New G.R.A.D. program allows graduating college students to lock in the lowest
consolidation interest rate in history without losing their entire repayment
grace period
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.
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