May 27, 2005
Education Department Allows Use of Loophole in Student-Loan Consolidation
The U.S. Education Department announced last week that it will, for the first time, allow hundreds of thousands of students to consolidate their federal guaranteed loans while they are still in college.
The department's decision is big news for those students, as it will enable them to lock in historically low interest rates over the lives of their loans, and save thousands of dollars, before the rates are reset in July. Budget analysts project that the rates -- which are now as
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