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Congress approves rate hike!

Unfortunately, the price is about to go up on federal education loans! Congress passed the Budget Deficit Act on February 2, 2006, cutting $11.9 billion from the federal student loan program. In order to protect yourself from this substantial rate hike you will need to consolidate your loans NOW to secure this year's lower interest rate. Call us! There is no cost and we'll guide you through it.

The price has gone up on federal education loans. Congress passed the Deficit Reduction Act of 2005 (Higher Education Reconciliation Act (HERA)-S.1932) which will save the government about $11.9 billion over the next 5 years.

  1. Stafford loans have increased from 5.3 to 6.8%
  2. PLUS loans have risen from 6.1 to 8.5%
  3. Consolidation will continue to allow student to pay back their loans more easily by allowing student to lock in their rate (roughly a weighted average of their loans) and extend their payments. However, with the rising costs of Stafford and PLUS loans that rate will begin to rise higher and higher in the years ahead.

Other helpful sites to learn more:
National Association of Student Financial Aid Administrators http://www.nasfaa.org/Home.asp
National Council of Higher Education Loan Programs www.nchelp.org
Student Aid Alliance www.studentaidalliance.org