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Attention: Student Loan Holders Rates are Changing every July First so Lock Your Rate in Early

(PRWEB) September 26, 2005 -- The inís and outís of student loan repayment.
By Jennifer M. Dove

All last year, we alerted our borrowers that student-loan rates had hit an all-time low and were predicted to increase with the next annual adjustment. We advised those of you still undecided to seriously consider consolidation prior the student-loan interest rate changes on July 1 2005.

Well it happened, students and graduates alike fell victim to an interest rate increase that in some cases almost doubled the rate they were paying.

That left hundreds of thousand of student loan holders with the burden of a great weight in interest accrual alone.

With current trends it still makes sense to consolidate if you havenít yet. Why? One reason is that the interest rates are still lower than the average has been over the last 4 decades, and secondly and no less important, if certain changes are made to the Higher Education
Educational (language Immersion) Soccer Programs Worldwide! Check out EduKick's Education & Soccer Camps!
 Act, then you may be limited to a variable rate even if you do consolidate, or if you do choose a fixed rate it may be set at a higher rate than you can lock in at the current formula as well as pay a fee for choosing the fixed rate. (Currently, you are able to fix that rate with no fees at the average of your current rate).

There was also another concern. Why canít I get the lower rate? I consolidated a few years ago and my interest rate is fixed at a much higher rate than what is available now.

Let me explain. The formula that is used allows for a weighted average on the current rate(s) that you have, so even if you did reconsolidate you would end up with the same rate.

In comes FAFS. We can take that rate that you have, and offer a rate reduction program. This allows for a reward reduction after making 36 consecutive on time payments, even if you use deferment or forbearance. You are probably going to make many more than 36 payments before you pay off that 60k to 100k balance so why not get a break on that interest rate?

Ok letís look at some numbers. Currently the pre consolidated interest rate for most Federal student loans issued after July 01, 1998 is set at 5.30 in repayment, so consolidating will set you with a fixed rate of 5.375%. Then getting an interest rate reduction of 1.25% will lower it to 4.125%.

A loan balance of 90,000.00 at a rate of 5.375%
Paid out on a 30 year term will result in an estimated interest accrual of over $93,000 for a total loan pay off estimated at over $183,000.00. Ouch !

By utilizing FAFSís rate reduction program of 1.25%. The total interest paid would be an estimated $57,000.00, thatís over $36,000.00, for an estimated total loan pay off of just over $147,000.00. This is a considerable savings.

So, you already consolidated, and you have been told that you canít get a lower rate or re-consolidate. There's a bright light at the end of the tunnel for those people who thought they couldn't reduce their rates because they already consolidated. A new program and some creative maneuvering could help save you some money.

If you have already consolidated and you would like to get a rate reduction for making payments, then FAFS can help.

You consolidated years ago, and are carrying a rate of 7% or 8% and everyone tells you that your stuck.

We can help in most every case. Letís say, you already consolidated and have a fixed rate of 7.75%, and your current balance is still hovering around the $45,000.00 range.

Here are some realistic scenarios that a call to FAFS can change.

A $45,000.00 balance carrying a 7.75% interest rate with 15 years remaining will still have you pay over $32,000.00.

FAFS may be able to assist you in reducing that rate to 6.5%
$45,000.00 balance with the 1.25% rate reduction program can lower that estimated interest accrual to just over $25,000.00 over the next 15 years.

In some cases, if you should choose to, you can lower the monthly payment again. Using FAFS to help you could take that $45,000 loan balance with at 7.75 %( lowered to 6.5 with the interest rate reduction program) with a payment of an estimated $344.00 per month for 300 months. Leaving an estimated interest rate accrual of just over $39,000.00. This could leave you with more flexibility with your monthly income to use that money elsewhere, paying off higher interest rate credit cards, your retirement fund, or your childís education
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 savings plan.

There are ways to take back control of your student loan payments, take the Next Step and call FAFS at 1-866-323-7288, we are here to provide a no cost analysis of your situation and provide you with the best information regarding your personal situation.


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