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Many of you have student loans (federal, personal, or other) through Sallie Mae and may or may not know that the interest rate on your loan is set to increase on June 30. This happened last year as the rate shot up nearly 2%! I consolidated my loans before the deadline, which means I was able to lock in my lower interest rate for the life of my loan. Sallie Mae makes it easy to do this and I encourage everyone to consolidate your student loans before interest rates rise again…unless of course you want to pay thousands of extra dollars in interest rates!

There are two ways to consolidate through Sallie Mae.

Option 1: If you will graduate or drop below half-time enrollment by June 29

Option 2: If you will still be enrolled at least half-time through June 2006.

I can’t stress enough how important this is. The money saved if you consolidate your loans can easily amount to thousands of dollars. The 30 minutes you spend doing this could easily earn you a week’s vacation! Sallie Mae is the only student loan company that I go through, but I am sure others will do the same for you. Just check with your student loan officers and ask how to consolidate student loans…just make sure you do it before June 30!