As one of the nation’s leading FFELP student loan consolidators, American Education Services (AES) encourages students, parents and graduates with either federal Stafford or PLUS loans to consider loan consolidation now, before interest rates increase on July 1, 2006.

The federal Stafford student loan interest rate will be increasing by almost two percent, costing borrowers thousands of dollars more in repayment. By locking-in the current low interest rates and consolidating before July, borrowers with a $25,000 loan can save an average of $5,580 in interest.

“Students, parents and graduates could effectively cut their monthly payments in half by consolidating their student loans,” said AES President and C.E.O. Dick Willey. “With only one month before the expected two percent rate hike, we strongly encourage borrowers to take advantage of our consolidation counseling services to help determine which loan repayment option will benefit them.”

Loan consolidation helps borrowers by locking-in a lower fixed rate and by making their repayment easier - either by lowering their monthly payments or by combining multiple payments into one.

AES consolidation counselors work with the borrower on all debt management alternatives. Students, parents and graduates should review the potential impact of consolidation on their current loan benefits and on the total cost of their loan before consolidating.

“Even with the rate hike on the horizon - students, parents and graduates should research and choose their lender wisely,” said Willey.

Borrowers could save thousands of dollars more through an AES consolidation loan with an immediate interest rate reduction for automatic debit payments, an interest rate reduction for on-time payments, and AES’ exclusive Upromise program. The AES-Upromise program enables the borrower to pay down their consolidated loans by making everyday purchases from participating companies. To sign-up for free, visit Upromise.com/AES.

AES has recently enhanced its Website, making loan consolidation more convenient for borrowers. There is a FAQ section that addresses loan consolidation questions and an online application feature. Applicants who apply online can eSign their online application for quicker processing.

Students, parents and graduates who would like more information on loan consolidation and AES services should call 800-338-5000, visit aesSuccess.org, or email questions to network@aessuccess.org.

About AES

American Education Services (AES) is a national financial aid services organization serving millions of students and thousands of schools through our guaranty, servicing, grant and financial aid processing systems. The funds generated from our extensive operations are used to improve education opportunities and lower the cost of assistance for students and their families while streamlining the entire process for the higher education community.

For more information, please visit http://www.aesSuccess.org.

Source: American Education Services

This entry was posted by Taman Siswa on Tuesday, May 30, 2006 at 6:50 pm and is filed under College Loans, Student Loan. Tags: American Education Services, consolidation counseling services, Education News, Financial Aid, financial aid processing systems, Grant, Loan Borrowers Could Save Thousands, Loans, O. Dick Willey, online application, online application feature, online can eSign, quicker processing, Student, Student Loan, . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.