Student Loan Consolidation - Rates Going Up!

If you're like many Americans dealing with the outrageous expense of college, you still owe on your student loans. If you haven't heard, your monthly payments will be going up if you don't consolidate and lock in a fixed rate. I just finalized doing this for myself, and thought I should pass it on. I completed the process directly through the Federal Government and the process was quick and easy. After a few minutes on the phone, they mailed me a promissary note to sign and return. That was it.

Of course, I wouldn't expect you to take my word for it, so here's an article from CNN Money that describes in detail why you should do this. It does a great job of explaining the situation and your options.

In short, you have until June 30th to consolidate and lock in a 5.38% rate. If you do nothing, your student loan will adjust on July 1st to 7.25%. You don't want to let that happen as you'll just be paying more (in interest) for the same thing. Hmmm, that almost sounds exactly like my weekly experience at the gas pump.