Consolidation loan lowest rate student

SAN FRANCISCO, Calif., April 7 /PRNewswire/ -- Chela Education Financing continues to advocate for students and help them manage their debt in ways most lenders don't with the launch of the New G.R.A.D. Loan Consolidation Program. Chela created the program due to the unique situation of this year's college graduates and the money they could save by consolidating their loans before rates increase. Although the program was designed for graduating college students, anyone repaying student loans will benefit from the New G.R.A.D. program.

These graduating seniors -- or anyone repaying student loans -- can save thousands of dollars by consolidating their student loans before rates increase. A student with a $20,000 student loan can save as much as $6,000 during repayment by consolidating before rates increase and their grace period expires.

Currently, the interest rates for consolidation loans are at an historic low, but will be increasing on July 1 -- just weeks after graduation -- by as much as 50% or more. Since students typically have a six-month grace period after leaving school, this year they'll have to choose between consolidating their loans before rates increase, or taking the six-month grace period.

Only Chela solves this predicament for students with the New G.R.A.D. program, a customized program that allows graduating students to keep their grace and their low interest rate. G.R.A.D. -- an acronym for Grace period guarantee, Record low rate lock, Application ease and speed and Debt management -- was inspired by ongoing dialogue with the college and university financial aid community who were concerned that new graduates would be missing critical financial benefits. In the spirit of their call to arms, "We're in it for the students," Chela developed the program based around this year's graduating senior's unique needs.

"Borrowers shouldn't have to choose between financial savings and manageable loan repayment," says Chris Strausser, Managing Director of Chela Education Financing. "This is a once-in-a-lifetime opportunity for students who currently have education loans. Chela has always been a proponent of debt management and educating students on their options and how to save money. We want to make sure our customers don't miss out on this opportunity to lock in historic low interest rates before they rise on July 1st."

In addition to allowing students to keep their grace period and a promise of a record low rate, Chela is also providing consolidating students with the option of a 6-month forbearance if they need an extra reprieve from making their student loan payments.

With our new EZ-Sign electronic signature, Chela's Express Application Service, and an extra financial reward for early applicants, Chela's New G.R.A.D Consolidation Program makes the often overwhelming and confusing consolidation process easier and faster for students. EZ-Sign allows borrowers to apply electronically, so a process that normally takes an average of 30 days to complete could now take as little as two weeks. The express application only requires the applicant's name and social security number--a Chela Consolidation Loan Specialist will complete the rest of the application and contact the applicant. To motivate students to get in their applications as soon as possible Chela will be providing a $50 gift certificate for valid complete applications submitted by May 31, 2005.

The Chela Consolidation Loan Specialists offer personalized counseling to educate students on all of their loan repayment options. During this crucial time, Chela will also be offering extended hours to help answer student's questions about consolidation.

EXPERT AVAILABILITY

A consolidation spokesperson is available for expert counsel and to offer tips about what new graduates and other student loan holders need to know about consolidation. Please contact Kelly Carone at +1-415-242-0300 or kcarone@limeprpromo.com to schedule an interview.

About Chela Education Financing

For more than 25 years, Chela Education Financing has focused solely on putting education within reach of students and families by helping them find the best financing solutions available. As a leading student loan provider, we are able to put money where it belongs-into the hands of students-through interest rate savings and discounts, loan rebates and scholarship programs. We want to help you understand the financial aid process, your options, and what to do to get the money you need to achieve your education goals, without taking on unnecessary debt.

CONTACT: Kelly Carone, +1-415-242-0300, kcarone@limeprpromo.com, for Chela Education Financing