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Students given OK to shop for best deals to consolidate loans
Newly minted university graduates facing the looming specter of student loan payments should take heed: The federal government earlier this month passed legislation to do away with the “single-lender" or “single-holder" rule, meaning borrowers are now free to shop around for the best consolidation deals.And not a moment too soon.
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Making Cents Changes in student loans = trouble for some
Most students think that when Paris Hilton and her enormously wealthy family get a tax cut, the results show up mostly in the taxes the government takes out of your $8 an hour summer job. In reality, the extra $40,000 Paris may save this year will also come out of your student loan payments.
Huh?
Every year there is a big rush in May and June for students to consolidate their student loans before graduation or before July 1st rate increases. This year the push has a more serious reason propelling students and graduates. What could be more serious than 4 - 6 years of debt owed to the biggest loan shark of all?
The Deficit Reduction Act of 2006 brings an end to many perks students have previously enjoyed. For example, students who have already consolidated their loans and want to get a new consolidation loan will no longer be able to after July 1st.