Just opened the mail, and inside is the new interest rate for July 2001 to June 2002. 5.390% for in school, grace, and deferment. 5.990% for repayment rate. I'm sure all of the students who have been paying over 8% on their student loans will be extremely happy! I know I am!!!
Do you want some better news Erica?? If you consolidate your student loans after July 1st but before Sept. 30th, your interest rate could be 1.05% lower than that! There is a repayment incentive that ends Sept. 30th that lowers your interst rate after 12 on-time payments by .8%. Then tack on another .25% reduction if you let them auto-debit the loan payment out of a bank account!! Info can be found on-line from Direct Loans. GOOD LUCK!! Shanna
I'm glad to hear that. My son has both Stafford loans and a PLATO loan. The nice people at PLATO just wrote and said that due to the decrease in interest rates in the market, they were raising their rates to 12%+ on repayment. HUH? I think they got it wrong. I will definately look into the program you are talking about. If you ever get a chance to borrow from PLATO, go to your friendly local loanshark. The loanshark is nicer and gives better service.
fixed rate I was also told that when you consolidate after July1 you can request a FIXED rate. 5.99. I will try to do that July 2. My rate is currently variable. it's done the 8.01 to 5.99 drop as well
