Consolidate only if it's right for you!

Posted by andres.valenzuela on Thursday September 20, 2007

"If you don't consolidate your student loans by Oct. 1, you may pay higher interest rates and fees for your loans, and your hair will fall out. OK, we made up the part about the hair. But the language in some marketing campaigns by student lenders and loan consolidators is pretty alarming," USA Today reports. "In past years, loan consolidation allowed borrowers to lock in current interest rates, a money-saving strategy three years ago, when rates were at all-time lows. But last year, Congress eliminated variable rates for Stafford loans. Loans issued after July 1, 2006, have a fixed rate of 6.8%."

You can read the complete September 17, 2007 USA Today article on-line.
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