With graduation from college, education loan borrowers frequently receive a barrage of offers and pressure to consolidate loans into one easy monthly payment.For the past several years, large increases in variable interest rates have created a frenzy to consolidate. This year, however, interest rates on variable education loans are changing very little. Most Stafford and PLUS Loans with variable rates will see an increase of less than one-tenth of one percent.
Even so, it is still a good time to consider your loan repayment options. College Foundation of North Carolina (CFNC) provides information about a variety of ways to handle your payments. A consolidation loan might be a good choice for you, but, since federal regulations, in most cases, specify that you can only consolidate your student loans once, CFNC wants to be sure you don't make a costly mistake.
Some questions you need to consider before consolidating include:
What is the current interest rate on my loans? Can I handle my loan payments comfortably without consolidation?
Is it worth extending my payments further into the future and paying more interest, even if my monthly payment is lower?
How long has the company offering to consolidate my loan been in business? Does it plan to keep my loan or immediately sell it to another company I have never heard of?
Am I being pressured by a company to consolidate without having the chance to compare benefits and repayment incentives from other lenders?
In previous years, there were rules preventing borrowers from consolidating with companies other than their current lender. You are now free to compare offers and choose the option that's best for you.
Just don't wait until the last minute to apply or ask for help in making your consolidation decision. The last few years, on the final days before July 1 interest rate increases, College Foundation has received thousands of phone calls and faxes, and some late callers had trouble getting through in time.
If you need help comparing benefits and offers, College Foundation of North Carolina has call center representatives who are ready to assist you at the toll-free number 866-866-CFNC. Helpful information and online applications are easily available at CFNC.org. If you decide a consolidation loan is a good choice for you, going to CFNC to borrow from College Foundation, Inc. can save you up to 2 1/4% on your interest rate.
About College Foundation of North Carolina
College Foundation of North Carolina (CFNC), a free service of the State of North Carolina provided by Pathways, College Foundation, Inc. and the State Education Assistance Authority, helps students plan, apply and pay for college.
The State Education Assistance Authority is the State agency that promotes access to higher education by administering financial aid and savings programs, informing students and families about paying for college, teaching educators about financial aid administration, and advocating for resources to support students.
Pathways is a state-based initiative including North Carolina's Department of Public Instruction, the University of North Carolina System, the North Carolina Community Colleges, and the North Carolina Independent Colleges and Universities working together to increase access to college for all North Carolinians.
College Foundation, Inc., a nonprofit corporation serving North Carolina students and families since 1955, administers a portfolio of more than $2.8 billion, including low-interest education loans, the state's college grant programs and the tax-free "529" college savings program on behalf of the State Education Assistance Authority.
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