Saturday, January 19, 2008

Student Loan Consolidation: Turn Your Variable-Rate Student Loans Into One Fixed-Rate Loan

Although Federal PLUS Loans and Stafford Loans are currently issued at fixed interest rates, PLUS and Stafford loans issued prior to July 1, 2006, are variable-rate student loans. The interest rate on these college loans adjusts every year on July 1.

If you’re a PLUS or Stafford borrower with one of these variable-rate loans, your monthly payment amount could fluctuate from year to year, depending on your adjusted rate. When interest rates go up, the monthly payments on your federal parent and student loans may also go up, putting a bigger dent in your budget than you may have planned.

Lock In Your Monthly Payments With Student Loan Consolidation

If you wish you could do away with the uncertainty of variable interest rates and potentially higher payments, NextStudent’s student loan consolidation program could be the solution you’re looking for.

NextStudent Federal Consolidation Loans give you the security of a fixed interest rate. By consolidating your federal college loans with NextStudent, a leading Phoenix-based education funding company, you’ll replace your variable-rate parent and student loans with a fixed-rate student loan consolidation.

With a federal student loan consolidation, you’ll never have to worry about rising interest rates leaving you guessing about your monthly payment amount and whether you’ll have enough room in your budget.

Cut Your Monthly Payments on Your Student Loans by up to 40%

Besides offering you the stability of a fixed interest rate, NextStudent consolidation loans could also cut your monthly student loan payments almost in half.

The standard repayment term for Stafford and PLUS loans is 10 years. But when you consolidate your parent or student loans with NextStudent, you may be able to extend that 10-year repayment term by up to 20 years to a 30-year repayment term. By extending your payments over a longer repayment term, your student loan consolidation could lower the amount you have to pay each month.

Consolidate your college loans with NextStudent, taking advantage of that longer repayment term, and your monthly student loan payments could go down by up to 40%!

Hassle-Free Repayment for Your Student Loans

If you have several parent or student loans in repayment and you’re juggling multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a student loan consolidation could help make your student loan repayment easier to manage.

With NextStudent’s student loan consolidation program, you can bundle your entire eligible federal parent or student loans into one single fixed-rate consolidation loan—that means just one monthly bill and only one monthly payment you’ll have to make. And that payment amount is fixed for the life of your student loan consolidation.

Fast, Easy, and FREE: Apply in Minutes to Consolidate Your Student Loans

You can apply for your NextStudent consolidation loan in minutes, either online or with a quick phone call. It’s fast, easy, and free to apply, and there are no credit checks, so you won’t need to worry about finding a co-signer.

  1. NO fees
  2. NO credit checks
  3. NO co-signers required

You don’t need to worry about prepayment penalties either. There are no prepayment penalties on NextStudent Federal Consolidation Loans. When you consolidate your federal parent or student loans with NextStudent, you’ll never be charged extra for paying more than the minimum each month or for paying off your consolidation loan early.

Consolidating Your Federal Student Loans

To be eligible to consolidate your own federal student loans, you can’t currently be enrolled in school more than half time. The student loans you’re looking to consolidate must be in repayment, in a grace period, or in an authorized deferment or forbearance period.

If your parents have Federal PLUS Loans that they took out to help you pay for school, they’re also eligible for NextStudent’s student loan consolidation program. And your parents don’t have to wait for you to graduate in order to consolidate their own loans: Your parents can consolidate the PLUS loans they took out for your education as soon as the PLUS loans have been fully disbursed and have entered repayment, even if you’re still in school.

Although your parents can consolidate their federal PLUS loans, you won’t be able to consolidate your own college loans together with your parents’ loans.

Student Loan Consolidation for Your Private Student Loans

If you have private student loans in addition to (or instead of) your federal student loans, you won’t be able to consolidate your private loans with the federal student loan consolidation program. But if you’re looking for the same convenience of a single consolidated loan for your private student loans, you may be eligible to consolidate your private student loans separately with a NextStudent Private Consolidation Loan.

1 comment:

Mike Tyson said...

Thanks to share these details it’s truly nice.need a online payday loan

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