Student Loans, grants information and loans blog.

The latest government reports show the amount of student loan debt has skyrocketed to more than $50 billion. Now, students, parents and graduates have only a few days to save money.

Getting accepted to the college of your choice may not be as difficult as paying for it. More than 60 percent of U.S. students are graduating with student loan debt.

“I was going to need a lot of money to help pay for living on campus,” University of South Florida/St. Petersburg campus senior Jennifer Massey said. “I got the federal Stafford loan, the subsidized Stafford loan, so that’s about $7,000.

Massey is one of nine million people across the country with a federal Stafford loan.

But as they try to beat the deadline, students are calling loan consolidation companies like OneSimpleLoan in Pinellas County. Their goal is to lock in a low fixed interest rate and consolidate before the law changes July 1. That’s when the interest rate jumps almost two points.

“A borrower who has $50,000 in students loans right now, if they consolidate before June 30, they’re going to save $29,000 in interest,” OneSimpleLoan President Paul Simino said. “If they consolidate anytime after July 1 they’re going to lose that $20,000 to the bank.”

Changes in the law next month will also limit who can consolidate to a more manageable payment plan.

“This is the last opportunity for borrowers to reconsolidate if they have

loans that have already consolidated,” Simino said. “It’s the last chance for a lot of borrowers who are in school to consolidate their loans. Those are going away July 1 with the Deficit Reduction Act that President Bush just signed into law on Feb. 8.”You don’t need multiple loans to consolidate and save money. Even students with only one lender may be eligible to shop around for the lowest fixed rate. The deadline is June 30 at midnight.Your past payment and credit history should not be a factor to qualify if your loan is federally guaranteed. To learn more about consolidating your student loan and finding the best interest rate before the deadline, here’s the U.S. Department of Education Consolidation Department web site. The phone number is (800) 557-7392. OneSimpleLoan’s phone numbers are (877) 663-7467 or (813) 343-6500.

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U.S. Representative Tom Allen (D-ME) recently warned student-loan borrowers about upcoming interest rate increases, stressing that immediate student loan consolidation is the best way to save thousands of dollars.

At a press conference at Southern Maine Community College, Allen urged borrowers to examine their unconsolidated loans, stating that this is the only way to lock in current, low interest rates.

“Education is the ticket to career success, economic prosperity, and a rewarding life,” Allen said.

“But the price of that ticket is about to go through the roof.

“Students and parents with outstanding education loans are in for a major shock to their budgets. Unless they act before July 1, they may be hit with an additional $3,500 in interest fees on the average undergraduate loan. I stress that $3,500 is the average; some students and parents may be hit with even higher, more oppressive rate hikes.”

Borrowers who have obtained loans from either the Department of Education’s Direct Loans program or a Federal Family Education Loan Program (FFELP) lender are encouraged to call a government-authorized loan specialist immediately at 800-821-5659.

Allen, who is co-sponsoring the EdFed-supported Reverse the Raid on Student Aid Act, stated that students today, who face the highest student-loan interest rates in six years, do not enjoy the benefits that were once available to hard-working young people.

“The educational opportunities our nation made available under the G.I. Bill to the veterans returning from World War II enabled the ‘Greatest Generation’ to fuel an era of prosperity unprecedented in history,” Allen said.

“We need to make a similar commitment to educational opportunity for all Americans in the 21st century. In our increasingly competitive global economy, Maine’s and America’s future prosperity will depend on a workforce armed with the best education we can provide.”

Allen’s commitment to American students lies in his new bill, the Reverse the Raid on Student Aid Act, which proposes cutting student-loan interest rates in half.

“At EdFed, we absolutely support Rep. Allen’s new bill,” said EdFed CEO A. Harrison Barnes.

“While this legislation might not be too popular among the larger lending companies, who will lose billions in interest payments from borrowers, we understand that this is going to be the best thing for students. If you’re in business to serve students, why wouldn’t you support a new law that’s going to help them the way this act will?”

In order to avoid paying the maximum amounts in added fees and interest, students, graduates, and their families can contact an EdFed financial advisor at 800-821-5659. Concerned borrowers can also go to EdFed.com to get more information on how their loans will be affected.

Media Contact:
Anne O’Dell
EdFed
Anne@EdFed.com
626.243.1838

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If you’ve been thinking about consolidating your student loans to lock in a low rate, be aware: Time will soon run out.

Congress this week raised the interest rate on popular Stafford loans to 6.8%, effective July 1, as part of a $40 billion budget-cutting measure. The rate will be fixed, not adjustable.

That’s a big change. Stafford borrowers who consolidate now will lock in a rate of 5.375% for the life of their loans. Borrowers who are still in their grace period can lock in an even lower rate - 4.75%. Stafford loans are popular because borrowers don’t have to show financial need to get one.

But the higher fixed rate will eliminate that advantage. “Anybody who hasn’t consolidated should consolidate before the law goes into effect,” says Mark Kantrowitz, a financial aid expert and founder of FinAid. “The appeal of consolidation under current law now is you’re taking a variable rate and locking in at a fixed rate.”

Rates have been climbing since May. If the formula had remained unchanged, the new Stafford rate probably wouldn’t be much lower than the new fixed rate. But under the law, borrowers will no longer benefit if rates later decline.

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Between rising interest rates, terminated student loan programs, and a sticky piece of legislation called the single holder rule, many people have a tough time figuring out how to save money on their student loans.

EdFed has a pledge for these borrowers: We’ll help you save money, even if we’re not the company you choose to work with.

“Free, no-strings-attached financial advice from experienced professionals is rather hard to come by,” said EdFed loan specialist Tom McWade.

“A high percentage of the people I speak to have some eligibility concerns, and they need a truly knowledgeable person to explain all the ins and outs of their individual situations.”

For example, many borrowers do not know that if they have student loans from only one Federal Family Education Loan Program (FFELP) lender, they may not be able to consolidate their loans with another company. This is because of what is called the single holder rule, a rule that eliminates competition in the lending industry and money-saving opportunities for consumers.

However, even when borrowers are not eligible to consolidate their loans with EdFed, McWade said, “We will always take the time to explain what those people can do to save money.”

Sometimes, he noted, this requires making a call to the Department of Education’s Direct Loans program. Sometimes, a borrower will need to call the company that holds his or her loans and use very specific language to get the services to which he or she is legally entitled.

“The bottom line is this: If we can’t help you consolidate, we’ll still find a way for you to save money and get better customer service out of your current lender,” said McWade.

EdFed’s loan specialists can help borrowers determine their eligibility in about five minutes; and if a borrower is not eligible to consolidate with EdFed, the loan specialist will still show him or her how to save money in interest.

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PASADENA, Calif., June 6 /PRNewswire

In their attempt to consolidate their student loans, many students and graduates are spending valuable time on hold with lenders and waiting weeks for returned paperwork.

Fortunately, EdFed’s clients are not among these. Because of EdFed’s unique E-Signature process, borrowers can fully complete an online application for student loan consolidation in as little as one hour.

If a borrower prefers to print out a paper application and physically sign the document, EdFed will send a next-day FedEx label so the application can be completed and received within 24 hours.

Consolidating is very important, especially because it saves borrower’s thousands of dollars over the life of their education loans.

Graduate students who carry higher loan balances can expect to lose amounts ranging from $10,000 to $50,000 or more.

Consolidation combines all of a borrower’s student loans into one loan with a low, fixed interest rate. All it takes is a quick and simple phone call to EdFed’s loan specialists at 800.821.5659.

Once a borrower is connected with a loan specialist, the application can be completed over the phone in around 10 minutes. EdFed’s clients can then choose to E-Sign an electronic application online; these customers can complete their consolidation applications in less than one hour and never worry about their student loans again.

Customers who prefer a pen-and-paper signature process will be emailed a completed copy of their applications to print and sign. They will also be emailed a printable FedEx label for overnight delivery of their applications.

The timeline for disbursement of a consolidation loan can range between one week and two months, depending on how cooperative the original lender is. EdFed’s loan specialists follow up with these companies on a daily basis to ensure timely disbursement of all loans.

Media Contact:
Carleen Trapp
EdFed
Carleen@EdFed.com
626.243.1881

Tags: student loans consolidation

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Students living in contrastive parts of world, if they are Africans, Americans, Hispanic Americans or Native Americans normally look representing financial work to hunt the instructional frontiers. Education is considered to be the primary mission of the student loans grants representing their existence option.

There are many minority American pupil who are not proficient to catch their collegiate education unpaid to deficiency of pecuniary strength. There are many management grant programs which are announced for fantastic students who be a factor of to a minorit.

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The U.S. Federal Government is the unmarried largest inception of financial servicing for school students. In 2007 they provided and than $50 billion to and than $10 million students.

Federal student loans grants

There are 2 category of Stafford credit The 2 category are Federal Family Education Loan (FFEL) and Direct Loans Financial necessitate is not required to qualify. Students obligated to be enrolled at least half-time to be eligible.

Direct Loan

The William D. Ford Federal Direct Undergraduate Loan Program is the standard name representing Direct Loans or Direct Stafford Loans Eligible students refer to the funds unswervingly from the U.S. Department of Education. There are 3 category of Direct Loans administered alongside the Department of Education. The 3 category are Direct Stafford Loans Direct PLUS

Loans, and Direct Consolidation Loans The federal control will pay effects of the interest representing students who expose financial need.

FFEL

Federal Family Education Loans (FFEL) are made alongside banks and confidential lending institutions. The 3 category of FFEL Loans are FFEL Stafford Loans FFEL PLUS Loans and FFEL Consolidation Loans.

PLUS Loan

PLUS Loans are Parent Loans to representing Undergraduate Students. Funds are borrowed alongside the begetter of the student. The credit can be Euphemistic pre-owned to pay representing all or a effects of a student’s undergraduate expenses

Federal Perkins Loan

Federal Perkins Loans are based on monetary need. The academic institution credit the check to the student. Students accomplish not compass to be enrolled at least half-time as with Stafford Loans The concernment rate is constant at 5%.

Federal Grants For Students

Grants different from loans because they accomplish not compass to be repaid alongside the recipient.

Federal Pell Grant

Federal Pell Grants are the most banal source of federal financial assist used alongside U.S. students.

TEACH Grant Program

The TEACH Grant Program equip up to $4,000 per year in gives to students. The stipulation representing receiving the student loans grants is that the student must buy into to teach at an uncomplicated or secondary institute that minister to students from low-income families.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) programme is a need-based give program that is reserved representing those undergraduate with the greatest monetary need.

Academic Competitiveness Grant

The Academic Competitiveness Grant, is a addendum to the Pell Grant. The student obligated to be enrolled as a full-time student receiving a Federal Pell Grant.

The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant).

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Students living in contrasting parts of world, if they are Africans, Americans, Hispanic Americans or Native Americans normally look championing financial advantage to probe the instructional frontiers. Education is considered to be the primary object of the student loans grants championing their continuance option.

There are many minority American undergraduate who are not competent to accept their scholastic education owing to deficiency of fiscal strength. There are many state grant programs which are announced for fantastic students who be attached to a minority organization to fulfil their fantasy in availing higher education. Extra aim has been applied alongside the state in as long as financial advantage to the undergraduate who are eager to pursue schooling for their looked-for career.

All the predetermined purpose of the undergraduate are availed with the assist of state grant programs championing students, which are in minority. High school schooling programs student loans grants are organized championing the undergraduate who be attached to slight family history with adverse fiscal strength, in succession to bright their superiority in information or racket specialization.

The state grant is if to the descendant students who are undergraduates in succession to bring them the advantage in fulfilment of studies in recognized colleges and universities. Government award are if in the area between $20,000 to $80,000 to the adverse organization students who compass given fantastic performance in scholastic sessions and are not able to for their higher education owing to deficiency of unabridged finance. These universities and colleges provide schooling to these descendant students coupled to contrasting agricultural path in succession to provide continuance option in the cast of agro racket expert or agro information experts

Know More approximately Government Grants For Students and ways to bias it.

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