Quincy, MA (PRWEB) October 20, 2004
Recent college graduates enjoying the lowest interest rates in 39 years are about to get a 0.6% rate increase on Federal Stafford loans. All graduates receive a 6 month grace period after graduation during which their student loan interest rates remain the same as their in-school rate. Once the six month period ends, those rates increase by 0.6%. The current grace period rate is 2.77%, while the repayment rate is 3.37%. For a student with $50,000 in loans, the 0.6% interest rate increase will cost them an extra $3,930 over the life of a loan.
Students can prevent their interest rates from going up by consolidating their student loans. Student loan consolidation transforms variable rate student loans like the Federal Stafford loan into a single fixed rate loan, preventing rate increases as well as lowering the monthly payment. By locking in rates and lowering the monthly payment, student loan consolidation can potentially save graduates hundreds of dollars each month.
Jonathan Rudy, a senior loan counselor with StudentLoanConsolidator.com, recommends that students file consolidation applications immediately to ensure that they are locked in at their current rates. "With no credit checks, no fees, no early payment penalties, and an extra 0.6% savings, there's absolutely no reason for graduates not to consolidate their Stafford, Perkins, and other federal student loans right now. However, graduates need to act now," urges Rudy, "Student loan consolidation takes time, usually between 30 and 60 days, so if graduates don't get their applications in quickly, they stand a good chance of having their interest rates increase."
Additionally, Mr. Rudy points out that student loan consolidation can save graduates even more money with discounts on interest rates. StudentLoanConsolidator.com allows students to reduce their rate an additional 0.25% if they elect to use automatic checking account withdrawal, and an additional 1.0% rate reduction after the first 36 on time payments for students with more than $20,000 in federal student loans.
Students wishing to get more information about consolidation can request a free information packet and application by visiting http://www.StudentLoanConsolidator.com immediately.
Contact Jonathan Rudy at StudentLoanConsolidator.com by email at CustomerService@StudentLoanConsolidator.com for more information; to apply for a student loan consolidation, graduates should visit http://www.StudentLoanConsolidator.com as soon as possible.
StudentLoanConsolidator.com is a division 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 Edvisors Network 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.
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