Rates on student loans are set to rise by almost 2 percentage points on July 1. In 2004, the average student loan consolidation was for $20,500.
Total interest payments after 10 years at the current rate of 3.375 percent
$3,682
Total interest payments after 10 years at the new rate of 5.375 percent
$6,045
Total savings from consolidating before July 1
$2,363
For information on consolidating your student loans, see www.salliemae.com or www.collegesavings.com.
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