Educational Direct Launches New Cash Rewards Program for Student Loan Consolidation Borrowers
Program provides a cash reward to borrowers making on-time payments.
NEW YORK, NY (PRWEB) November 6, 2006 -- College grads and parents with federal education loans now have an opportunity to cut their monthly student loan payment by consolidating those loans and get a cash reward after making just three initial, consecutive on-time payments.
Recent college grads that are about to exit their grace period can take advantage of this cash reward offer when they enter repayment in the near future while fixing their interest rates and substantially lowering their payments through a federal loan consolidation.
"Many borrowers have come to us and said that a cash reward now is far more attractive to them than interest rate or principal reductions years from now," said Frank Ballmann, student loan expert and an executive vice president at consolidation leader Educational Direct. "We are responding to this need in the marketplace by offering cash rewards to borrowers that responsibly manage their student loan debt."
Educational Direct's Ballmann – a nationally-renowned student loan expert with 20-plus years of experience in the industry, including work for the US Department of Education -- offers the following tips for students, graduates and their parents:
--The interest rate for consolidation loans can be locked in at a low fixed rate (as low as 6.625%) for the entire loan repayment term.
--There are no fees or credit checks to consolidate student loans; it is free and is a right given to borrowers under the federal loan programs, authorized in the Higher Education Act.
--Consolidation saves money and time – lowering monthly payments with a single fixed interest rate and simplifying the loan repayment process with one monthly payment.
--Students who are still in their grace period can reduce their interest rate by an additional 0.6% but need to consolidate immediately or lose this one-time benefit forever.
--Unlike borrower benefits offered by other companies, Educational Direct's cash rewards can be earned in only three months, not after three or more years, and you get a real cash reward, not just a reduction on your loan balance or rate.
--Thanks to action taken by Congress in June, borrowers are now free to consolidate with the lender of their choice, enabling all borrowers to access Educational Direct's cash rewards program.
For more information and answers to student loan questions, or to apply online, graduates and parents can visit https://app.educationaldirect.net/v1006/index.aspx?referID=57600001. Student loan specialists are also available to answer questions or take applications immediately over the phone at 800-895-1911. All calls to this number will be answered by a live student loan specialist. Educational Direct does not employ touch-tone or automated voice response systems.
About Educational Direct:
Educational Direct serves tens of thousands of students, college graduates and their parents nationwide as a leading and trusted provider of student loan services. With personalized and superior customer service, Educational Direct is an established leader in student loan consolidation and offers solutions that allow borrowers to substantially reduce monthly federal student loan payments with great borrower benefits. The company is headquartered in Englewood, New Jersey with an additional office in New York City. Please visit https://app.educationaldirect.net/v1006/index.aspx?referID=57600001 and more details and information.
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