Student Borrowers Save More with NextStudent’s Consolidation Program

Student Loan Consolidation

Some student borrowers may have missed the July 1 deadlineto consolidate their federal student loans before the interest rate increase, but there still is time to consolidate atlow rates especially if students are in their grace period. NextStudent, thePhoenix-based premier education funding company, advises students with federalStafford loans issued prior to July 1 to consolidate and automatically receivea .6 percent reduction on already low rates.

Federal studentloan consolidation bundles together all of a student borrower’s loans intoone easy, manageable monthly payment. Savings over the long term can add up tothousands. NextStudent’s benefits and incentives bring down interest rates evenmore. In addition, with federal student loan consolidation there are nocharges, fees or prepayment penalties.

Lower Rates in GracePeriod

For student borrowers who had loans prior to July 1, 2006,the initial interest rate on consolidation with a .6 percent rate reductionwhile in grace period is 6.625 percent, as opposed to the new repayment rate of7.25 percent on student loans. The 6.625 percent rate can be reduced withNextStudent’s aggressive incentives:

• An interest rate reduction of .25 percent for studentborrowers when they sign up with Auto Debit and have their payments deductedautomatically
• An added interest rate reduction of 1 percent that islocked for the life of the loan following the first 36 consecutive on-timepayments, OR an interest rate reduction of 2 percent following 48 consecutiveon-time payments

It’s Easy to Applyfor Consolidation

As consolidation rates are much lower than current studentloan rates, now is the perfect time to consolidate and save money. Applying forNextStudent’s federal Student Loan Consolidation program does not take much time and easily is done online. NextStudent’sapplication is hassle-free and can be completed in four easy steps withElectronic Signature. There is no need for a co-signer and there are no creditchecks. Student borrowers do not even need to know the details of their currentstudent loan portfolio.

By bundling together all of a student’s loans and extendingthe repayment period, borrowers save time and money over the long term.Depending on a borrower’s balance repayment can be extended as long as 30years. In addition, NextStudent offers the advantage of various options onrepayment, including graduated repayment and income-sensitive repayment. Therealso are deferment and forbearance options available.

Now is the perfect time for student borrowers who missed thedeadline to consolidate the student loans they had prior to July 1, 2006. By consolidating before the end of the graceperiod student borrowers can receive a low interest rate and sign up withNextStudent for other aggressive incentives to help them save even more overthe long term. Student loan consolidation can rid borrowers of too manyunwanted monthly bills and help make life easier and less expensive.

NextStudent believes that getting an education is the best investmentyou can make, and it is dedicated to helping you pursue your education dreamsby making college funding as easy as possible.

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