sallie mae private student loan
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July 1 deadline for students to consolidate loan debts
Consolidate now. That's the short fix and the best advice for graduates who owe money on student loans. They need to lock in the lowest possible rates before July 1, when rates for the popular Stafford loan will jump to 6. 54 percent.
The more complicated fix: The nation should re-examine its system for how students borrow money for college. The system wastes money, and the Office of Management and Budget has the numbers to prove it.
Student loans made through private lenders cost the federal government 10 times more than direct loans provided by the Education Department, an OMB report released last year found. Some students borrow directly from the government, but many borrow guaranteed student loans through private lenders such as Sallie Mae. For every $ 100 spent on student loans, the government spent only 84 cents for direct loans, compared to about $ 12 for government-guaranteed loans from private lenders, the study found.
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July 11 local digest
HARWOOD - The Maryland Department of the Environment will hold two simultaneous hearings tonight on plans by millionaire Albert Lord to build a golf course in south county.
Mr. Lord, chairman of student loan giant Sallie Mae, bought 243 acres traversing Polling House Road for $2.4 million in 2004.
He then unveiled plans to build what he called a private 18-hole golf course on the land that will eventually include guest quarters in addition to the five buildings now planned.
The MDE session will cover two primary issues: the impact on local aquifers of pulling millions of gallons of water for greens and fairways, plus what golf course construction will do to local wetlands running along Deep Run and Rock branches and alterations to the 100-year flood plain.