Information release on ...
Interest rates getting higher for consolidators.
(PRWeb.com) June 1, 2005 -- With the final auction of the
91 day Treasury Bill on May 31, 2005, federal student loans
have been set for the new academic year beginning July 1,
2005. The new rates for studentloan are:
- Stafford Loans for students in school: 4.7%
- Stafford Loans for graduates in repayment: 5.30%
- Parent Loans for Undergraduate Students (PLUS): 6.10%
- Perkins Loans: 5.0%
These new loan rates take effect as of July 1, 2005. Students
who want to lock in today's rates, which are much lower than
the new rates, can consolidate their student loans until July
1 and lock in current, low rates.
The savings are not insignificant, either. On a balance of
$30,000 in student loans, a student that consolidates today
would have an estimated monthly payment of $212 per month.
That same loan payment after July 1 would be approximately
$320 per month, a $108 difference each month.
Should students, regardless of enrollment, consolidate their
student loans? "Yes, absolutely," states Katie Dexter,
Director of Operations at the popular web site. "With
no fees, no credit checks, and low rates, there's no reason
not to consolidate, especially since it appears that the new
rates will be considerably higher than today's rates,"
said Dexter.
| With
the final auction of the 91 day Treasury Bill on May 31,
2005, federal student loans have been set for the new
academic year beginning July 1, 2005. The new rates for
student loan are: Stafford Loans for students in school:
4.7% - Stafford Loans for graduates in repayment: 5.30%
- Parent Loans for Undergraduate Students (PLUS): 6.10%
- Perkins Loans: 5.0% |
"However, graduates need to act today," urges Ms.
Dexter. "Very often, graduates wait until the last minute
to file their paperwork and by then, they may not be able
to insulate themselves from the nearly 2% rate change. The
earlier you apply, the better off you will be."
Contact Katie Dexter at StudentLoanConsolidator.com
by email at e-mail protected from spam bots for more information;
to apply for a student loan consolidation, graduates should
visit as soon as possible.
Colleges handle financial aid in different ways. They can
participate in different programs and have different processing
deadlines. Each school adopts a federal loan program - either
the (FFELP) or the (FDSLP). Both programs are governed
by federal regulations that determine the loan programs, loan
limits, and repayment options. In the FFELP, private lenders
provide the loan funds and work with guarantors to back the
loans. In the Direct Loan Program, the government provides
the loan funds and backs the loans.
A service of the Edvisors Network, a multi-national education
services company offering students options for managing the
entire education life cycle, from getting into their college
of choice to financing their education and beyond. The is
based in Quincy, Massachusetts, with offices in Quincy and
London, England. Visit them on the web at http://www.EdvisorsNetwork.com
for more information.
How much can you save each month? Quite a bit, up to 60% of
your current payment. Take a look at the chart on the right
- this is an example of your average monthly payment* before
and after consolidation. Find out how much you can save personally.
The Direct Consolidation Loans Web Site-this U.S. Department
of Education web site provides information to borrowers, schools,
and loan holders nline. Borrowers can apply
online for consolidation of their federally insured student
loan debt. Refinance a single loan or consolidate multiple
loans now - even if you are still in school - and lock in
today's low fixed rate oline! Initial interest rates on Direct
Consolidation studentloans onilne. If we receive your loan
application electronically onlnie or otherwise postmarked
before we will process your loan(s) onlne as soon as possible
and you will receive today's lower interest rate before the
increase.
www.loanconsolidation.ed.gov
Adverse Credit History
An applicant for a Direct PLUS Consolidtion Loan onlien has
an adverse credit history when he or she is 90 days or more
delinquent on any debt or has been the subject of a default
determination, bankruptcy discharge, foreclosure, repossession,
tax lien, wage garnishment, or write-off of a Title IV debt
during the five years preceding the date of the credit report
onilne onsolidation, consoliation, consolidatio.
• Credit Score
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• The Debt Counsellors Offers Tips on Debt Consolidation
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