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Proceed with the Consolidation Loan Application
IMPORTANT NOTICE:
The following OSLA Consolidation Loan benefits are
effective for borrowers whose completed and signed applications are received by
mail, overnight mail, fax or personal delivery by 5 p.m. on June 30, 2008.
E-signed consolidation applications must be received with the time/date stamp
of 11:59 p.m. Central Time on June 30, 2008. Don't delay if you wish to
consolidate.
Consolidation
Principal Reduction:
Make your first six payments on time, and you will receive a 1% principal
reduction to your consolidated loan balance.
Reduce your
interest today by 1% - sign up for EZ Pay
automatic deductions!
Beginning July 1,
2008, these benefits will not be available to newly consolidated loans
One loan.
One lender. One payment.
A Federal Consolidation Loan
allows you to combine many of your student loans into one loan. At least one of
your eligible loans must be currently serviced by OSLA. Your consolidated loan
can allow you to extend your repayment term beyond the standard 10 years for a
student loan and may reduce your monthly payments
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Repayment terms for a
Federal Consolidation Loan
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| Total Debt |
Years to Repay |
| $5,000 - $7,500 |
10 years |
| $7,501 - $9,999.99 |
12 years |
| $10,000 - $19,999.99 |
15 years |
| $20,000 - $39,999.99 |
20 years |
| $40,000 - $59,999.99 |
25 years |
| $60,000 or more
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30 years |
With the lower interest rates
and availability of the OSLA incentives for non-consolidated loans, borrowers
with balances under $30,000 may actually benefit more by not consolidating.
Interest Rate
The interest rate is determined by taking the weighted average of current
interest rates on the loans to be consolidated and rolling that up to the
nearest 1/8 of one percent. Interest discounts are not calculated as part of
the weighted average to determine fixed rates. The consolidation interest rate
may be higher than the current rate you are paying. This interest rate will be
fixed for the life of the loan.
Check out our Frequently Asked
Questions. Need more information call one of our Consolidation Experts
at 1-866-220-6308 to receive counseling prior to completing your application.
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