is dylan mcdermott dating anyone - Consolidating college loans sallie mae

The sooner you pay off your loan, the more you save.You're even free to pay more than the required monthly amount if you wish.When shopping for a consolidation loan, be sure to ask what benefits are offered.

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NEW YORK (CNN/Money) - Interest rates on some federal education loans are headed to all-time lows.

That's good news for your wallet if you're saddled with debt from college or graduate school.

According to Sallie Mae, which owns or manages student loans for more than 7 million borrowers, the new repayment rate for student Stafford loans will be set on July 1 at 4.06 percent.

That's nearly two percentage points less than it has been for the past year.

Federal loans may be consolidated through any federally approved private lender such as Sallie Mae or the Student Loan Consolidation Center.

Direct Loans from the government may be consolidated through a federally approved private lender or the Department of Education.

Or, if you're already enjoying various benefits and want to maximize them and still lock in a historically low rate on your debt, you might wait until next spring to consolidate.

Just be sure you leave a one-to-two month window for your consolidation application to go through, and be sure it's a done deal by June 30, 2003.

Generally speaking, people consolidate their student loans for one of two reasons: To lower their monthly payments or to save money over time.

Each has its pros and cons, and only you can judge what's best for you.

For instance, if you're a current student or a recent grad with Stafford loans, you enjoy an "in-school" interest rate that is 0.6 percent less than the repayment rate and you're given a six-month grace period following graduation during which you are not obligated to start repayment.

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