sallie mae student loan consolidation

Loan rates to increase on July 1

This example is based on a student paying off their loan over a 20-year period. Source: Erin Korsvall, a spokesperson of Sallie Mae, Inc.

For more information on loan consolidation, go to www.salliemae.com and loanconsolidation.ed.gov

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Students wanting to lock in lower interest rates should consolidate their federal student loans by June 30.

As of July 1, interest rates will increase and students who have federal loans will not have the option to consolidate until they graduate, said Larry Moeder, director of admissions and the Office of Student Financial Assistance.

In the past, the interest rate has been a variable rate, Moeder said. It fluctuates from year to year depending on the economy.

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Hours Remain for Borrowers to Lock in a Low Interest Rate Through ...

RESTON, Va., June 29 /PRNewswire/ -- 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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )

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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