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Increasing interest: local lenders laboring as student loan deadline looms.

Publication: San Diego Business Journal
Publication Date: 26-JUN-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Increasing interest: local lenders laboring as student loan deadline looms.(Special Report: FINANCE)(Company overview)

Article Excerpt
Lenders that specialize in making student loans have been pulling what mounts to an industrywide all-nighter, helping borrowers lock in lower interest rates before an impending July 1 deadline when interest rates on all loans will increase.

"We're seeing a significant increase in our phone calls over the past 30 to 60 days, and the call volume in June was the highest ever during the year," said Mark Brenner, vice chairman of College Loan Corp., a San Diego lender that made about $3.5 billion in loans during the past 12 months, and increased its total portfolio to more than $9 billion. Last year, CLC ranked No. 7 in the nation among student lenders for its total loan balance, according to data provided by the U.S. Department of Education.

The big driver for CLC and other purveyors of student loans is the July 1 deadline when interest rates on federally guaranteed loans will increase by nearly 2 percentage points.

While interest rates on variable rate loans are usually set at the...

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