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education loan private student
Student Loan Consolidation Rates Expected to Soar on July 1
Student loan consolidation is the way to go for college students and graduates who want to help ease the burden of their hefty loan payments. With interest rates set to increase only weeks away on July 1, now is the time to consolidate.
Along with interest rate increases, on July 1 changes to rules and regulations also will greatly affect the student loan industry due to the recent passing of the Deficit Reduction Act of 2005, S. 1932. The legislation was signed into law on Feb. 8 by President Bush and includes major cuts to federal programs, including the federal student loan program. Even though Medicaid and Medicare funds also were cut, the federal student loan program is facing cuts totaling approximately $12.7 billion, more cuts than any other federal program.
Cuts to Federal Student Loan Program
As the president talks of ways in which our country needs to be more globally competitive and stresses education, it is difficult to understand why cuts were made to a program that helps students achieve a college education, a sentiment shared by concerned citizens and students.
The cost of a college education has been on the rise, and cuts to federal student loan programs do not make the situation any easier. Those hurt the most are students and families in the low-income and middle-income brackets. Federal programs are being cut, including the decrease in available student grants. With higher interest rates students will end up paying more in the long term for their student loans.
Student Loan Consolidation Helps Lift Financial Burden
Student loan consolidation offers students and graduates a chance to ease their financial loan burdens. Through consolidation students are able to save up to 60 percent, adding up to thousands. Consolidation bundles all of a students federal loans together into one easy monthly payment, and repayment can be stretched out over a longer period of time. By consolidating before the July 1 deadline, students can receive a low interest rate that is set during the entire life of the loan. However, it is important to beat the deadline, as student loan consolidation rates will increase and the rules will change.
Consolidation is available to students currently in college or for graduates. The program helps graduates at a time when saving money is important. Graduates find themselves searching for their dream job, paying rent and other bills. Any money saved through consolidation easily can be put toward other important bills or used for other expenses.
Students need not wait until the last minute. It is important to apply now for consolidation to make sure to get the best interest rate and lock in a low rate. Students will be able to breathe easier and get on with the other important aspects of their college or post-college lives.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student Loans at =>http://www.nextstudent.com
Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
http://www.nextstudent.com
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