Quincy, MA (PRWEB) June 21, 2006
On June 15, 2006, President Bush signed into law HR 4939, an emergency budget bill that included a provision for students and graduates with student loans to be able to consolidate their federal student loans with the company of their choice. This freedom of choice comes at a critical time, as graduates face a near-record average interest rate increase of 35% on student loans beginning July 1, 2006. Acting quickly can save graduates hundreds or even thousands of dollars over the life of a loan.
Christopher Penn, host of the popular Financial Aid Podcast internet radio show, commented, "This legislative change couldn't have come at a better time than now. By opening up the student loan industry to more competition, borrowers - college graduates - will win with access to better benefits, better customer service, and a chance to work with the company of their choice. However, graduates need to get in the game as soon as possible - rates are going up in only a couple of weeks, and once today's rates are gone, they're gone forever."
Jonathan Rudy, director of loan consolidation services at http://www.StudentLoanConsolidator.com, recommends that graduates electronically sign their applications. He recently commented, "eSignature is a secure and fast way to sign up for and complete a federal student loan consolidation online. Why wait for a paper application to get mailed out to you? Using eSignature can reduce the consolidation process by at least 10 days, further ensuring protection from the upcoming rate increase."
"If a graduate's application arrives at the office at 12:01 AM on July 1, unfortunately there's nothing we can do to help them keep today's low rates. This is why eSignature is so important - you can instantly return your application, and by doing it electronically, you'll be well ahead of the deadline. Some graduates have applied for and signed their applications in as little as 15 minutes," said Rudy.
Mr. Rudy also recommends, "You can file an application request now, even if you're not sure you want to consolidate your federal student loans. Having an application on file will ensure that you receive this year's lower rates - so if you're unsure whether or not to consolidate, file a free application request and your 'seat at the table' will be reserved if you change your mind, even after July 1."
Students and graduates who are interested in consolidating their federal student loans using eSignature are encouraged to visit http://www.StudentLoanConsolidator.com or call the Student Loan Network toll-free at (877) 328-1565.
http://www.StudentLoanConsolidator.com is a service of the Student Loan Network (http://www.StudentLoanNetwork.com), an 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 Student Loan Network is based in Quincy, Massachusetts and at http://www.StudentLoanNetwork.com online.
The Financial Aid Podcast reaches 2,300 listeners every weekday and can be listened to by visiting http://www.FinancialAidPodcast.com online. No iPod is required to listen.