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Suffering the Borrowing Blues

by CHARLES DERVARICS , February 20, 2008

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One major lender, Nelnet, stated in late January that it would stop issuing new consolidation loans. "The reduced economics of student loans created by the legislative changes and credit market disruption has forced us to make difficult decisions about our level of participation in the program," said Mike Dunlap, the company’s chairman, in a statement.

Unlike many federal loans, consolidations are more sensitive to interest rates. In fact, Kantrowitz suggests that students wait until summer 2008 to do new loan consolidations.By that time, he says, they may reap the benefits of recent declines in U.S. interest rates.

--CHARLES DERVARICS

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