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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Monday, May 16, 2005

Graduating This Year? Here's A Great Graduation Present: Free Money!

Here's some big and important news for students who are graduating this year. There's a small windows of opportunity to save a ton of money long term by locking in a low fixed interest rate on federal student loans. Interest rates are set to rise significantly after June 30, 2005, so graduates have a relatively short six weeks(!) to consolidate their your student loans and take advantage of today's unbelievably low interest rates.

Graduates who consolidate their student loans can lock in an interest rate as low as 2.77%--a number that will most likely be lower than the rate of inflation--which basically translates to free money! And the rate that is locked in before July 1, 2005 is permanent for the life of the loan! Pretty exciting stuff: these are the lowest student loan consolidation rates in history!

If you are not acquainted with the methodology involved with consolidating your student loans, head over to your school's financial aid office for guidance. Also, don't procrastinate! You need to get the paperwork in now in order to give it time for processing.

After July 1, 2005, rates will jump as much as 2 percentage points, and that will translate to big money over the life of a student loan.

Did you graduate a long time ago? Well, don't feel left out! People who left college a long time ago can also benefit from today's low rates. If you graduated in e.g. 1990 you can still consolidate now and lock in a very low fixed rate for the life of the repayment period.


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