Great News for Student Loan People

Discussion in 'Credit Talk' started by Erica, Jun 20, 2001.

  1. Erica

    Erica Well-Known Member

    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!!!
  2. sm691

    sm691 Well-Known Member

    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!!

  3. Cyprigirl

    Cyprigirl Well-Known Member

    Wow that is great news!

    Thanks for the heads up1

    Cyprigirl :)
  4. nursie

    nursie Well-Known Member

    yippeee! I go into repayment next month.
  5. tom65432

    tom65432 Well-Known Member

    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.
  6. IamBuzzed

    IamBuzzed Well-Known Member

    Where Can i go for more info on this?
  7. Marie

    Marie Well-Known Member

    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 :)

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