New Federal Consolidation Loan interest rates have increased.
February 19th rate: 4.750%.
Consolidation helps you to:
Lock in your student loan consolidation interest rate.
Lower your monthly payment by extending your repayment term.
Save money with Access Group's student loan consolidation incentives.
If you apply student loan on or after July 1, 2005 the weighted average interest rate on your consolidation loan will be calculated using the higher interest rate (currently 4.750%*). Federal regulations set when this higher rate goes into effect. You may still choose to consolidate at this higher rate, however you should weight
the pros and cons carefully before deciding whether to consolidate.
Scholarship etc:
CHECKLIST OF FREE SOURCES OF STUDENT FINANCIAL AID INFORMATIONthe financial aid office at your college or career school
a high school counselor
the U.S. Department of Education
other federal agencies (including the military, if appropriate)
your state education agency
the reference section of your school or public library
the Internet
foundations, religious organizations, community organizations, local businesses, and civic groups
organizations (including professional associations) related to your field of interest
ethnicity-based organizations
your employer or your parents' employers
free scholarship search services
Check with all of these sources before considering paying for a scholarship search or other financial aid service.
WHAT IF YOU ARE STILL CURIOUS ABOUT SCHOLARSHIP SEARCH SERVICES?A number of privately operated scholarship search services charge fees that can range from $50 to well over $1,000. It is important to understand what information scholarship search services can provide. Some can be helpful in identifying sources of aid for students who meet certain criteria, such as academic achievement, religious affiliation, ethnic or racial heritage, artistic talents, athletic ability, career plans, or proposed field of study. However, bear in mind that funds from these sources are usually limited and not all applicants will receive awards.
Listed below are some of the services you might reasonably expect from a private scholarship search service.
Most scholarship search services provide a list of sources of financial assistance you may apply for. After studying the list, you then send a separate application to each source that interests you. The scholarship search service does not apply on your behalf or pay any additional application fees that may be required.
Many search services offer to refund your fee if you do not receive any award. However, some services require you to provide a rejection letter from every source on the list to claim your refund. You should be aware that many scholarship sources do not routinely send rejection letters. Make sure you get the scholarship search service's refund policy in writing before paying any money.
What Are Some Questionable Tactics I Should Watch Out For?
Some services will tell you that millions of dollars in student aid go unclaimed every year. The large figures you may hear or read about usually represent an estimated national total of employee benefits or member benefits. Usually, such benefits are available only to the employees (and their families) of a specific company, or to the members of a specific union or other organization.
Some claim that you can't get the same information anywhere else. Many services make you pay to get information you could have received for free from a college financial aid office, state education agency, local library, the U.S. Department of Education, or the Internet. Remember that you can find out about student aid without paying a fee to a search service.
Others request your credit card or bank account number to hold student financial aid for you. Search services do not, in most cases, provide any awards directly to applicants, apply on behalf of applicants, or act as a disbursing agent for financial aid providers. You should never give out a credit card or bank account number unless you know the company or organization you are giving it to is legitimate.
Others try to get you to send them money by claiming that you are a finalist in a scholarship contest. Most sources of financial aid have application deadlines and eligibility criteria; they do not, generally, operate like a sweepstakes.
Scholarship seminars frequently end with one-on-one meetings in which a salesperson pressures the student to "buy now or lose out on this opportunity." Legitimate services don't use such pressure tactics.
Each year, the U.S. Department of Education receives numerous complaints from students and parents who did not receive the information they expected from a search service. The Department does not evaluate private scholarship search services. If you decide to use one of these services, you should check its reputation by contacting the Better Business Bureau , a school guidance counselor, or a state attorney general's office. Additionally, investigate the organization yourself before making a commitment:
Ask for names of three or four local families who have used its services recently.
Ask how many students have used the service and how many of them received scholarships as a result.
Find out about the service's refund policy.
Get everything in writing.
Read all the fine print before signing anything.
The Scholarship Fraud Prevention Act created a fraud-awareness partnership between the U.S. Department of Education and the Federal Trade Commission (FTC). For more information about scholarship scams or to report a scam, call the FTC toll free at 1-877-FTC-HELP (1-877-382-4357)
