College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

America's Top Student Loan Provider




EdFed Helps Student Loan Borrowers Avoid Upcoming Interest-Rate Increases


June 05, 2007
Pasadena,

CA - With interest rates on the rise, many with student loan debt may soon find themselves paying more in interest on their loans. As of July 1, the government will be adjusting the interest rates on federal student loans. Because of this, all variable interest rates will increase by eight basis points or 0.08%. Any federal student loans borrowed prior to July 1, 2006, will be vulnerable to this change.

The new interest rates on federal student loans will be as follows:
  • Stafford Loans (in school, grace, and deferment periods): 6.62%
  • Stafford Loans (in repayment): 7.22%
  • PLUS Loans (Parent Loans): 8.02%
EdFed, America's top student loan consolidator, is helping borrowers to protect their variable loans against the upcoming interest-rate increase by helping them to consolidate their loans. By consolidating their student loans with EdFed before June 30, borrowers will be able to lock in their multiple variable-interest loans with one low, fixed interest rate. This fixed rate will make it possible for many borrowers to avoid the approaching increase and will allow all borrowers to avoid any future interest-rate increases.

According to EdFed manager Carina Zaragoza, now is the best time for graduates to consolidate their federal education loans. She said, "Recent graduates are granted a six-month grace period on their Stafford Loans. During this grace period, no payments are required, and interest is still subsidized on eligible loans. Plus, Stafford Loans are at a lower rate during grace than during any repayment period. This means recent graduates can lock in a rate 0.6% lower than if they wait until they begin repaying their loans. And they can retain their grace period as all federal benefits carry over into an EdFed federal student loan consolidation."

Student loan consolidation merges multiple student loans into one easy-to-manage loan. Upon being consolidated, the previous loan accounts are paid in full, and the total balance of the loans is rolled into one new loan. Because borrowers who consolidate their multiple outstanding loans only need to make one payment each month to just one lender, consolidating saves time and stress.

In addition to saving time, consolidation can also save borrowers a substantial amount of money. When those with student loans opt to consolidate with EdFed, they can potentially save thousands of dollars over the lives of their loans with EdFed's incredible money-saving benefits. These benefits include interest-rate reductions, flexible repayment plans, and extended repayment terms.

To help borrowers lower their already-low interest rates, EdFed offers interest-rate reductions. By simply enrolling in EdFed's automated-debit payment program, borrowers will receive an immediate 0.25% interest-rate reduction. And after borrowers make 36 consecutive payments on time, they will receive an additional 1% interest-rate reduction. The unique thing about EdFed's interest-rate-reduction program is that once benefits are earned, they can never be lost or revoked. EdFed guarantees them for life.

When borrowers take advantage of EdFed's flexible repayment options, they are in control of the amounts that they pay monthly. Each borrower may choose from seven options to select a plan that best suits his or her individual financial situation. When they sign up for EdFed's extended repayment plans with repayment periods as long as 30 years, borrowers may actually lower their monthly payments by almost half.

"What sets EdFed apart from other lenders vying for students' business is our borrower benefits. Not only does EdFed save borrowers thousands of dollars in unnecessary interest, we guarantee our borrower benefits. Once you earn your benefit, you keep it, plain and simple," said Zaragoza. "Plus, if you add the grace-period benefit of a lower interest rate with EdFed's borrower benefits, recent graduates can save 1.85%! However, this offer is only available during eligible grace periods. That is why it is important to act now before that grace period expires."

To receive more information on federal student loan consolidations with EdFed, borrowers may call 800-821-5659 or visit www.edfed.com.

Contact:
Brooke Heath
EdFed 800-821-5659
bheath@edfed.com.

About EdFed:

As a leader in the student loan industry, EdFed is dedicated to helping students and graduates realize all of their educational goals and meet their student loan and consolidation needs.


How EdFed Helped others!
I started my application on the 5th of September. I was called that same day by a loan officer which was actually great because then I wouldn’t have to wait on the phone which I have had to do with other companies. My loan officer had everything ready she went over my monthly payments and interest rate. I was able to sign my application on line that same day. I am indeed grateful for all the help. Thank you EdFed.
- Alexia F.  Ft. Lauderdale, FL
* Your Name: * Your E-mail Address:

We respect your privacy.
* Your Friend's name: * Your Friend's E-mail address:
Include a Message:
+ Privacy Policy
call:
(800) 821-5659

Student Loan Consolidation Info - How to Choose the Right Loan Company

This column is sponsored by Granted, America's top job search engine. The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.

Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
CONSOLIDATION NEWS
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

news desk
CALCULATORS
Stafford Loan Payment Calculator
PLUS Loan Payment Calculator
Loan Consolidation Payment Calculator
Articles
Calculators
FAQs
Glossary of Terms
Loan Comparison Chart
Scholarship Search
A deferment is a temporary suspension of loan payments for specific situations such as re-enrollment in school, unemployment, or economic hardship.
US School Directory
Comprehensive List of Schools at which EdFed Assists Students.
EdFed is a FFELP lender with lender identification number 834241.
© Copyright 2018 EdFed. All Rights Reserved.

Home · About Us · Contact Us · NewsSitemap
Career Advice · Tell a Friend · Privacy Policy · Resume Service
Resume Distribution Service · Post Resume · Job Search Course
EDFED NEWSLETTERS
Sign up for the latest news on student loans.
Email Address:
+ Most Recent Newsletter
+ Newsletter Archives