With the increase in student loan interest rates last week, many students and families are rushing to find ways to circumvent the interest hike. Many families have decided to turn their government sponsored loans for students into long-term secured debt through mini mortgages.
Though this may seem like a great option for many, there are other families that are now making decisions they would have never considered just a few years ago. Debt consolidation in June was high as both the families and students scrambled to find a way to deal with their rising student debt.
The good news is that now the Saturday, July 1, 2006 deadline has passed, it is no longer advantageous for students and families to consider debt consolidation. ■
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