refinancing student loan law
Click a Flag to Translate the page
 |
 |
 |
 |
 |
 |
 |
 |
 |
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.
More refinancing student loan law info
July financial aid tip of the month
Many sources of financial aid are available to help college-bound students pay higher education expenses, including federal and state grants, scholarships and Federal Stafford and PLUS Loans. In addition, merit-based scholarships and need-based grants are often available at the local level.
All these programs may help ease the burden of paying for college; however, sometimes it is not enough to pay college costs. When that happens, parents and students may take advantage of private student loans, usually called alternative loans.
In addition to providing Federal Stafford and PLUS Loans in Kentucky, The Student Loan Peoplesm, Kentucky's only nonprofit student loan provider, offers the Advantage Loan. This loan helps bridge the gap between the cost of college and the financial aid a student has received.