Loan Consolidation and Refinancing is Important as Federal Government Raises Interest Rates on Federal Student Loans

Long-anticipated legislation signed by President Bush raises interest rates on student loans starting July 1. The bill is a deficit-reduction bill that will cut $11.9 billion from the federal student loan program over the next five years. With college tuitions rising, students are being forced to take on more student loans as the cost of a college education and college loans will become more expensive.