Your student loan is about to get 1% more expensive. That may not sound like much, but when it is compounded over the life of the loan, that single point can get awfully expensive; the increase could add $1500 to the cost of a $20,000 student loan. But all is not yet lost, you still have a few hours left to lock in your currrent interest rate and save that money for something important, like food. The U.S. Education Department has announced that loan consolidation applications postmarked before July 1 will remain eligible for the lower rate. The changes were not well publicized, and many students have justifiably complained that they were not informed soon enough to do anything, but there is no time left for that, it is time to act. If you would like to consolidate your student loans, contact your lending institution NOW!
For more information, check out the Education Department's Loan Consolidation website.