STUDENT LOAN RATES HEADED HIGHER.Byline: Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Bolt The Register-Guard Borrowers with multiple student loans have less than 48 hours to consolidate their debt and possibly save thousands of dollars before interest rates jump at midnight Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant . The consolidation option won't be a good deal for everyone, and it will require homework to determine the advantages and which lender to consolidate with. But higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. officials say it will be worthwhile for most borrowers to explore the option, even though they must act quickly in the face of confusing con·fuse v. con·fused, con·fus·ing, con·fus·es v.tr. 1. a. To cause to be unable to think with clarity or act with intelligence or understanding; throw off. b. options. "We're not telling anyone that they need to or that they don't need to," said Elizabeth Bickford, director of financial aid at the University of Oregon The University of Oregon is a public university located in Eugene, Oregon. The university was founded in 1876, graduating its first class two years later. The University of Oregon is one of 60 members of the Association of American Universities. . ``We're saying, here's the opportunity. We want you to look at it, because we think most students would benefit in some way.'' A good starting place is the government Web site www.loanconsoli dation DATION, civil law, contracts. The act of giving something. It differs from donation, which is a gift; dation, on the contrary, is giving something without any liberality; as, the giving of an office. 2. .ed.gov. That will explain the consolidation program and benefits and allow borrowers to estimate their payments under consolidation. Consolidating loans allows borrowers to combine multiple loans into a single package and lock in an interest rate for the life of the loan. It also simplifies payments and allows options such as automatic payments. Consolidation could be a good deal because the interest rate on government-subsidized education loans will increase July 1. Current college students and recent graduates still in their grace period will see rates rise from the current 4.75 percent to 6.54 percent. For graduates paying off their loans, the rate will rise from 5.3 percent to 7.14 percent. Rates on PLUS loans taken out by parents also go up, from the current 6.1 percent to 7.94 percent. The rates on government-subsidized education loans change each year based on market rates and are rising after lingering lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. at record low levels in recent years. Whether consolidation makes sense depends on an individual's loan package. When loans are consolidated, the new interest rate is set using a weighted average based on the amount of each loan and its interest rate, so it will be different for different borrowers. Also, consolidation can affect some repayment options and forgiveness Forgiveness Angelica, Suor is forgiven by the Virgin Mary for ill-considered suicide. [Ital. Opera: Puccini, Suor Angelica, Westerman, 364] Bishop of Digne privileges, such as those available to graduates who become teachers in certain subjects or at certain locations. Paul Carlile, a financial aid counselor at the UO, said the first step for borrowers is to know the amount and interest rate of each outstanding loan. That information can be used to estimate a consolidated loan payment on the loan Web site. If consolidation looks like a good move, the next step is to pick a financial provider to handle the consolidation and file an application before the Friday midnight deadline. Loans can be consolidated directly through the U.S. Department of Education. But many banks and commercial loan consolidators also are vying vy·ing v. Present participle of vie. vying vie for borrowers' business, and choosing among them is likely to be challenging in the short time remaining. Carlile said borrowers should study the offers and be sure they understand the terms. Some may offer discounts based on payment history or other factors, but he said shoppers should read the fine print to be sure they qualify. "What they may find is they went after a very low interest rate and found later that the rules of obtaining that benefit were too strict, and they were not able to ultimately get that benefit," Carlile said. However, federal rules provide a safety net by limiting how much any lender can charge for subsidized sub·si·dize tr.v. sub·si·dized, sub·si·diz·ing, sub·si·diz·es 1. To assist or support with a subsidy. 2. To secure the assistance of by granting a subsidy. loan consolidation. The only issue, Carlile said, is whether a borrower can get a better deal than the base rates set by the government. |
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