For college graduates who have not yet consolidated their student loans, time is running out to take advantage of low student loan rates. On Friday July 1st student loan rates will go up, and thus increasing the amount of interest students must pay on loans. Depending on the amount borrowed this difference could add up to hundreds or thousands of dollars. College graduates can still take advantage of the savings of low student loan rates by going online. Many consolidators have online application forms set up on their websites. This online process makes the consolidation process fast and easy. College students can save thousands of dollars by consolidating student loans now. click here to find out more about Student Loan Consolidation Currently enrolled college students may also benefit from consolidation. A change in the consolidation policy by the Education Department now allows currently enrolled students to consolidate. This could be especially beneficial for students who will be graduating in the next 6 to 12 months, or have a substantial amount of money already borrowed. The only drawback for students who consolidate early is that they forfeit the grace period. Normally college students have 6 months between graduation and the date [...]
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Potential changes in the federal government’s student loan consolidation rules may make it an advantage to consolidate student loans. From CNN Money: You also might consider consolidating soon because lawmakers may change the rules governing federal student loans. Two of those potential changes would make loan consolidation less advantageous for borrowers. President Bush has proposed eliminating the fixed interest rate in consolidation, and replacing it with a variable rate. That would mean your rates would change every year, although they couldn’t exceed 6.8 percent. A variable rate loan policy will have even more effect on first or second year college students with fewer student loans, and students who have not yet entered college yet. Furture college students faced with a variable rate loan would be at the mercy of the current rate. They would not be able to lock in low rates with consolidation, as students are able to now. While this is just a proposal, and nothing has passed yet, it would still be wise for parents and students to look at consolidating student loans.