Credit Scores May be Improved Through a Nextstudent Loan Consolidation
With student loan debt at an all-time high, many college students and their parents are looking for solutions to repaying their student loans and lowering their monthly payments. This especially is crucial for recent graduates who have wrapped up their college education and are looking to land their first job. Many new grads find their college debt staggering and their monthly payments overwhelming.
The Federal Student Loan Consolidation Program was created for just this purpose: to help students repay their student loan debt under reasonable terms. According to NextStudent, the Phoenix-based premier education funding company, there is a little-known added benefit to federal student loan consolidation, or combining multiple student loans into one easy-to-manage package. Once original outstanding student loans are paid in full, oftentimes a borrower’s credit score improves.
This happens since the borrower’s record shows that several student loans were taken out and then paid off. When students make the wise decision to consolidate student loans their credit score improves as a direct result, this enables them to qualify for lower rates on their first home or even a new car.
Multiple Student Loan Consolidation Options
Another little-known fact is that after the final distribution of a Federal PLUS Loan, parents can consolidate PLUS loans anytime, even while their child still is in college. Borrowers may consolidate their student loans within the six-month grace period following graduation, during repayment, or even when the student loans are in deferment or forbearance. With up to 30 years to repay and at a fixed rate of 8.25 percent or lower, many borrowers find that their payments are reduced by up to 60 percent, which may allow them to financially get on their feet.
Easy, Hassle-Free Qualifying
NextStudent makes it easy to qualify for a federal student loan consolidation. Borrowers are required to have student loans totaling $10,500 or more and must include at least two federal student loans like the Stafford Loan or PLUS Loan. No credit check or co-signer is required, and most applicants qualify over the phone in as little as five minutes. Optionally, borrowers may use NextStudent’s easy online e-application. When contacting NextStudent, all borrowers receive individual attention and get their student loan consolidation questions answered through their personally assigned Education Finance Advisor.
Since the federal government changes the mandated student loan consolidation rates for lenders each year in July, the only difference among lenders is the individual incentive packages that each one offers. Therefore, it is important that students and their parents carefully scrutinize not only the character and reputation of the company, but also the specific incentives, such as reduced rates and discounts.
Many Benefits with Incentive Packages
There are three packages offered by NextStudent, including the popular “Standard Locked” package. This option includes a LOCKED RATE reduction of 1 percent after 36 on-time payments, as well as a .25 percent discount when a borrower chooses repayment via Auto-Debit. In addition, borrowers may select either the “2%” package or the “Google” package. The “Google” package offers a .375 percent discount after only six months of on-time payments (not locked), a 1 percent discount after 36 on-time payments (not locked), as well as the standard .25 percent discount for Auto-Debit repayment. The “2%” package offers the same .25 percent Auto-Debit payment discount, in addition to a 2 percent rate reduction discount after 36 consecutive on-time payments (not locked).
Regardless of the package selected, borrowers can know that their college financial planning strategy is a sound one when selecting NextStudent. Not only will borrowers be able to more easily manage their student loans with a federal student loan consolidation , but such a student loan consolidation through NextStudent may put them on sound financial footing for their future.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about student loans and student loan consolidation at NextStudent.com.
Related Tags: student loans, student loan consolidation, student debt consolidation, federal student loans, federal student loan, federal loan consolidation, student loan information, educational financing, educational loans, college funding, federal direct loans
Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- How Hypnotherapy Can be Used on Children
Today Hypnosis can be termed as a branch of medicine which is quite unique, whereas in the past this - Confidence Workshops For Children
Every parent wants their children to be confident, happy, highly motivated and enthusiastic in order - Inspiring Children Using NLP
Neuro-Linguistic Programming (NLP) is one of the most successful therapies in psychology today. Init - Writing Term Papers
Students often tend to put off a written assignment, considering it to be a chore too formidable to - Naming In Term Paper
Give a descriptive name to each of your concept in the paper. Adhere using terms like "our approach" - Introduction Section of a Research Paper
Your introductions should not exceed more than two pages (typed, double spaced). See again the examp - Getting a Feedback of Your Term Paper is Important!
Get the feedback of your work! Finish your paper, having written it well in advance, so that you hav - The 1950's - Was Life Better?
Iconic TV shows like I Love Lucy, Dennis the Menace and My Three Sons seem to indicate that the 1950 - Online Classroom Systems Makes Home Schooling Even More Attractive
In the past it went without saying that you would send your kids to public schools. With public scho - 8 Helpful Tips For Surviving Military Basic Training
Getting through military basic training takes a lot perseverance. During this training it is best to
Most viewed articles in this category:
- Culinary Cooking Schools and What They Teach
Culinary cooking schools prepare you for a job in the culinary industry by providing you with the kn - How To Learn Spanish Quickly Without Moving To Spain
Learning Spanish is a popular pastime, as well as a serious goal for many individuals. Whether it's - How To Improve Your Life With An Accredited Online College Degree
With the information super highway raring full steam ahead, quality accredited online college degree - Online Bachelor Degree Programs Go Mainstream
The Internet has seen an explosion in online bachelor degree programs in the last five to ten years - Online Degree Program Just A Click Away
You want to go shopping, but your car is low on gas. You want to know your account balance, but do n - Online Paralegal Degree Will Open Doors
An online paralegal degree may offer the possibility of improving your chances in the legal professi - What West Point Military School Looks For In A Candidate
West Point is looking for well rounded young men and women who are good students, good athletes, and - The Importance of Effective Accounting Programs
In the past, small businesses like mom and pop stores were not required to maintain any sort of acco - California Schools Educators Retirement System And Lionstone Group Create Investment Fund
The California State Teachers' Retirement System (CSTRS) is the second largest public pension fund i - A Taste of China - Seattle Schools New Guest Teacher Shares Language and Culture of Her Native Hom
The Seattle schools have a new "guest" teacher. Zhu Dan arrived in the Seattle schools in January