Recent Laws Affect Student Loan Consolidation
Recent Laws Affect Student Loan Consolidation
Legislation recently passed is expected to turn the federal student loan program on end, most notably student loan consolidation. On July 1, interest rates will increase while new rules and regulations will make it more difficult for students to consolidate their loans.
In February President Bush signed the Deficit Reduction Act of 2005, S. 1932, into law after it was narrowly approved Dec. 21 by the Senate. Of all the federal programs impacted by the Deficit Reduction Act, the federal student loan program is being hit hardest with $12 million in cuts.
Student Loan Consolidation: Do It Now!
In order to avoid some of the negative effects, borrowers now can take advantage of student loan consolidation, as there still is time before the July 1 deadline.
To qualified borrowers, NextStudent, an education funding company, offers a 2.75 fixed rate, with benefits applied, for those looking to slash their student loan consolidation payments up to 70 percent.
Student loan consolidation rates for current in-school borrowers now are set at 4.75 percent. Borrowers can lock in their rates and stop any increases to their federal rates – as long as they consolidate before July 1.
Incentives for Student Loan Consolidation
A lower rate student loan consolidation through NextStudent is the right way to go. The reduced rates often come with incentives for borrowers in the form of longer payment terms, no prepayment penalties and, best of all, one simple monthly payment.
Other regulations are expected to take effect, so borrowers beware and take action now. With July 1 coming fast upon us, it is smart to lock in student loan consolidation rates before consolidation becomes too problematic.
With the new legislation, changes to student loan consolidation will include:
Retaining the single holder rule Elimination of spousal consolidation Elimination of in-school student loan consolidation until borrower has less than six credits
Student loan consolidation through NextStudent offers:
Reduced or postponed monthly payments An end to interest rate hikes Free government program and no fees or costs One-minute qualification
Student loan consolidation as we know it will come to an end on July 1. Taking advantage now of lower interest rates is a way to lock in your rate for a better financial 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 as easy as possible. Learn more about Student Loan Consolidation at http://www.nextstudent.com/.
Related Tags: student loan, student loans, student loan consolidation
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