FinancialAid.com Relieves Graduates' Financial Burden with Nation's Lowest Student Loan Consolidation Rates

Business Wire, Feb 25, 2003

Business Editors/Education Writers

SAN DIEGO--(BUSINESS WIRE)--Feb. 25, 2003

Education Finance Leader Allows Eligible Recent Grads to Obtain 2.25%

Interest Rate, Save Money in Tight Job Market with HALO Rewards

Program

Today's college students graduate with a degree -- and also with debt, carrying an average of nearly $29,000 in student loans.

And, with today's uncertain job market, recent grads are having to tighten their purse strings more than ever. Education finance leader FinancialAid.com today announced a new student loan consolidation program that could help alleviate the student loan burden for millions of college graduates: The HALO Rewards Program.

This student loan consolidation program will allow eligible recent graduates to reduce their monthly student loan payments by up to 54 percent and reach an interest rate as low as 2.25 percent faster than ever.

Developed by the education finance experts at FinancialAid.com, the HALO Rewards Program is available to most student loan borrowers with federal loan balances over $10,000. When they consolidate their student loans with FinancialAid.com's HALO Rewards Program, under current federal rates, most borrowers will receive an immediate low interest rate of 3.25 percent and those with loan balances over $20,000 will be eligible for a one percent rate reduction after 36 months of on-time payments. This 2.25 percent rate represents the lowest student loan consolidation rate currently available in the industry.

"Our new HALO Rewards Program allows many recent graduates to reduce the interest rate on their new student consolidation loan to 2.25 percent," said Mike C. O'Brien, CEO of FinancialAid.com. "Simply stated, this means students can start saving money faster with HALO than with any other federal consolidation loan program."

By consolidating their student loans with FinancialAid.com's HALO Rewards Program, recent grads may save hundreds of dollars in student loan payments each month by reducing their monthly payments up to 54 percent. The money saved with student loan consolidation may be used to alleviate credit card debt, help with living expenses or provide grads the option to save money for the future.

Nick Jimenez of Fresno, Calif. -- a recent graduate and new father -- recently consolidated his student loans. "I've reduced my monthly student loan payments by $200 with FinancialAid.com's HALO Program," said Jimenez. "Now, I'm able to put that money away to save for my daughter's college education."

In addition to offering the industry's best student loan consolidation rates, FinancialAid.com boasts the simplest online loan application process, as well as the assistance of highly trained loan counselors. Borrowers and potential borrowers receive the benefit of free one-on-one advice about their educational loan repayment options.

About FinancialAid.com

FinancialAid.com (www.FinancialAid.com) was established in March 2000 with the aim of guiding students and their parents through the college selection and education funding process. Today, FinancialAid.com has expanded to serve life's financial needs by providing a comprehensive range of financial services under one, Web-based "roof."

In addition to matching students with colleges, student loans and scholarships, FinancialAid.com helps consumers take charge of their finances by consolidating student loans and credit card debt and securing mortgage financing/refinancing and car loans.

Beyond offering the most competitive rates for these financial services, FinancialAid.com provides the best customer service in the business. The company's highly skilled loan representatives share the founders' commitment to matching clients with the best loan products for their needs, while educating them about the process every step of the way. FinancialAid.com is a limited liability company based in San Diego.

This news release is not an offer to lend and is merely provided for informational purposes. Interest rates are subject to change and will depend on market conditions and the specific loan involved.