With the traditional start of the student lending season on July 1st just hours away, lenders continue to make last minute changes to their loan programs. These changes are also driven by the finalized Term Sheets for the Department of Education loan purchase and participation program which were released last week and scheduled to appear in the Federal Register on July 1, 2008.
MyRichUncle, which had been offering an excellent borrower benefit for Stafford borrowers, has ceased their federal loan programs, effective Friday, June 27, 2008, according to a customer service representative there. The section of their website focused on undergraduate loan offerings only lists "Private" as an option further confirming this move away from federal loans. MyRichUncle had been offering a 0.5% interest rate reduction at loan repayment to Stafford borrowers.