If you’re a graduate or college parent with any outstanding federal student loans, you may be able to lower your monthly student loan payments by up to 42% just by consolidating your parent or student loans. When you consolidate your college loans, you may be able to extend the repayment term on your parent or student loans by up to 20 years. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down.

NextStudent, a leading Phoenix-based education funding company, offers a student loan consolidation program with no application fees, no processing fees, and no credit checks. By consolidating your parent or student loans, your monthly payments could go down by up to 42%.

Here’s an example: Estimated monthly payments on a $75,000 NextStudent Federal Consolidation Loan fixed at 7.25% and repaid over an extended term of 30 years are $512, versus estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years — a 41.8% reduction in monthly payment amount. (Your actual payment reduction may vary and will depend on the terms of the student loans you’re consolidating.)

Replace Your Variable-Rate Student Loans With One Fixed-Rate Student Loan Consolidation

If you took out your Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those student loans are subject to variable interest rates that will adjust every year. So when interest rates rise, your monthly student loan payments may also go up. Student loan consolidation puts an end to rate increases and rising payments.

NextStudent’s student loan consolidation program gives you the security of a fixed interest rate. By consolidating your federal college loans with NextStudent, you’ll replace your variable-rate college loans with a fixed-rate student loan consolidation loan and lock in your new monthly payments, so you’ll never have to worry about interest rates rising and leaving you guessing about your monthly payment amount.

Make Repaying Your Student Loans Convenient and Hassle-Free with Student Loan Consolidation

If you have multiple college loans in repayment and you’re dealing with the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a student loan consolidation could help make your repayment easier to manage.

With a student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your student loan consolidation.

Apply in Minutes to Consolidate Your Student Loans

Typically, you can apply for a student loan consolidation in minutes. Just visit an online student loan consolidation lender or make a quick phone call to the lender of your choice. It’s fast, easy, and free to apply, and there are NO fees, NO credit checks, and NO co-signers required.

There are also no prepayment penalties. When you consolidate your federal parent or student loans with NextStudent, you’ll never be charged extra for paying more than the minimum each month or for paying off your student loan consolidation early.

Student Loan Consolidation for Private Student Loans

If you have private student loans in addition to (or instead of) your federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be eligible to consolidate your private loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.

NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.



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If you’re a former student or a college parent with any outstanding federal student loans, you may be able to get up to 20 more years to repay just by consolidating your eligible federal parent or student loans. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down. You may be able to cut your monthly student loan payments by up to 42% — just by consolidating!

Cut Your Payments on Your Student Loans by up to 42%

Here’s an example of how you can lower your monthly student loan payments when you consolidate your federal college loans and take advantage of a longer repayment term: Estimated monthly payments on a $75,000 student loan consolidation fixed at 7.25% and repaid over an extended term of 30 years are $512, versus estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years — that’s a 41.8% reduction in monthly payment amount. (Your actual payment reduction may vary and will depend on the terms of the parent or student loans you’re consolidating.)

Get More Time to Repay Your Student Loans

Federal PLUS parent loans and Stafford student loans are issued with standard repayment terms of 10 years. You may be able to get up to 30 years to repay these federal parent and student loans when you consolidate them into a student loan consolidation.

How long you get to repay will depend on the total outstanding balance of your education debt: If your outstanding education debt totals $20,000 – $39,999, you’ll have 20 years to pay back your student loan consolidation.? If your outstanding education debt totals $40,000 – $59,999, you’ll have 25 years. If you have $60,000 or more in education debt when you consolidate your federal student loans, you’ll have 30 years to pay back your Federal student loan consolidation.

No Fees. No Credit Checks. No Prepayment Penalties.

Even though you can get more time to repay your federal parent and student loans by consolidating, there are no prepayment penalties on a Federal Consolidation Loan, so you won’t be assessed any additional fees for paying more than the minimum each month or for paying off your student loan consolidation early, should you choose to.

There are also no application fees, no processing fees, and no credit checks when you consolidate through the federal student loan consolidation program.

Replace Your Variable-Rate Student Loans With a Fixed-Rate Consolidation Loan

If you took out your Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those loans are subject to variable interest rates that will adjust every year. So when interest rates rise, your monthly student loan payments may also go up. But you can put an end to rate increases and rising payments when you consolidate your parent or student loans.

The federal student loan consolidation program gives you the security of a fixed interest rate. By consolidating your federal

student loans, you’ll replace your variable-rate college loans with a fixed-rate consolidation loan, so you won’t have to worry about interest rates rising and leaving you guessing about your monthly payment amount.

Make Just One Payment for All Your Federal Student Loans

If you have multiple student loans in repayment and you’re dealing with the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a Federal Consolidation Loan could help make your student loan repayment easier to manage.

With the federal student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your consolidation loan.

Consolidate Your Private Student Loans

If you have private student loans in addition to your federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be able to consolidate your private student loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.



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Private student loans are credit-based and have more attractive repayment terms as well as interest rates. It can really help in saving money every month unlike the Federal student loans. Private student loan consolidation is simply the process of refinancing and combining private student loans into a single debt only. It may result to a lower monthly loan payments thus will also lessen your worries about your multiple loans.

The very main essence of a private student loan consolidation is to lessen the monthly payment of students who have multiple loans. By getting quotes from various lenders, a student can have knowledge about how to get the best deal with all the prevailing market rates present nowadays. Furthermore, private student loan consolidation can result to an extended loan payment. This gives the student borrowers enough time to pay their loans with fewer burdens. These beneficial advantages offered by the private student loan consolidation are not possible if students have several loans to handle.

There are various private student loan consolidation companies which offer more benefits. One of these is the interest rate reduction which can result to lower loan monthly payments to think of. The options for the loan repayment procedures depend upon the qualifications being required by a particular lending company. Thus, it is also the work of the lending company to choose the best private student loan consolidation program suitable for a particular student loaner.

Indeed, private student loan consolidation brings various benefits. However, one should still be aware of some situations like the drawbacks of having a private student loan consolidated.

Student loans are indeed a very big help for students who are deeply in need of some financial aids. However, all students who have decided to avail of a particular student loan should bear in mind the responsibility in repaying the borrowed amount of money. In fact, there are so many ways on how to pay off student loans.

The very first thing to do is to develop a plan on how to pay off student loans. Second is to look for a summer jobs or internships to be able to save a lot of money and not waste your valuable time. Part-time jobs will also do to help pay a loan.

Also, take into consideration to consolidate current student loans to have lower interest rates. Furthermore, one should perform volunteer works like teaching, medical works or even military works to reduce at least somehow a debt. It would also be good to apply for some grants and scholarships while in school to lessen the burden.

And lastly, take good care of the credits. Late payments should be avoided to have a good credit score.

It is important to pay off private student loans as quickly as possible. Sometimes, early paying off of the loan will lessen the burden along with a particular student loan. To make paying off easy, one can start paying off first the non-subsidized loans for it has an obligatory interest. Also, if one has several loans already, paying off first the smallest loan would be much better.

Just always remember to always do the best in paying off student loans. Be a responsible student loaner!

Failing to pay off student loans can stick with you for decades. You can’t go bankrupt on student loans so don’t count on that as saving you down the road!



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It’s crunch time for college students trying to secure the money they need for the fall semester. But with lenders continuing to suspend their student loan programs — the count now stands at 131 federal loan lenders and 30 private loan lenders — students may find themselves challenged to locate lenders that are still offering federal or private student loans.

 

 

 

In an attempt to help lenders be able to continue making new federal student loans, the government included a provision in the Ensuring Continued Access to Student Loans Act, signed into law in May, aimed at providing capital for cash-strapped lenders.

 

 

Under this legislation, the Department of Education can buy federal college loans from lenders, thereby providing these lenders with the liquidity they need to continue funding new parent and student loans. The law specifically targets lenders who, in the current credit crunch, are unable to find investors in the secondary market willing to purchase their student loan portfolios.

 

 

 

Even with this legislation in place, however, lenders continue to find themselves forced to suspend their student loan programs. As recently as July 28, the Brazos Higher Education Service Corp., the 26th-largest originator of federal student loans in 2007, and the Massachusetts Educational Financing Authority, the largest student loan issuer to Massachusetts residents, both announced that they would no longer be able to provide either new or current borrowers with student loans.

 

 

 

As the suspensions of both federal and private student loan programs keep spreading through all types of lenders — large and small; for-profit and nonprofit; banks, non-banks, and credit unions; state loan agencies and schools-as-lenders — students and their families are finding themselves with fewer borrowing options to get the parent and student loans they need to pay the fall tuition bills that are coming due over these next few weeks.

 

 

 

Two Major Lenders the Latest Casualties of Student Loan Crisis

 

 

 

The Brazos Group, a primarily nonprofit group of higher education lending, servicing, and other financial aid companies, first announced that it would stop offering federal college loans back n March. In May, however, after the government passed the Ensuring Continued Access to Student Loans Act, Brazos once again began offering federal parent and student loans, saying that the government’s short-term liquidity plan had renewed the organization’s confidence in its ability to continue offering student loans.

 

 

 

But Brazos once again suspended its education lending program late last month, citing continued turmoil in the student loan industry.

 

 

 

Brazos Executive Vice President Ellis Tredway said his organization simply “ran out of time to get everything in place” to issue new student loans for the fall.

 

 

 

The Massachusetts Educational Financing Authority, which issued more than $500 million in college loans to 40,000 Massachusetts college students and their families last year, had already suspended its federal student loan program in April. Now, MEFA has also pulled the plug on its non-federal private loan program, which provided Massachusetts students with fixed-rate private student loans.

 

 

 

“While we continue to pursue every possible option, raising the necessary funds to offer fixed–interest rate private education loans is taking longer than originally projected and has become even more challenging,” said Tom Graf, MEFA’s executive director.

 

 

 

Students Face the Uncertainty of Switching Lenders

 

 

With over 8 million students and parents having turned to federal college loans in 2006–07, according to the College Board, the number or families that stand to be affected by the ongoing wave of lender departures this year is not unsubstantial.

 

 

Last week, financial aid officers at Texas A&M University — a school with over 54,000 students — heard from seven different lenders warning that they would no longer be able to offer federal student loans, a situation that has made more than a few borrowers uneasy.

 

 

 

Dyneche Duffield, an incoming college student headed to Houston Baptist University, is uncomfortable with the prospect of having to establish a relationship with a new lender other than her local bank, which used to offer student loans.

“I would have much rather taken out a loan there than somewhere where I didn’t know anyone,” Duffield said.

 

 

 

While students like Duffield may still be able to go directly to the Department of Education for their federal college loans or find those remaining lenders who are still offering private student loans (albeit with more stringent credit criteria that are making it harder for students to qualify), the magnitude of the problem within the student loan credit markets and how deeply it has permeated the college loan industry is alarming to many administrators and officials in higher education.

 

 

 

Kathryn Osmond, executive director of student financial services at Wellesley College in Massachusetts, finds the situation with MEFA to be particularly indicative of a long-lasting and serious problem.

 

 

“An economy that is in such a tailspin that it affects a critical agency like MEFA,” said Osmond, “is an economy that scares me.”

 

 



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Number of students are such who are under the financial crises due to defaulted, arrears or late payments and so on. Are you also defaulted student? If yes, don’t worry then there is an answerer of Defaulted Student Loans for this entire question. With the assistance of Defaulted Student Loans you can make your dream of education come true by furthering study. Defaulted Student Loans can assist you until graduate, under graduate or post graduate. But for this loan the rate of interest is slightly higher than federal student loans. Numerous sorts of student loans may be in default consist of: direct subsidized unsubsidized student loans, direct consolidation student loans, federal consolidation student loans or private student loans. Stafford student loans can be availed effortlessly by every one. Subsidized Student Loans and unsubsidized Student Loans. While the student derive the subsidized Student Loans then the government pays the interest, when the student is studying. But in the matter of Unsubsidized Student Loans. The student is to pay the interest but can postpone making any such payments until he/she completes his/her graduation. Unsubsidized student loans can be granted from the banks, lending agencies or directly education department to the students to pursue graduation or post graduation. These types of loans can be repaid within the period of 5years or completion UG or PG. Private student loans are also suitable for the defaulted students. A default student can pursue higher study through Private student loans. But for this loan the rate of interest is also a bit higher than other loans. Even though you reimburse your federal loan off it will still be noted as defaulted, paid in full on your credit report and counted as a black mark. Failure to pay on your federal loan must be steer clear of. If at all likely. If you are having trouble making your payments contact your lender, they may be able to assist you hash out a recompense plan you can afford. Consolidation may be your best choice in the long run, it elongates the term of your loan which lowers the payments and has several repayment plans to fit anyone’s financial statement. Contact Federal Education Services about a Stafford, PLUS or Graduate PLUS loan consolidation before you slip into the default swamp. Hence, Defaulted Student Loans are the boons for the defaulted students.



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