Student Loan Consolidation
Loan Consolidation FAQ
Loan Consolidation Low Rates
Dear Student:
Interest Rates are Likely to Rise Again — Take Advantage of Locking in a Fixed Rate Now!
While it is uncertain to predict what student loan interest rates will be in July, we anticipate another increase this summer. Consolidation enables you to convert variable rate student loans into one single loan, at a low fixed rate, now before the rate rises again. For borrowers, this presents a unique opportunity for significant savings.
Benefits of Loan Consolidation Through the Direct Consolidation Loan Program Include:
- No origination fees or early repayment penalties
- A 1/ 4 percentage point interest rate reduction when borrowers sign up for Electronic Debit Account
- Extend the term of the loans by combining multiple loans into one, and reduce monthly payments — you pick the plan that best meets your needs
- A single point of contact for servicing and managing your student loan debt
- In-school consolidation to secure future financial cost savings
- Apply over the phone at 800-848-0979, or via the web at www.loanconsolidation.ed.gov
Note: If you are in school and have Stafford loans, recent changes to Federal legislation will eliminate your ability to consolidate loans while in school after this coming June 30, 2006 . Combined with the anticipated jump in interest rates this July, students still in school should act quickly to take advantage of loan consolidation.
Applying is fast, easy and FREE! You can apply in minutes at www.loanconsolidation.ed.gov. If you need additional support, our Servicing Center is available to assist you at 1-800-848-0979.
Sincerely,
Julie Hodge
Associate Financial Aid Director
Belmont Abbey College
