WASHINGTON - (06/02/05) -- The Department of Educationannounced this week that rates on federally guaranteed studentloans will jump by a record amount on July 1. Because of anincrease in Treasury bill rates--which the loan rates are peggedto--the in-school rate for the federal Stafford loan will rise fromthe current 2.77% to 4.7%, and the rate for Stafford loans inrepayment will rise from 3.37% to 5.3%. The rates on PLUS loans forparents will rise to 6.1%. Students can still consolidate theirloans at rates as low as 3.37% until July 1.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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