Federal Student Loan Consolidation Could Save Delaware Borrowers Thousands of Dollars

American Education Services (AES) is encouraging borrowers with either federal Stafford or PLUS loans to act quickly if they are interested in consolidating their student loans, before interest rates increase by almost two percent on July 1, 2006. Borrowers will have until midnight on June 30th to consolidate their student loans.

Borrowers who consolidate will benefit by locking in the current low interest rate and will make their repayment easier by lowering their monthly payments and by combining multiple payments into one. By consolidating and locking in interest rates before July, borrowers with a $25,000 loan can save an average of $5,580 in interest.

"Time is running out for borrowers to potentially save thousands of dollars in repayment on their federal Stafford student loans," said Christine Lodge, Director of the AES Delaware office. "Borrowers are strongly encouraged to take advantage of our consolidation counseling services to help determine which loan repayment option will benefit them."

AES consolidation counselors work with the borrower on all debt management alternatives. Borrowers should review the potential impact of consolidation on their current loan benefits and on the total cost of their loan before consolidating.

Making loan consolidation more convenient for its borrowers, AES has recently enhanced the aesSuccess.org Website. There is a FAQ section that addresses loan consolidation questions and an online application feature. Applicants who apply online can eSign their online application for quicker processing.

Borrowers who would like more information on loan consolidation and AES services should call 800-338-5000 between 7:30am and 11:00pm, visit http://www.aesSuccess.org/consolidate, or email questions to network@aessuccess.org. AES customer service representatives will be available for loan consolidation until midnight on Friday, June 30th.

About AES

American Education Services (AES) is a national financial aid services organization serving millions of students and thousands of schools through our guaranty, servicing, grant and financial aid processing systems. The funds generated from our extensive operations are used to improve education opportunities and lower the cost of assistance for students and their families while streamlining the entire process for the higher education community. For more information, please visit http://www.aesSuccess.org.

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