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 Articles
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