College Loans Story aired: Tuesday, May 31, 2005
All students with college loans may want to consider consolidating those loans before July 1st ,when interest rates on them are expected to take a big jump.
By consolidating, a borrower can lock in a fixed rate of interest for the life of the loan, rather than have the interest rate adjusted every year.
Since today's graduating seniors leave school with an average of some $20,000 in student loan debt, consolidating could mean a sizable savings in monthly payments.
Meanwhile, Congress is considering legislation that would eliminate the option of consolidating student loans with a fixed rate of interest.
Click the listen link above for an explanations of the changes from business reporter Mark Mills.
