Student Loan Consolidation Lowdown

Sallie Mae’s Teach for Virginia and Care for Virginia student-loan programs will repay 10 percent of eligible students’ original loan balances for the 2006-07 year. This incentive is thanks to a partnership with the state, wherein nursing or teaching students at any Virginia college or university who take out the federally-backed Sallie Mae loans are eligible. Timesdispatch.com reports:

In addition this year, it will waive all origination fees — at another 2 percent savings — and, depending on the lender, students can earn an additional loan credit of up to 3.3 percent or an interest rate reduction up to 1.25 percentage points.

Read more:State expands loan perks for nursing, education students

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