Sallie mae not consolidating updating album art in wmp
(Rates are set every year on July 1.) The beauty of consolidation is that you lock in one fixed rate that is based on an average of your loans' current rates.That way you no longer worry about paying more when interest rates climb, which is an inherent risk of variable-rate loans such as the Stafford or PLUS.
Some consolidators, however, such as Collegiate Funding Services and Sallie Mae, will allow you to apply for consolidation now and have it take effect on July 1 or any other date you specify.According to Sallie Mae, which owns or manages student loans for more than 7 million borrowers, the new repayment rate for student Stafford loans will be set on July 1 at 4.06 percent.That's nearly two percentage points less than it has been for the past year.The sooner you pay off your loan, the more you save.You're even free to pay more than the required monthly amount if you wish.
In terms of providing immediate payment relief, however, "loan consolidation can be a really good debt management tool," said Martha Holler, a senior director at Sallie Mae.