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Student Loan Consolidation Program

Attention: Recent College Grads and Students Graduating Soon

DMCC is now offering a student loan consolidation service for Federal Stafford, Plus and Perkins loans. Why should you consolidate now? Well, it’s easy! By consolidating you can lower your payment up to 51%, have one bill, a fixed interest rate, the ability of renewing your deferment and forbearance rights, an approximately 1.25% interest rate reduction and a U Promise Rewards Program. To top it off, there will be an additional .25% reduction for automatic checking withdrawal.

Lower your payment by 51%
One bill, a fixed interest rate
Approx 1.25% rate reduction
Additional .25% taken off for automatic withdrawal

EXAMPLE:

How much interest can you save by reducing you Federal Stafford Student Loan interest rate?

Total amount of loan	$30,000
National fixed interest rate as of 7/1/2006	6.8%
Length of loan	15 years
Total amount paid	$47,934.30
Total interest paid	$17,934.30
Monthly payment	$266.31

Total amount of loan	$30,000
Refinance rate	4.5%
Length of loan	15 years
Total amount paid	$41,309.48
Total interest paid	$11,309.48
Monthly payment	$229.50

How much interest will you save by having a fixed interest rate of 4.5% instead of a 6.8% rate?	$6,624.82
How much will you save on your monthly payment?	$36.80

Chart/DMCC Education

If you are interested in this program, call DMCC at 866-618-DEBT
or click here to fill out an online application.