Lose interest by refinancing your student loans

Homeowners aren’t the only people who can take advantage of historically low interest rates. Suzanne Lowman of the Iowa Student Loan Liquidity Corporation says those with federal student loans can save money by consolidating loans into a lower interest rate.She says federal Stafford loans are currently at a variable rate and can change every year. She says borrowers can switch to a fixed rate that locks in at a very low percentage. Lowman says the Liquidity Corporation is also offering a guarantee on loan applications if interest rates drop even more. Federal student loan rates are reset each year with new rates being calculated at the end of May but not going into effect until July 1st. She says it looks like loan rates may go down July 1st, so they’re guaranteeing the lower rate if they do drop. Lowman says almost anyone who has student loans can consolidate.Students have to be out of college to qualify. Lowman says there’s the potential to save lots of money on interest. For more information about Iowa Student Loan and its consolidation program, visit their website at www.studentloan.org or call 1-800-243-7552. Iowa Student Loan is Iowa’s designated not-for-profit secondary market for student loans.