Current Issues/Concerns
We realize that some of you have been receiving information on loan consolidation in the mail from various sources. Unfortunately, we cannot advise, suggest or recommend you to consolidate or not, however you may want to do some research into consolidation.
It appears that some of you have received notices indicating a deadline date to lock in a low interest rate, however the interest rate on loans borrowed after 07/01/98 is 2.77% (for loans that are in grace period, in an in-school, or deferment status) and is good until June 30, 2005. Once again, please be advised that the interest rate on all loans taken after July 01, 1998 is 2.77% (for loans that are in grace period, in an in-school, or deferment status). These rates are good until June 30, 2005. The interest rate on loans borrowed prior to this date may vary.
If you are considering consolidating, you may want to wait until May 24 th when the T-bill will be auctioned off again to determine what the new interest rates will be. If the T-bill is auctioned off at 2.77% or higher you will need to be prepared to complete and send in your consolidation application right away to take advantage of the current interest rate. If the T-bill is auctioned off at 2.77% or lower you may want to consider consolidating after July 01, 2005 when the new rate takes effect.
We realize that some of you have been receiving information on loan consolidation in the mail from various sources. Unfortunately, we cannot advise, suggest or recommend you to consolidate or not, however you may want to do some research into consolidation.
It appears that some of you have received notices indicating a deadline date to lock in a low interest rate, however the interest rate on loans borrowed after 07/01/98 is 2.77% (for loans that are in grace period, in an in-school, or deferment status) and is good until June 30, 2005. Once again, please be advised that the interest rate on all loans taken after July 01, 1998 is 2.77% (for loans that are in grace period, in an in-school, or deferment status). These rates are good until June 30, 2005. The interest rate on loans borrowed prior to this date may vary.
If you are considering consolidating, you may want to wait until May 24 th when the T-bill will be auctioned off again to determine what the new interest rates will be. If the T-bill is auctioned off at 2.77% or higher you will need to be prepared to complete and send in your consolidation application right away to take advantage of the current interest rate. If the T-bill is auctioned off at 2.77% or lower you may want to consider consolidating after July 01, 2005 when the new rate takes effect.
