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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!
+	Turn your variable interest rate loans into a fixed interest rate loan
+	How to Negotiate Your Own Monthly Payment, Part 1
+	Private Student Loan Consolidation: Myths Debunked
+	Standard Loan Repayment Plans
+	Graduated Repayment Program
+	Income Contingent Repayment Plans, Part 2

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How EdFed Helped others!

I contacted several lenders while I was looking for a company to consolidate my federal loans. I heard all of the sales pitches. What it really boils down to, through, was who could save me the most money. Edfed is the only lender who would guarantee my borrower benefits. All of the other lenders had provisions allowing them to take my 1%interest reduction away even after I earned it. On my consolidation, the 1% reduction will save me almost $18,000, with EdFed, I know I will get the savings. EdFed beats the competition hands down.
- John F. Albany, NY

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		As a result of the new, higher interest rates, someone with $20,000 in student loans can expect to pay around $5,000 more in added interest over the life of the loan. Borrower benefits can help you reduce your interest rate before you pay these added charges.

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