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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Saturday, May 20, 2006

Students Loans

If you have a recent college graduate or have a student loan yourself remember that July 1 (you must have your paperwork in by June 30) is the day rates are re-set and many predict it will be at least 2%. Currently, variable interest rates on the Stafford Loan are 4.7% during the in-school and grace periods and 5.30% during repayment.
If all the loans you have are from a single lender, by law you must apply first with that lender. If not, then if that single lender denies your application to consolidate, you can look around for the best deal. Look up your borrower's profile at the Department of Education's National Student Loan Data System.
By acting before June 30th you could save thousands of dollars in interest.

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