Student Loan Consolidation: Make your Student Loan Repayment Easier to Manage
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Are you a May graduate with student loans looking at six-month grace periods that are ending sometime this month? If you’ve got multiple student loans going out of grace and into repayment, you’ll soon be faced with trying to juggle multiple bills, multiple due dates, and multiple monthly payments.
But you could eliminate the hassle of multiple student loan payments and help make your student loan repayment easier to manage by consolidating your eligible federal student loans with a Federal Consolidation Loan from NextStudent, a leading Phoenix-based education funding company.
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What’s Federal Student Loan Consolidation?
Student loan consolidation allows you to combine your eligible federal student loans into one single consolidated loan with one lender, one monthly bill, and one convenient monthly payment. To be eligible to consolidate your student loans, you can’t currently be enrolled in school more than half time. The student loans you’re looking to consolidate must be in repayment, in a grace period, or in an authorized deferment or forbearance period.
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Consolidating Federal Parent PLUS Loans
Parents with federal parent loans are also eligible to consolidate. Parents can consolidate the PLUS loans they took out to help you pay for school as soon as the PLUS loans have been fully disbursed and have entered repayment, even if you’re still in school full time. Although your parents can consolidate their PLUS loans, you won’t be able to consolidate your own student loans with your parents’ PLUS loans.
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Take Advantage of All the Benefits of Federal Student Loan Consolidation
- No fees
- No cost to apply
- No credit checks
- No co-signers required
- No prepayment penalties
- Fixed interest rate
- Repayment terms up to 30 years
- One single monthly payment for all your eligible federal student loans
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There are never any charges or credit checks to apply for a Federal Consolidation Loan with NextStudent. And there are no prepayment penalties, so you’ll never be charged extra fees just for paying more than the minimum each month or for paying off your student loan consolidation early.
Student loan consolidation lets you lock in a monthly payment with a fixed interest rate. You may also be able to cut your monthly student loan payments by as much as 50 percent when you consolidate your federal student loans with NextStudent. A federal student loan consolidation could extend the repayment term on your student loans by up to 20 years; by extending your payments over a longer repayment term, a consolidation loan could lower the amount you have to pay each month.
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Private Student Loan Consolidation
If you have private student loans in addition to (or instead of) 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 NextStudent Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.
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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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issued last year. •Possibly expand the range of collateral the Fed will accept under a recently launched program to spur student loan, auto, credit card, small business, commercial real estate and other lending. The Fed and Treasury Department have said that they hope to eventually spur up to $1 trillion in lending under the so-called Term Asset-Backed Loan Facility. The Fed’s medicine worked almost immediately. The 10-year Treasury bond yield dropped 0.51 of a percentage point, to 2.50%, …
Help answer the question about education student loan consolidation
Anyone other than Wellsfargo & Chase still doing private student loan consolidations?.?I have a problem here and I’m hoping someone can give me some direction. I have about $50k in government backed (sub & unsub) student loans I used for my bachelors and masters. Those are now coming due and I’ve got an application into the US Dept of Ed to get a federal consolidation on them. I think that will be fine and roll into one manageable payment.
BUT I also have another $70k in private education loans with a few different lenders that I needed to make up the gaps over the years. I need to consolidate those but it seems like not nearly as many lenders are doing private consolidations anymore??? I know why, the economy and credit conditions. Chase and Wellsfargo are still but I tried and they both denied me saying my debt to income ratio is bad. I have like a 750 credit score and about $60k a year in income and beyond these education loans though I have a small under $15k car loan and that’s it, no credit cards?? The several different payments spread out on these private ones are high and killing me. Does anyone know what I can do or where I can turn?? It looks like the Dept of Ed won't touch private loans either, tried that avenue…Thanks.
About Author
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.
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- Student Federal Loan Consolidation – 10 Facts you Must Know
- Private Loan Consolidation
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Private student consolidation loans are not guaranteed by the gov't – so they're a much higher risk to the lender. Therefore, they're typically based on the credit history of the borrower. It's unlikely you'd get a significantly different interest rate if you shop around to different lenders.
What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they're probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes.
Consolidation will allow you to choose a longer repayment term (up to 30 yrs, depending on your loan amount) which will give you the cushion of lower monthly payments. However, a longer term means you will pay more interest over the life of the loan (just like if you payed only the minimum on your credit card).
Sallie Mae offers lots of information on their website, including a calculator so you can plug in your loan amount and see what your payments would be, depending on which repayment plan you choose.
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/
I’m just a dumb veteran going to college on the GIBIll…should I be planning to work in China/Europe in 4 years??
Assuming the treasury in austin doesn’t dry up..
“The best way to destroy the capitalist system is to debauch the currency.” -Vladimir Lenin