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| Once
you're debt
management credit counseling is locked in, however, you're stuck if
the Stafford rate happens to drop in the future. When consolidating loans,
start with your current lender, advises Robin Leonard, author of Take
Control of Your Student Loan Debt (Nolo.com, $19.95; 800-992-6656), and
shop elsewhere if you don't like the terms. The U.S. Department of
Education, for example, is offering an interest-rate reduction of 0.6
percentage point for borrowers who consolidate before starting repayment.
Most lenders will also reduce the interest rate if you pay electronically,
with a further reduction of two percentage points once you make 48
consecutive on-time payments. If a loan consolidation doesn't suit your
needs, consider a graduated repayment plan, which starts out with monthly
payments that are about 50% of those under a standard plan. Payments will
gradually increase until you're paying more each month than you would
under a standard plan. |
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