How To Cut Student Loan Payments In Half (NAPSA)—One thing many students don’t learn in college is how quickly student loans add up to high monthly payments once school is done. Fortunately, new low interest rates on federal consolidation loans are making it possible for borrowers to cut their monthly student loan payment by more than half. Loan consolidation is an in- creasingly popular choice for stu- dents burdened with heavy loan payments. Loans can now be con- solidated without paying a fee or Consolidating student loans requiring a credit check—and a makes financial sense and a new group called Consolidation Assis- online program makes it easier tance Program (CAP) even lets for students. borrowers sign their Federal Stu- dent Loan Consolidation applica- fastest turnaround times in the tions online with a secured elec- industry. tronic signature. Even parents consolidating This technology helps speed Parent Loans for Undergraduate the borrowing and consolidating Students (PLUS loans) can get process, allowing loan applicants rates as low as 3.00 percent to secure the rates they want, (including interest rate reduction when they want them. In addi- programs through CAP). tion, the online process signifi- “As graduates begin their post- cantly reduces paperwork. college life, consolidation can offer CAP Federal Consolidation an affordable alternative to mak- Loans are available to students ing multiple, high interest-rate who have borrowed at least student loan payments,” says $10,000 in federal student loans. David J. Pollock, Assistant Dean As of July 1, Federal Consolida- for Student Financial Planning, tion Loan interest rates are at a Georgetown University School of 30-year low: as low as 1.625 per- Medicine. “A consolidation loan cent, fixed, for students who have can help borrowers make the left college and who participate right start, by allowing them to in CAP’s interest rate reduction manage their student loan debt programs. more effectively.” With CAP’s new, faster e-signa- To apply for a consolidation ture process, borrowers who apply loan or for more information on online for CAP’s federal consolida- consolidation rates visit www. tion loan can receive their loans in mycaploan.com or call 1-866-311- as little as 30 days—one of the 8121, seven days a week.
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