Students -- lock in your loan rates TODAY or they will go up.

[leftyclimber]

Deadline looms for locking in student loan rates

Interest rates on federal student loans will jump significantly Friday, triggering deeper debt for both current and former college students.

After years of declining interest rates, the federal government will increase rates on all variable rate federal student loans by nearly 2 percentage points.

But borrowers still have time to beat the July 1 deadline and save thousands in interest by consolidating loans and locking in current lower rates for the life of their loans, say lenders and financial aid experts.

<snip>

Interest rates on federal Stafford loans will increase Friday from nearly 2.8 percent to 4.7 percent for current students and spring graduates. For others, the rate increases from nearly 3.4 percent to 5.3 percent.

Rates are increasing because of Federal Reserve moves to bump up the federal funds rate.

<snip>

http://www.oregonlive.com/news/oregonian/index.ssf?/base/front_page/1120125457278310.xml&coll=7">read more

FWIW, I've been having trouble with the web site application, but if your paper app is postmarked today, they will still accept it.

[Dhalgren]

1. If you have a Master Promissory Note form

filled out and post-marked yesterday, then is you interest rates "locked" or can they raise them later anyway? Thanks in advance for any information.

[KarenInMA]

2. they are locked.

If they get the application by today.
Even if you are still in school you can lock in the rates for the loans you have now.

As for the website, it's running slowly because of the massive amounts of people on it right now! procrastinators..

try this helpline 1-800-557-7392. That's the DoE's Loan Consolidation number.

[BrklynLiberal]

3. Can you check this link. I keep getting sent to a microsoft site.

Thanks.

OK. Post says website is very busy...

[KarenInMA]

4. www.loanconsolidation.ed.gov

[BrklynLiberal]

5. Thanks.

[snacker]

6. Thanks for the info.

I am totally clueless about all this. My daughter has one $5000 loan
(Federal Direct) and still in school. She will be getting another smaller Stafford loan this fall. How does this effect her? Can she consolidate these?