Released on: September 10, 2007, 12:16 pm

Press Release Author: Brooke Heath

Industry: Education

Press Release Summary: Those with federal student loans are advised to act fast and
consolidate their loans with EdFed before October 1 to ensure that they receive as
much savings as possible.

Press Release Body: Pasadena, CA, September 10, 2007-With the College Cost Reduction
and Access Act of 2007 only one step away from being passed, federal student loan
borrowers have limited time to take advantage of EdFed's borrower benefits.

If this bill does indeed go into effect, it will cut about $21 billion from Federal
Family Education Loan (FFEL) programs such as EdFed. This budget cut may very well
lead to the elimination of borrower benefits. Thus, EdFed may no longer be able to
offer interest-rate reductions after October 1. Borrowers with federal student
loans need to act now to ensure they receive the savings that EdFed offers.

Currently, these money-saving benefits can lower borrowers' interest rates by as
much as 1.25%, potentially saving them thousands of dollars over the lives of their
federal student loans. These savings can be lost if this bill is passed.

"We've been keeping an eye on this legislation since the speculation began about its
passing," said EdFed manager Carina Zaragoza. "It now appears that the proposed
changes will be approved. It is crucial that all federal student loan borrowers
understand the negative repercussions this bill will have on their education debt.
The elimination of borrower benefits, essentially interest-rate reductions that
translate into thousands of dollars in savings, will have a dire impact on
borrowers."

EdFed helps students and graduates manage their multiple student loans through
consolidation. This not only helps borrowers save a substantial amount of money,
but it also helps them save time.

What's more, EdFed guarantees that once borrowers qualify for its interest-rate
reductions, they can never be lost or taken away, regardless of the circumstances.
After October 1, however, this offer may become moot.

"With the October 1 deadline only days away, borrowers must act now and consolidate
their federal student loans immediately," said Zaragoza. "Doing so will give them
the best chance to receive the savings they deserve."


To beat the upcoming deadline and save a substantial amount of money, borrowers can
begin their federal consolidation applications by calling 800-821-5659 or visiting
www.edfed.com today.

About EdFed:

As a leader in the student loan industry, EdFed is dedicated to helping students and
graduates realize all of their educational goals and meet their student loan and
consolidation needs.

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Web Site: http://www.hotmail.com

Contact Details: 175 S. Lake Ave. Suite 200
Pasadena, CA 91101
bheath@edfed.com