College students, graduates and families carrying student loan debt could potentially save thousands of dollars by consolidating their loans - but they'll need to act soon.
On July 1, Federal Stafford loan interest rates will climb from 2.77 percent to 4.7 percent for those currently enrolled, and from 3.37 percent to 5.3 percent for repayment. Most Federal Stafford Loans paid on behalf of student borrowers since 1998 have an 8.25 percent cap on interest rates. This increase, therefore, could be the first of many to come. Over the course of a 10-to-25 year repayment term, that could add up to thousands of additional interest dollars.
UNLV's Student Financial Services is encouraging students to consider consolidating loans by June 30 to lock in a low fixed interest rate. University representatives will offer a special seminar on loan consolidation this Thursday, June 16 at 5:30 p.m. in the Moyer Student Union, Room 203.
The session is free and open to the public. Students with questions may also contact Student Financial Services at (702) 895-3424.
Additional information about loan consolidation is available from the U.S. Department of Education on its Direct Loan Consolidation website: <a href="http://www.loanconsolidation.ed.gov">www.loanconsolidation.ed.gov</a>.
