New Student Loan Rates Set; Student Loan Consolidation More Expensive After July 1
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%
Quincy, MA 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 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%
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 www.StudentLoanConsolidator.com 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.
"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."
Students wishing to file a consolidation application should do so at http://www.StudentLoanConsolidator.com immediately or call (877) 328-1565.
Contact Katie Dexter 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 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 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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