NBN/CP RadioWire

May 02, 2006 13:30 ET

Loan Consolidation Helps Students Save Money

The average American college student will be more than $20,000 in debt upon completing his or her education. And as interest rates on student loans are expected to rise on July 1st, financial aid expert Tim Bornemeier of Nelnet says college students should consider loan consolidation:

"Students and graduates can effectively manage their student loans and save money by consolidating before July 1st. This is important as on July 1st student loan interest rates are expected to increase almost 40 percent. For many borrowers this is their last chance to lock-in today’s low interest rate, reduce monthly payments, and potentially save thousands of dollars throughout the life of the consolidation loan."

Student loan consolidation combines multiple federal student loans, such as Stafford and PLUS loans, into one loan. For more information and advice from the experts, visit www.nelnet.net/save or call a consolidations advisor 24 hours a day, seven days a week at 1-866-4-CONSOL, that’s 1-866-4 C-O-N-S-O-L.

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