student loan refinancing
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Rush is on to consolidate before student loan rate hike
The door is closing rapidly on people with student loans who might benefit by consolidating debt and locking in lower interest rates. A change in federal law will cause a significant hike in rates and make it more difficult for students to combine their loans. Many borrowers who act before the June 30th deadline could save thousands of dollars. St. Paul, Minn. — The notices sent out recently by banks, governments and education institutions take on the tone of the dubious refinancing schemes by phone solicitors and email spammers. But in this case, borrowers with student loans should not dismiss the claims.
Jeffrey Hanson, director for borrower education at the Access Group, a non-profit student loan lender, said getting in under this week's deadline can mean real money.
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Students rushing to refinance loans before Saturday rate increase
JEFFERSON CITY, Mo. -- Thousands of college students and parents are clogging phone lines and rushing to Internet sites in a scramble to refinance college loans before a sharp interest rate increase this weekend. An almost 2 percentage point interest rate increase for federal student loans kicks in Saturday, and advisers say that not refinancing could cost thousands of additional dollars in interest in the decades after a student enters the work force. At the Missouri Higher Education Loan Authority, the nation's 12th largest student loan holder, calls are coming in at a clip of up to 15 a second, contributing to a tenfold increase in applications for student loan consolidations, said Raymond Bayer Jr., the agency's interim executive director. Other loan agencies also are experiencing high demand.