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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.

Thursday, June 08, 2006

Consolidate Your Student Loans before July 1

Rates for federal student loans are set on July 1--and they most definitely will be higher (maybe 2 whole percentage points). You need to consolidate now if you have not already. Get more information at www.finaid.org.
  1. Parents: PLUS loans consolidate now because rates will rise to approximately 8%
  2. Graduates: Stafford loans will probably be set at over 7%
  3. Full-time students: Students can lock at approximately 4.75%, but after graduation you will not have a grace period to begin paying back the loan. That might scare you, but rates in July 2007 might scare you even more.

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