sallie mae student loan application

Hours Remain for Borrowers to Lock in a Low Interest Rate Through Student Loan Consolidation

In a matter of hours, on July 1, interest rates on most federally guaranteed student loans will jump by nearly 2 full percentage points. To avoid the rate increase, borrowers must submit their Federal Consolidation Loan application by midnight on Friday, June 30, 2006.

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To respond to last-minute requests from borrowers seeking to lock in today's interest rates through student loan consolidation, Sallie Mae will divert all available customer service personnel to focus on helping individuals with consolidation-related issues.

"By redirecting all available resources in the final hours of this unusual interest rate environment, we will help our borrowers receive the best possible service and the lowest possible rate when they consolidate their loans," said Keith D'Ambra, senior vice president of loan consolidation, Sallie Mae.

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Rates Increase July 1, but Last-Minute Applicants Can Still Lock ...

RESTON, Va., June 27 /PRNewswire/ -- Interest rates on federally guaranteed student loans will jump by nearly 2 percentage points this Saturday, July 1, but customers who submit their Federal Consolidation Loan application online by midnight (PDT) on June 30, 2006 can still receive today's lower interest rate. The forthcoming interest rate hike has caused record call volume to Sallie Mae's consolidation center from students, graduates and parents. To accommodate the call surge, Sallie Mae has added hundreds of customer service representatives responding to consolidation inquiries, and extended the operating days and hours of its phone hotline.

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"It is still not too late to lock in today's lower interest rates, but time is of the essence," said Patricia Scherschel, vice president of loan consolidation, Sallie Mae.

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