Student Loans: Cut Monthly Payments on your Student Loans by Up to 42%
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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.
Watch the video related to student loan
The House Education and Labor Committee holds an investigative hearing into student loan practices with New York Attorney General Cuomo, who has been leading the effort to crack down on what he views as “predatory lending.” Here Cuomo gives his opening remarks explaining how abuse in student lending occurs.
Help answer the question about student loan
How do I get a student loan for living expeneses?I am trying to get a student loan, because I need to be able to pay for an apartment and need to get a new vehicle. I am working but I'm only making minimum wage and its not enough. How do i get a student loan that will send me the money instead of the school?
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.
- Student Loan Consolidation: Replace your Variable-rate Student Loans With One Fixed-rate Loan
- Student Loan Consolidation: Make your Student Loan Repayment Easier to Manage
- Student Loan Consolidation May Get you Up to 20 More Years to Pay Off your Student Loans
- Private Loan Consolidation
- Student Federal Loan Consolidation – 10 Facts you Must Know
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Most student loans are limited to citizens or resident aliens of the US. You do not mention whether you are a US citizen living outside the US, or a citizen of another country.
If you are a US citizen, or resident alien (there are a couple of other types of non-citizens that are eligible…refugees for example) then you need to apply each year. The first step is the FAFSA and you can apply on line at http://www.fafsa.ed.gov. After that, there is more to do, but it varies depending on the answers on your FAFSA.
Good luck.
Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest.
This lawyer and his firm totally cashed in with SallieMae and all the banks involved when they settled.
I guarantee he and his grandchildren’s grandchildren are now set up with very sweet trust funds.
America, what a country!
Here is another reason to shop around and do your own research when looking at applying for student loans.
Once you find a good one, take out as little as you can as well – it will help you out in the future.
No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.
If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.