Student Loan Borrowers Could Save Thousands of Dollars through Federal Loan Consolidation interest rates expected to jump two percent in July
Harrisburg, PA – As one of the nation’s leading FFELP student loan consolidators, American Education Services (AES) encourages students, parents and graduates with either federal Stafford or PLUS loans to consider loan consolidation now, before interest rates increase on July 1, 2006.
The federal Stafford student loan interest rate will be increasing by almost two percent, costing borrowers thousands of dollars more in repayment. By locking-in the current low interest rates and consolidating before July, borrowers with a $25,000 loan can save an average of $5,580 in interest.
“Students, parents and graduates could effectively cut their monthly payments in half by consolidating their student loans,” said AES President and C.E.O. Dick Willey . “With only one month before the expected two percent rate hike, we strongly encourage borrowers to take advantage of our consolidation counseling services to help determine which loan repayment option will benefit them.”
Loan consolidation helps borrowers by locking-in a lower fixed rate and by making their repayment easier – either by lowering their monthly payments or by combining multiple payments into one.
AES consolidation counselors work with the borrower on all debt management alternatives. Students, parents and graduates should review the potential impact of consolidation on their current loan benefits and on the total cost of their loan before consolidating. “Even with the rate hike on the horizon – students, parents and graduates should research and choose their lender wisely,” said Willey.
Borrowers could save thousands of dollars more through an AES consolidation loan with an immediate interest rate reduction for automatic debit payments, an interest rate reduction for on-time payments, and AES’ exclusive Upromise program. The AES-Upromise program enables the borrower to pay down their consolidated loans by making everyday purchases from participating companies. To sign-up for free, visit Upromise.com/AES. email@example.com .