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Under new legislation recently passed by Congress, interest rates on all federal student loans will rise in the very near future. Even more important, the new rates will be fixed, not variable; accordingly, you will no longer gain if interest rates drop in the future. Currently, students pay 4.7% interest on their Stafford loans. When the new legislation takes effect in the very near future, the interest rate on your Stafford loans will rise all the way to 6.8%! For most students, this will amount to an increase of thousands of dollars in interest payments on your loans.

EdFed has recently begun offering in-school federal loan consolidation. This program allows current students to consolidate their federal loans now and secure the current low interest rate for the life of their loans. This new program allows any currently enrolled student with $10,000 or more in federal student loans, attending graduate or undergraduate classes at least half time, to proceed with a consolidation. Previously, consolidations could only be done after graduating.

Consolidating your loans now will lock in the current low interest rates for the entire term of your loans. Do not think that you can wait until after you graduate—the new higher rate takes effect in the near future. Unless you consolidate now, you will be stuck with that rate for the life of your loan and you will pay thousands of dollars in unnecessary interest payments.

When students complete an in-school consolidation, they will pay nothing on their consolidated loans until after graduation. Borrowers are granted a period of in-school deferment as long as they are attending school at least half-time. Upon graduation, however, borrowers will enter repayment.

EdFed offers even greater benefits to students who choose to do an In-School consolidation through them. EdFed offers a .25% interest rate reduction for using auto-debit to make payments and, after making 36 on-time payments, borrowers will receive an additional interest rate reduction of 1.00% from their already low fixed interest rate. You will end up with the very low interest rate of 3.5%!

In order to take advantage of this amazing opportunity, students must act immediately! The application process is quick and easy, and no credit checks are required. Contact EdFed now to secure the current low interest rate, before its gone forever!
Further Reading
+Private Student Loan Consolidation Checklist
+Help! I Don't Know What I've Borrowed!
+Private Student Loan Consolidation: Myths Debunked
+What Type of Loans Do You Have?, Part 1
+What Type of Loans Do You Have?, Part 2
+How to Reduce Those Student Loan Bills
+Standard Loan Repayment Plans
+Income Contingent Repayment Plans, Part 2
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How EdFed Helped others!
The loan representative handling my loan was extremely aggressive in following up on a consolidation application I started. And I'm thankful for that. Because of all the reminders, and the convenience of pre-paid FedEx envelopes, I'm sending my application back and will save lots of money. Thanks for not forgetting about me.
- Johnny K.  Pittsburg, PA
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CONSOLIDATION NEWS
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

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CALCULATORS
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If your monthly debt burden for your federal student loans collectively equals or exceeds 20% of your total monthly gross income, you likely will be eligible for forbearance on your consolidation loan.
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