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5. In May 2005 the U.S. Department of Education issued a Dear Colleague Letter (DCL), which permitted private FFLEP lenders to offer “in-school” consolidation. As of this writing (January 2005) the U.S. Department of Education authorization for “in-school” consolidation by private FFELP lenders will expire March 31st 2006. In order to be certain that your current student loan low interest rates are “locked in and protected” for the life of the loan, it is highly recommended that ALL students consider and where appropriate for your unique individual circumstances, take advantage of “in-school” consolidation and consolidate all fully disbursed Stafford loans now; before March 31st 2006. In-school consolidation via the Direct Consolidation Program will continue to be available unless discontinued by adoption of new legislative regulations.

Do note that the Meharry Loan Consolidation Program will continue to urge the U.S. Department of Education and the Congress to offer in-school consolidation and will provide in-school consolidation for as long as approved.