with student loan debts are scrambling to consolidate their loans before interest rates increase on Saturday, July 1.

Interest rates on existing federal student loans will increase nearly 2 percent to between 7 and 8 percent in July, as part of an adjustment the government makes every year.

That means that if you currently have unconsolidated federal student loans, your overall payments will rise.

Experts say that with interest rates headed upward, consolidation could be a good deal for many debtors.

"There really isn't a lot of reason not to do this," says Seamus Harreys, dean of student financial services at Northeastern University in Boston.

"It's the student loan world equivalent of refinancing a mortgage," says Martha Holler, a spokeswoman for Sallie Mae, a leading provider of student loan financing, though there is a caveat.

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Ward is leaving Oakland

OAKLAND - State Administrator Randolph Ward, a polarizing figure who led the Oakland school district during its first three years under state control, is leaving to become the San Diego County schools superintendent.

The San Diego County school board voted unanimously this morning to offer him the job vacated by retiring superintendent Rudy Castruita.

In a memo sent to Oakland school board members late Wednesday, Ward wrote: ``I have decided for both personal and professional reasons to leave my job as state administrator in mid-August to serve as the superintendent of San Diego County schools.

``As many have said, without struggle, there is no progress. There is much struggle ahead. All of us have worked hard to come closer to our ultimate goal of building the nation's best urban school district in Oakland.''

Ward did not immediately return a call for comment today.

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