student loan online
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Go online to save on student loans
College students who need a loan and want to avoid Saturday's big interest rate hike have one last-minute option: the Internet."We have actually been overwhelmed by callers," said Whitney Bank president Tommy Tait. "At this point in time it's too late with all the paperwork we would have to process."Tait recommends applying online through Sallie Mae, the leading provider of student loans.Bank of America, with several branches in the Pensacola Bay Area, also participates in the student loan program. Applicants can seek a last-minute loan through the Bank of America's Web site.Students who want to consolidate their existing loans, or need loans to start school this fall, have every incentive to lock in rates before Saturday.The rate increase will be one of the largest one-year increases in the history of the federally backed student loan program.
More student loan online info
Student loans to get simpler
Potential students will soon be able to apply for loans online, at the same time they apply for their place at university under new plans. Today higher education minister Bill Rammell announced plans for student loans, aimed at making them clearer, faster, and accurate. "I want students to understand that they don't have to worry about how they will pay their fees and living costs: they can take out loans or grants and only have to begin paying back their loans once they are earning more than £15,000," Mr Rammell said. "The student finance service needs to be as simple and accessible as possible to students, parents and graduates. "As well as clearer information, faster decisions, timely payments and accurate repayments, the transformed service intends to provide taxpayers with better value for money by generating savings from delivery processes to be spent on other priorities." The changes to the student loan scheme come after a review of higher education student finance in England, published by former education secretary Ruth Kelly in January.