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NextStudent Offers Discount Incentives for Students Who Consolidate Student Loans During Grace Period

2007-01-06T07:24:00.000-08:00

The Federal Student Loan Consolidation Program offers numerous benefits including locked-in interest rates that may save borrowers thousands of dollars and may cut monthly payments by up to 60 percent. NextStudent, the Phoenix-based premier education funding company, takes those incentives one step further by offering students a .6 percent discount if they consolidate their student loans during the six month grace period after graduation.

More Student Loan Consolidation Benefits from NextStudent

The interest rates for federal consolidation loans are set by the federal government, so the only true difference that individual companies can offer on their student loans are their incentive or discount packages. NextStudent offers substantial discounts both in the form of the .6 percent “New Grad” discount and additional incentive packages.

Borrowers have the option of choosing from three benefits packages. These packages include the “Standard Locked” package which offers a .25 percent discount when the borrower opts to pay via Auto-Debit and a 1 percent LOCKED RATE reduction after 36 consecutive on-time payments; the “2 %” package which offers a .25 percent discount when the borrower opts to pay via Auto-Debit and 2 percent rate reduction after 36 consecutive on-time payments (not locked); and the “Google” package which offers a .25 percent discount when borrower opts to pay via Auto-Debit, .375 percent discount after six months of on-time payments and the 1 percent discount after 36 consecutive on-time payments (not locked).

Qualifying for Federal Student Loan Consolidation

There are numerous advantages to student loan consolidation with NextStudent, regardless of which incentive package a borrower chooses. Qualification is simple with NextStudent’s “4-step easy e-app.” There are no credit checks, fees, or co-signers required. However, borrowers must have a total student loan balance of at least $10,500. In as little as 5 minutes applicants can qualify for student loan consolidation over the phone, and get their questions answered by a personally assigned Education Finance Advisor.

Students and parents can save significantly when they consolidate their student loans with NextStudent and take advantage of up to a 30 year repayment term, incentive packages and .6 percent “New Grad” discount.

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.

This is the article you requested from Amazines.com Choice of Lenders Available to FFELP Student Loan Borrowers

2007-01-06T07:23:00.000-08:00

According to NextStudent, the Phoenix-based premier education funding company, many parents and students may not be aware that they have options when it comes to choosing their lender for such Federal Family Education Loan Program (FFELP) loans as PLUS loans and the unsubsidized and subsidized Stafford Student Loans.

Applicants’ student loans will be processed through one of two federal programs, either the FFELP program or the Direct Loan Program (DLP). With the Direct Loan Program, the U.S. Department of Education partners with the student’s university to fund the student loan, while the FFELP student loan is funded by private lenders.

Taking Control of Student Loans

Typically colleges will suggest a lender if a borrower has a FFELP student loan, but students and their parents have the liberty to select any lender they choose. It is at the discretion of the borrower to select who funds these student loans for which the borrower is qualified. The Higher Education Act ensures that borrowers retain this right, and guarantees that students will have the ability to pick their lender, regardless of the recommendation of the college financial aid office where they attend.

Since the Department of Education sets the interest rates for all FFELP student loans, lenders who participate in the program are required to charge identical rates. The only difference that varies from lender to lender is in the form of benefits offered to borrowers. These benefits may include: different repayment options, special discounts for on-time payments and electronic payments, and hardship programs that allow borrowers to work with the lender until they become financially stable again.

Comparing Lenders Benefits Borrowers

Once borrowers realize they have the ability to hand-pick their lender, they can further scrutinize those companies that are vying for their business. Further considerations may include top-notch customer service and personalized attention from phone representatives. Since each lender is different, it is up to the borrower to select what is most important to them and thereby provide the greatest long-term benefits and savings over the course of the student loan.

Competitive Incentives Offered by NextStudent

For PLUS loans and Stafford FFELP student loans, NextStudent has many viable incentives and benefits including dedication to outstanding customer service, found in a personally- assigned Education Finance Advisor. This individual serves the borrower throughout the course of the student loan application and funding process. In addition, NextStudent does not require a credit check or collateral in order to qualify for these student loans.

The NextStudent PLUS loan (Parent Loans for Undergraduate Students) and Graduate PLUS student loans consist of many incentives that benefit the borrower. If a student or parent opts to pay via auto-debit, there is a .25 percent rate reduction in interest. Once a borrower demonstrates payment consistency in the form of 48 consecutive on-time payments, a 2 percent interest rate reduction is applied to the account. After only 12 consecutive on-time payments, the borrower earns a 3 percent cash rebate on the remaining principal.

There are several key items found in the NextStudent Premier Stafford student loan package. These include a 2 percent upfront cash rebate and a .375 percent interest rate reduction when the borrower opts to use auto-debit to repay the student loan. In addition, the borrower is given a 3 percent cash rebate on the remaining principal balance once the borrower has made 30 consecutive on-time payments.

When it comes to reviewing lender options, college students and parents who invest the time in reviewing what each lender offers and choose the one that best suits their needs will benefit significantly.

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 loans at http://www.nextstudent.com.

PLUS Loan Consolidation through NextStudent Covers Multiple Children

2007-01-06T07:21:00.000-08:00

Many already are familiar with federal PLUS student loans for parents of college students and have taken advantage of this excellent funding source, whether their kids attend a community college or a public or a private institution. As with any federal student loan, borrowers may utilize funds to cover all educational costs, including tuition, fees and other expenses. Since credit-based PLUS student loans are not contingent upon a family’s tax bracket or level of need, almost anyone is qualified to receive one. With interest rates as low as 8.5 percent, this little-known technique makes for a very appealing tool to manage a family’s educational finances.

According to NextStudent, the Phoenix-based premier education funding company, many students and their parents, while familiar with student loan consolidation, are not aware of a little-known benefit available to families with multiple students in college. This tool gives parents peace of mind when managing and repaying different student loans, whether students attend Portland State or Stanford, as long as the same parent took out the PLUS student loan for each student.

PLUS Student Loan Consolidation Offers Flexibility, Easy Management

If a family has two children in college, with PLUS student loans taken out under one parent’s Social Security number, the student loans most likely will qualify for student loan consolidation. Keep in mind that each student’s parent PLUS loans should be renewed each year. A “renewal” is truly not a “renewal,” but rather a brand new student loan.

Here’s a scenario that will best illustrate the flexibility of folding multiple PLUS student loans into one easy-to-manage package. A family has two children, one is a freshman with a single PLUS student loan and another child has three additional PLUS student loans covering the first three years of school. All four PLUS loans may be consolidated into one. Again, the only stipulation is that all PLUS student loans are taken out by one parent using the same Social Security number.

PLUS Student Loan Incentives Offered by NextStudent

While federal PLUS student loans are available through many lenders, borrowers receive many rebates and incentives with NextStudent:

.25% Interest Rate Reduction: for using the Auto-Debit repayment feature

2% Interest Rate Reduction: after 48 months of consecutive on-time payments

3% Cash Rebate At Repayment: on the remaining principal balance after the first 12 months of consecutive on-time payments.

The NextStudent Advantage

In addition, NextStudent offers many advantages to parents when seeking to qualify for PLUS student loans:

Simple Online Application Process: Fill out NextStudent’s online application and know in minutes if you qualify.

Credit Solutions Program: For those who are initially denied due to poor credit, NextStudent can help resolve credit issues.

Personal Contact and Service: With NextStudent, borrowers are assigned a personal Education Finance Advisor who guides borrowers through the student loan and student loan consolidation funding process.

With personalized service and a host of benefits and incentives, NextStudent makes it easy for parents to help fund their child’s college education.

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.

Borrower Beware: Not All Student Loan Consolidation Discounts Are the Same

2007-01-06T07:20:00.000-08:00

by Vanessa McHooley

NextStudent, the Phoenix-based premier education funding company, offers a 1 percent LOCKED discount on federal student loan consolidation after 36 on-time payments. Many education funding companies offer discounts for Auto-Debit, and even a discount for the 36 on-time payments, but the borrower must beware because other lenders might not lock in their discounts, so the discounts are easy to lose.

According to NextStudent, federal student loan consolidation can help students who struggle with the often unmanageable burden of student loan debt after college. Student loan consolidation extends the repayment term, which helps lower monthly payments. Once a borrower earns NextStudent’s 1 percent LOCKED discount after 36 on-time payments, that reduction is for the entire term of the student loan consolidation, even if the student goes into forbearance or deferment.

Many companies offer great incentives but do not lock in those rate reduction discounts. NextStudent’s 1 percent locked benefit can save students and their parents an enormous amount of money over the course of the repayment term.

Save Money by Consolidating Student Loans With NextStudent

Student loan consolidation can assist parents and students by reducing student loan payments by up to 60 percent. In addition, repayment periods are extended by up to 30 years, giving students plenty of time to ease into the real world and become financially self-sufficient.

The federal student loan consolidation rate is mandated by the government. Therefore, the only difference among companies offering federal student loan consolidation is the individual discounts or incentive packages offered through each company.

While many representatives of education funding companies claim to offer the best discounts and packages, when it comes down to it NextStudent provides an ultimate advantage for federal student loan consolidation.

Federal Student Loan Consolidation Packages Offered by NextStudent

Standard Locked

Discount of .25 percent for Auto-Debit payments

Rate reduction of 1 percent LOCKED rate after 36 on-time payments

Easy discount qualification process

Google Package

Discount of .25 percent for Auto-Debit payments

.375 percent discount after six months of on-time payments

1 percent rate reduction after 36 on-time payments (not locked)

2% Package

Discount of .25 percent for Auto-Debit payments

2 percent rate reduction after 36 on-time payments (not locked)

NextStudent’s LOCKED Discount Benefits

It is easy to qualify through NextStudent. Even students with student loans in deferment or forbearance are eligible for the 1 percent discount. And through NextStudent, the discount is guaranteed for the life of the federal student loan consolidation.

Student borrowers can get more information about their possible savings when they check out NextStudent’s student loan consolidation calculator by going to www.nextstudent.com.

NextStudent offers discounts and benefits that help make life easier for student and parent borrowers. With its Standard Locked Package that includes its 1 percent LOCKED discount, NextStudent’s program is a great way to save.

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 at www.nextstudent.com.