News & Articles About College & University

Received Your College Diploma? Looming Student Loan Paybacks Shouldn't Rain on Your Parade: SimpleTuition Offers Recommendations for Consolidatin

NEWTON, Mass. (BusinessWire EON) June 6, 2007 --     While the first bill often doesn't arrive for several months, experts say now is the time to figure out the best way to pay back student loans. For many, consolidating federal student loans is a viable and necessary option. In fact, the consolidated loan volume for 2006 reached an all-time high of $72 billion.(2)

"With federal student loan interest rates only expected to increase slightly on July 1, there isn't as much pressure to consolidate by that deadline, as there was last year," said Kevin Walker, co-founder and CEO of SimpleTuition, Inc., a company dedicated to helping students and parents make sense of education financing choices. "However, graduates with loans from previous years still have an urgency to consolidate their federal loans, because the rates on their older loans will increase when they enter repayment. By consolidating prior to repayment, graduates can lock-in a significantly lower interest rate, plus take advantage of other benefits of consolidation."

For a free, downloadable 'Guide to Student Loan Consolidation' that answers general questions about consolidation and offers insights into the pros and cons, see www.simpletuition.com.

By consolidating now, students can combine multiple loans (including loans taken out prior to July 1, 2006 that have variable interest rates) into one fixed-rate payment for the life of the loan. Consolidating typically results in a significantly lower monthly payment. It's important to note the trade-off of a longer repayment length, but a lower monthly payment - especially in the critical first few years out of school - can be a necessity for some borrowers. Federal consolidation loans have no prepayment penalty, so a borrower can always accelerate repayment once their income increases.

While the concept sounds simple, many students are bombarded with information and offers about consolidating. SimpleTuition.com offers a useful tool to enter in any federal consolidation offer and compare it with offers from as many as 24 lenders on the site.

With the repeal of the single lender rule last year, lenders are more competitive than ever in the incentives they offer. These incentives are called "borrower benefits," and lenders have considerable leeway to offer reduced interest rates, reduced principal, and even cash back if certain basic requirements are met. Always make sure to understand the fine print on borrower benefits, and make sure you fulfill any repayment requirements to qualify and retain these benefits -- they can save you thousands of dollars.

About SimpleTuition, Inc.

Founded in 2005, SimpleTuition is dedicated to helping students and parents make sense of education financing options. Recently featured as one of Fast Company's Top 12 Web 2.0 sites, SimpleTuition offers the leading independent and interactive solution for researching and comparing over 100 private, PLUS, Stafford, GradPLUS and Federal Consolidation loans from more than 45 lenders. SimpleTuition is headquartered in Newton, Massachusetts and is funded by Atlas Venture, IDG Ventures Boston and North Hill Ventures. For more information, visit www.SimpleTuition.com.

(1) Action Plan for Higher Education: Improving Accessibility, Affordability and Accountability (U.S. Department of Education, September 2006)

(2) Student Loan Overview (U.S. Department of Education, February 12, 2007)

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