LINCOLN, Neb., May 1 /PRNewswire-FirstCall/ -- If you're looking to consolidate your federal student loans, you can't afford to miss Nelnet's guarantee to get you the best interest rate available. When Nelnet, a leading education planning and financing company, receives your completed student loan consolidation application before July 1, 2007, you will receive the lowest statutory interest rate available based on your existing loans through Nelnet's Best Rate Guarantee.
"Eliminate the uncertainty of a possible interest rate hike on July 1," said Tim Bornemeier, Managing Director of Nelnet Customer Solutions. "With the Best Rate Guarantee, Nelnet will hold your consolidation application until it is known what the lowest rate will be and then consolidate your loans at that time to secure the lowest rate available to you."
If interest rates increase on July 1, 2007, Nelnet will consolidate your loans as soon as possible after the date the interest rate change is announced and your completed consolidation application has been received. If interest rates decrease on July 1, 2007, Nelnet will hold your completed consolidation loan application and consolidate your loans after July 1, 2007.
Student loan consolidation combines multiple federal student loans, such as Stafford and PLUS loans, into one loan with one low monthly payment. The fixed interest rate for a federal student loan consolidation is determined by taking the weighted average of the interest rates of the original student loans, rounded up to the nearest 1/8 percent.
"The Best Rate Guarantee is a win-win program for all graduates choosing to consolidate their federal student loans," added Bornemeier.
In addition to the best rate, Nelnet offers valuable benefits to borrowers, including a 1 percent interest rate reduction after 36 initial, regular, on-time payments and an additional .25 percent interest rate reduction for auto-debit payments. Together, these benefits reduce borrowers' interest rates by another 1.25 percent, potentially saving thousands of dollars in interest over the life of the loan.
Find out if consolidation is right for you. Nelnet Consolidation Advisors are available to help you make a smart choice. Chat with an advisor at http://www.nelnet.net/save or call toll-free 24 hours a day, 7 days a week at 1.866.4CONSOL (426.6765).
For 28 years, Nelnet has been helping the education-seeking family plan for their education, pay for their education and prepare for their careers. The company has invested hundreds of millions of dollars in products, services and technology improvements for students and the educational institutions they attend. These services include live counseling to help families through all aspects of the financial aid process, benefits for borrowers, including tens of millions of dollars in fee reductions and Nelnet sponsored scholarships. Nelnet serves students in 50 states, employs approximately 4,000 associates and has $25 billion in net student loan assets.
Additional information is available at http://www.nelnet.com/.
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