Fall 2006 Graduates Now Choose for Yourself -- One Lender, One Loan, One Payment for Student Loan Consolidation

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Student Assistance Foundation welcomes student borrowers who were previously locked into original lenders; students can now simplify loan management and payments with the lender of their choice.

Once loan benefits are achieved, SAF will guarantee them for the life of the loan. Most lenders in the industry do not guarantee their benefits.

With the end of fall semester just around the corner, graduating university students are considering the bright future that awaits them. Fortunately for them that future just got brighter and more flexible with the Summer 2006 repeal of the single lender rule, effectively allowing all students with college loans to choose their own lender to consolidate with, instead of being locked into the lender they currently use.

Student Assistance Foundation, a nationwide, nonprofit student loan company, has been helping students patronizing several different lenders to consolidate loans in one place and is ready to offer competitive rates to newly graduated seniors. This means one payment for one loan through one lender for the life of the loan, which can often be up to 30 years.

The single lender rule formerly in affect curbed students' choices, making it mandatory for them to stick with their original lenders whether they were satisfied or not. Now, students can take advantage of lenders that are competing to provide the lowest interest rates, best customer service and accommodating loan packages. Student Assistance Foundation has a student loan consolidation program that locks in a competitive interest rate helping students pay a lower lump sum and turns multiple outstanding loans into a single loan for one simple monthly payment.

"Students seeking to consolidate their loan payments with Student Assistance Foundation will save thousands of dollars over the life of their loan," said Jim Stipcich, president of SAF. "Once loan benefits are achieved, SAF will guarantee them for the life of the loan. Most lenders in the industry do not guarantee their benefits."

The elimination of the single holder rule makes finding the best lender easier for borrowers with thousands of dollars of debt from either undergraduate or graduate education. With student loan consolidation, different types of loans can be combined into one loan including subsidized and unsubsidized loans, federal insured student loans, federal Perkins loans, national defense student loans, Stafford Loans, PLUS loans, Graduate PLUS loans, and more.

Student loan debt consolidation provides the advantage of lowering monthly payments, locking in lower interest rates and extending repayment periods. With Student Assistance Foundation, students can lower monthly payments by as much as 60 percent. Depending on amount of loan balances, students who consolidate with Student Assistance Foundation can receive up to 1.75 percent of original loan amount returned as credit. Students with consecutive on-time payments or those paying via automatic debit can receive further rate reductions. Student Assistance Foundation also allows a flexible repayment plan, including deferment and forbearance options, some of which are rarely offered by other federal student loan consolidation programs.

To learn more about student loan consolidation with Student Assistance Foundation call (801) 504-7324 or visit http://www.safservices.org.

About Student Assistant Foundation

The Student Assistance Foundation is a Montana-based, nonprofit organization that provides students and families nationwide with the knowledge and tools to finance and pursue post-secondary education. Student Assistance Foundation offers a wide range of programs including grants, community outreach, student loan consolidation, counseling and training on education finance planning.

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Jeannie Huntley
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